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Willis Group Holdings, the global insurance broker, today named Vic Krauze President of Willis HRH, its North American retail business. Krauze will retain his current responsibilities as Chief Operating Officer of Willis HRH and will continue to report to Don Bailey, Chairman and CEO of Willis HRH.

As President and COO, Krauze will be responsible for the day-to-day operations of the business and establishing more consistent business-wide processes and systems for managing growth at the regional level. The National Partners who head each of Willis HRH’s seven regions will now report to Krauze.

Krauze was named COO of the North America business in February 2008 and has played a key leadership role in overseeing the integration of Willis HRH following the company’s acquisition of broker Hilb Rogal & Hobbs (HRH) in October 2008. The integration — which includes combining offices, business processes and systems — is ahead of plan, and is delivering synergy savings in excess of targets.

“Vic has a long track record of success at Willis as a producer, office leader, National Partner and COO of Willis HRH, in which he has led a very successful integration for us,” said Bailey. “In each of these roles, Vic has always delivered. I have no doubt that Vic will make many significant contributions going forward to advance our business and ensure that we continue to deliver the best value and service experience to our clients.”

Krauze joined Willis in January 1997 as a producer and was soon promoted to President and CEO of the company’s Minnesota operations. In July 2003, he was named National Partner of the Great Lakes Region, which became part of the company’s larger Central Region in 2006 under Krauze’s leadership. Krauze began his insurance career in 1989 with Marsh as a marketing specialist and later was responsible for production for both risk management and middle-market clients. Prior to entering the insurance industry, Krauze served 12 years in the U.S. Navy and is a graduate of the University of Minnesota and the University of St. Thomas, where he earned his MBA in Finance.

“I am excited about the great opportunities we have at Willis HRH to serve our clients with a unique combination of global resources and expertise and an unmatched local presence that allows us to deliver those capabilities right where our clients do business,” said Krauze. “Our platform allows us to serve clients of all sizes — from large corporations and middle-market companies to small businesses — with industry and product specialists and a global marketing organization that provides the best access to carriers. That translates into great service for our clients and great growth potential for us.”

Willis HRH is the North American retail brokerage business of Willis Group Holdings. The unit has more than 200 local offices across the United States and Canada, offering a full range of insurance and risk management services, specialist expertise and global resources to large corporate, middle-market and small business clients.

Willis Group Holdings (NYSE: WSH), the global insurance broker, today named Vic Krauze President of Willis HRH, its North American retail business. Krauze will retain his current responsibilities as Chief Operating Officer of Willis HRH and will continue to report to Don Bailey, Chairman and CEO of Willis HRH.
As President and COO, Krauze will be responsible for the day-to-day operations of the business and establishing more consistent business-wide processes and systems for managing growth at the regional level. The National Partners who head each of Willis HRH’s seven regions will now report to Krauze.
Krauze was named COO of the North America business in February 2008 and has played a key leadership role in overseeing the integration of Willis HRH following the company’s acquisition of broker Hilb Rogal & Hobbs (HRH) in October 2008. The integration — which includes combining offices, business processes and systems — is ahead of plan, and is delivering synergy savings in excess of targets.
“Vic has a long track record of success at Willis as a producer, office leader, National Partner and COO of Willis HRH, in which he has led a very successful integration for us,” said Bailey. “In each of these roles, Vic has always delivered. I have no doubt that Vic will make many significant contributions going forward to advance our business and ensure that we continue to deliver the best value and service experience to our clients.”
Krauze joined Willis in January 1997 as a producer and was soon promoted to President and CEO of the company’s Minnesota operations. In July 2003, he was named National Partner of the Great Lakes Region, which became part of the company’s larger Central Region in 2006 under Krauze’s leadership. Krauze began his insurance career in 1989 with Marsh as a marketing specialist and later was responsible for production for both risk management and middle-market clients. Prior to entering the insurance industry, Krauze served 12 years in the U.S. Navy and is a graduate of the University of Minnesota and the University of St. Thomas, where he earned his MBA in Finance.
“I am excited about the great opportunities we have at Willis HRH to serve our clients with a unique combination of global resources and expertise and an unmatched local presence that allows us to deliver those capabilities right where our clients do business,” said Krauze. “Our platform allows us to serve clients of all sizes — from large corporations and middle-market companies to small businesses — with industry and product specialists and a global marketing organization that provides the best access to carriers. That translates into great service for our clients and great growth potential for us.”
Willis HRH is the North American retail brokerage business of Willis Group Holdings. The unit has more than 200 local offices across the United States and Canada, offering a full range of insurance and risk management services, specialist expertise and global resources to large corporate, middle-market and small business clients.

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The credit crunch has resulted in an increase in the number of customers lapsing or reducing their insurance cover, according to brokers responding to Aviva’s recession survey.*

In response, Aviva has produced a practical guide to the recession to provide brokers with valuable hints and tips on how to weather the recession and lessen its impact on customers.

“In order to mitigate the effects of the recession, brokers must get closer to their customers and understand the challenges they are facing, paying particular attention to customers with businesses in sectors under most stress such as the automotive industry, construction and retail,” warns Janice Deakin, corporate sales director at Aviva.

“With customers increasing their propensity to switch, and a higher demand for voluntary excesses and/or reduced cover, brokers with the greatest customer knowledge will be best placed to adapt services and products to meet clients’ changing needs. The stronger the relationship with insurers, the more likely a broker is to hang on to his customer.

“There are a number of likely impacts as a result of the downturn in the economy. Fraud, which according to the ABI, now costs the UK market £1.9bn, is continuing to grow and we expect to see an increase in arson and theft claims, as well as an overall rise in genuine claims as businesses are less likely to absorb smaller claims,” says Deakin.

“Unoccupied buildings will also present a threat to customers. Buildings under construction or renovation may become mothballed, parts of buildings being unused are at greater risk of flooding and there is potential damage from arson or malicious damage.

“Brokers must encourage customers to put risk reduction procedures in place, such as increased property security, and conduct regular site inspections as situations can change rapidly.

“They should also make sure a customer has adequate sums insured, including Business Interruption cover, and ensure they have an up to date business continuity plan in place.

“But it is not all doom and gloom – some sectors have been fairly resilient, with some even enjoying new growth. In difficult times, people still like to treat themselves so businesses associated with UK tourism, takeaway outlets – even chocolate-making – are succeeding, despite the economic climate!”

A copy of “Your Practical Guide to Recession” can be obtained by emailing theloop@aviva.co.uk

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Research carried out by Vauxhall Motors has revealed that more than 150,000 old cars have been traded in as part of the government’s ongoing scrappage scheme.

The figures showed that in London, one in ten drivers have exchanged their vehicle for a newer model as part of the scheme, while in areas including Cornwall and East Anglia this figure is closer to one per cent of all motorists.

Anyone trading in their vehicle as part of the scrappage scheme might want to remember to purchase new car insurance, as in many cases newer vehicles can have lower premiums in comparison to older models.

Simon Ewart, from Vauxhall Motors, commented: “We fully support the scrappage scheme and feel that the first ever ‘Cash Car’ is a great way to bring to life the benefits of trading in your old car for a newer, safer and more environmentally friendly model.”

Meanwhile, figures by BCA Pulse recently revealed that the average used car value in the UK has risen by three per cent over the last three months to stand at £6,028 in July – the first time that this figure has exceeded the £6,000 mark.

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XL Insurance, the global insurance operations of XL Capital Ltd, today announced the appointment of Peter Bitterlin as Regional Underwriting Manager for Energy. In his new role he will be heading XL Insurance’s onshore energy team for Europe and Asia Pacific and will be based in London.

Mr. Bitterlin has more than 25 years’ of underwriting experience. In his last position, as Senior Underwriter Energy with Partner Re in Zurich, he focused on refineries and petrochemical risks as well as power generation plants and mining operations on a worldwide basis. Prior to this he worked for Rhine Re and Baloise Insurance Company in Switzerland.

Commenting on the appointment, Gerald Kanis, Chief Property Underwriter – Europe & Asia Pacific for XL Insurance, said: “At XL Insurance we have built up a reputation for high-quality underwriting, loss prevention expertise and providing capacity to the energy market, especially for complex risks. This expertise and focus on service are proving to be real differentiators in the current market. Peter’s skills as an experienced energy underwriter will be of great benefit to our global client base and positions him well to further grow our energy operations across Europe and Asia Pacific.”

XL Insurance’s global energy team has underwriters in London, New York and Bermuda.

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    As each year, the AXA Group offers to its employees, in and outside of France, the opportunity to subscribe to shares issued by way of a capital increase reserved to employees. In doing so, the AXA Group hopes to strengthen its relationship with its employees by closely associating them with the future development and results of the Group.

    The 2009 offering, called “SharePlan 2009”, will take place in 40 countries and will involve more than 100,000 employees who will, in most countries, be offered the opportunity to participate in both a classic share offering and a leveraged plan offering.

    Shares to be issued :

    • Date of the General Shareholders’ Meeting having authorized the capital increase: April 30, 2009.
    • Dates of the Management Board’s decisions: June 29, 2009 (principle of the offering), July 29, 2009 (fixing of the booking period) and expected on October 29, 2009 (fixing of the Reference Price and of the dates of the retraction/subscription period).
    • Type of share proposed, maximum number: pursuant to (i) resolution 20th adopted by the General Shareholders’ Meeting of April 30, 2009 and (ii) the decisions of the Management Board of June 29, 2009 and July 29, 2009, the offering will consist of the following:
      • An issue, without preferential subscription rights for existing shareholders, of new ordinary shares offered, for all countries, at a subscription price equal to 80% of the Reference Price under the classic share offering and the leveraged plan offering.  The Reference Price is equal to the arithmetical average of the 20 opening stock price quotes for the AXA shares on the compartment A of Euronext Paris S.A. over a period of 20 consecutive trading days, the last of which is the last business day before AXA’s Management Board officially decides to launch the employee share offering, i.e. from October 1, 2009 (inclusive) to October 28, 2009 (inclusive), the Management Board’s decision is expected to take place on October 29, 2009.
      • The maximum number of new shares that may be issued pursuant to the offering is 65,502,183 shares, corresponding to a capital increase of a nominal amount of approximately Euro 150 million.
      • The new shares will be eligible for dividends declared in respect of period as of January 1, 2009.

    Conditions relating to subscription :

    • Beneficiaries of the offering: unless local law requires otherwise, the individuals eligible for the offering are:
      • Employees having an employment contract (open-ended or fixed-term) with one or more of the eligible AXA entities, members of an employee savings scheme, who are on the payroll on the first day of the booking period, and having as at the last day of the retraction/subscription period at least three months of prior continuous or discontinuous service over the period running from January 1, 2008 to the last day of the retraction/subscription period, pursuant to Article L.3342-1 of the French Labor Code;
      • Former employees of eligible entities (retired or semi-retired from these entities), having kept assets in an Employee Stock Ownership Funds (FCPE) and/or securities in a nominative account within the AXA International Employee Stock Purchase Plan (Plan International d’Actionnariat de Groupe or P.I.A.G.) or the AXA French Employee Stock Purchase Plan (Plan d’Epargne d’Entreprise de Groupe or P.E.E.G.);
      • As well as general insurance agents in France having an individual mandate with an entity member of the P.E.E.G. and who market the products of such entity. This agreement must have come into effect for at least three months on the last day of the retraction/subscription period, pursuant to Articles L.3342-1 and D.3331-3 of the French Labor Code.

    The companies eligible for the offering are those that have enrolled in the P.E.E.G. or in the P.I.A.G. including the amendments thereto.

    • Existence or not of preferential subscription rights for existing shareholders: the issue will be without preferential subscription rights for existing shareholders, in favor of members of an employee savings scheme pursuant to the provisions of Article L.225-138-1 of the French Commercial Code.

    Terms of subscription:

    • For the classic offer (other than in Italy, South Korea, Spain, and the United States) the new shares will be subscribed through FCPEs of which the employees will receive units. The employees will have direct voting rights at AXA’s general shareholders’ meetings. In Italy, South Korea, Spain, and the United States, the shares will be subscribed directly by employees and will be held in registered accounts. They still have direct voting rights.
    • For the leveraged plan other than in the United States, the new shares will be subscribed through FCPEs of which the employees will receive units. The employees will have direct voting rights at AXA’s general shareholders’ meetings. In the United States, the shares will be subscribed directly by employees  and will be held in registered accounts.
    • Investment limit: in accordance with Article L.3332-10 of the French Labor Code, aggregate voluntary contributions by each eligible employee may not exceed one-fourth of that eligible employee’s annual gross compensation or pension benefits1, as the case may be (such investment limits could be lower pursuant to local laws). The investment limit for the leverage offer, within the limit of the quarter of the employee’s annual gross compensation or pension benefits, is calculated after taking into account the complementary contribution of the banking partner (Société Générale).
    • Minimum holding period of shares: eligible employees will be obliged to hold their shares or fund units for a period of approximately five years, i.e. until April 1, 2014 in France, until July 1, 2014 for the rest of the world and until December 12, 2014 in Belgium, except in the case of a specified early exit event.

    Timetable for the offering :

    • Unknown subscription price booking period: from September 1, 2009 (inclusive) to September 16, 2009 (inclusive).
    • Fixing period to determine the Reference Price: from October 1, 2009 (inclusive) to October 28, 2009 (inclusive) (subject to the fixing of the retraction/ subscription period by the Management Board at its meeting of October 29, 2009).
    • Retraction/subscription period: expected to run from November 2, 2009 (inclusive) to November 6, 2009 (inclusive), subject to the decision of AXA’s Management Board.
    • Date of capital increase: expected on December 11, 2009.

    Hedging transactions
    The implementation of the leveraged plan may lead the financial institution acting as the counterparty to the swap transaction (Société Générale) to undertake hedging transactions prior to the implementation of the plan, in particular as from the beginning of the fixing period and over the entire course of the plan.

    Listing
    Listing of the new shares on the compartment A of Euronext Paris S.A. (Euroclear France Code: 12062) and on the New York Stock Exchange in the form of American Depositary Shares (ADS), each ADS representing one ordinary AXA share, will be requested as soon as possible after the capital increase expected on December 11, 2009 and will be completed at the latest by December 31, 2009 on the same line as the existing shares.

    Other information
    The regulations and information notices relating to the Funds through which the employees may participate in the offering received the approval of the AMF
    (Autorité des marchés financiers) on July 31, 2009. This press release is intended to satisfy the requirements of the regulation, pursuant to Article 212-4 5° of the AMF’s General Regulations and Article 14 of Instruction n°2005-11 dated December 13, 2005. The offering will take place in France and outside France, including in the United States where the offering has been registered with the Securities and Exchange Commission (“SEC”) on a Form S-8 on July 31, 2009, n° 333-160927.

    Contact for employees
    For questions relating to the present share offer, please contact your Human Resources Department.

    1 As regards general insurance agents in France, only their professional incomes declared as income tax with regard to the past year will be taken into account.

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    A briefing published today by Guy Carpenter & Company, LLC finds that gains in underwriting and a return of calm to the global financial markets have helped some reinsurers regain half or more of the capital they lost as a result of the 2008 financial crisis and windstorms.

    According to 1H2009 Reinsurer Financial Update: Capital Returns, available at www.gccapitalideas.com, the Guy Carpenter Global Reinsurance Composite posted an aggregate increase of USD4.6 billion for the first half of 2009, contrasting sharply with an aggregate loss of USD3.5 billion for the first half of 2008.

    Unrealized losses lower

    • Unrealized investment losses for the first half of 2009 declined by 87 percent year over year, from USD11.7 billion to USD1.5 billion.
    • Realized investment losses also dropped by 43 percent to USD1.2 billion.

    Premium growth

    • Gross and net written premium both posted modest 6 percent year-over-year increases, to USD71 billion and USD65 billion, respectively.
    • European multi-line carriers reported significant premium increases, while some Bermuda-based reinsurers reported declines of 2 percent to 13 percent, citing insufficient pricing as the primary cause.

    Underwriting gains

    • Underwriting earnings rose 9.6 percent for Global Reinsurance Composite companies relative to the first half of 2008, reaching USD2.2 billion for the group as a whole.
    • Combined ratios declined from 85.6 percent to 84.9 percent year over year.
    • European companies reported a combined ratio of 94.7 percent, while Bermuda companies achieved a combined ratio of 77.1 percent, reflecting a relatively benign loss year for catastrophe-heavy portfolios.

    Balance sheet improvements

    • Positive earnings and recovering asset values combined to restore substantial capital to reinsurers’ balance sheets, as aggregate shareholders’ equity for the Global Reinsurance Composite climbed 8.2 percent during the first half of 2009.
    • Unrealized losses improved during the first half of 2009 as well, representing only 3.2 percent of shareholders’ equity – an improvement from more than 10 percent a year earlier.
    • Dividend and shareholder buyback outflows declined, from 8.2 percent in the middle of 2008 to 2.9 percent in 2009.

    Christopher Klein, Global Head of Business Intelligence, Guy Carpenter :  “With a sense of relative calm returning to the global financial markets, we have seen a substantial improvement in reinsurers’ capital positions. Though it will take time to redress fully the fall in shareholder equity we saw in 2008, stability in the markets has given reinsurers greater flexibility and opened up a number of options that were unthinkable only nine months ago, such as share buybacks, dividends and even maintaining extra capital.”

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    New research from the British Insurance Brokers’ Association (BIBA) has revealed that insurance brokers regularly help consumers achieve better results when pursuing a claim.

    The majority of brokers surveyed have secured increased payments for clients in the past year, following an initial lower offer from insurers, and 58% of brokers said that they had to fight harder to get claims paid during the recession.

    The research also revealed that brokers regularly negotiate up to a 20% increase on claims offers made by insurers.

    Eric Galbraith, BIBA Chief Executive, said: “Insurers are tightening their belts during the recession and scrutinising claims and policy wordings. This demonstrates the vital support that brokers give clients during a claim.”

    Galbraith added: “Many consumers do not have the experience or knowledge to negotiate claims payments themselves. Brokers know how to evidence and support negotiations through their understanding of policy wordings, relevant case law and their relationship with the insurer.”

    Key findings from BIBA brokers

    • 91% have secured an increased payment for a claim, on behalf of a client following an initial lower offer from the insurer
    • 58% have had to fight harder on behalf of clients to get claims paid during the recession
    • 87% regularly negotiate up to a 20% uplift on claims
    • 91% negotiate a claim payment uplift either often or occasionally
    • 94% overturn a claim rejection occasionally or often.

    Responding to the survey, brokers highlighted a number of examples:

    • Following a house fire, the insurer offered £12,000 but after broker negotiation the claim was increased to £18,000.
    • An insurer tried to reduce a fire claim settlement on the basis that not all the damage was caused by the fire. The broker disproved this and secured a settlement of £30,000. The insurer had offered £6,500.
    • Following intervention, a broker achieved a payment of £20,000 for a property water damage claim which was initially rejected as a non valid claim.
    • A broker increased the payment for a motor claim from £19,050 to £22,000
    • On a flood damage claim the client was offered just over £12,000 but the broker negotiated a settlement of £17,377

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      A busy bank holiday is predicted on the nation’s roads as music fans from across the country prepare for one of the busiest festival periods of the summer. With the long range forecast promising some much-needed sunshine, seaside resorts are also bracing themselves for an increase in traffic as British motorists look to squeeze the most out of the long weekend.

      Friday evening is expected to be the busiest period on the roads according to RAC estimates and rail engineering works are once again set to disrupt journeys on the West Coast, Midland and Great Eastern mainlines. With more people set to reach for their car keys, RAC has provided some simple travel advice to help motorists avoid congestion chaos and get the best out their extended break.

      RAC patrol manager David Hawes said: “The August bank holiday weekend is typically one of the year’s busiest periods on the roads and we always get a big increase in the number of callouts we receive. One of the most common breakdowns we see is motorists simply running out of fuel, especially on long motorway routes so we always recommend ensuring you’ve got enough juice in the tank to reach your destination and not run on fumes!

      “The British summer has been pretty miserable so far, so with the weekend’s forecast looking quite good, we’ll probably see a lot of people hit the road for a late break, causing congestion on many coastal routes. There are lots of popular events up and down the country which means congestion on some routes is unavoidable. This is the last bank holiday before Christmas and to make the most of it drivers need to leave plenty of time for their journeys, and, where possible, avoid the Friday rush.”

      Major events likely to cause local traffic disruption include:

      • 28 – 30 August: Reading Music Festival – M4 (J10 & 11), A329(M) and A33
      • 28 – 30 August: Leeds Music Festival – A1 and M1 (J45 & 46)
      • 28 – 30 August: Solfest Music Festival, Cumbria – M6 (J43), A596, A595, B5301 and B5300
      • 28 – 30 August: Retrofest, Glasgow – A71, M77, A76, A77
      • 29 – 30 August: Creamfields Music Festival, Daresbury, Cheshire – M56            (J10 & 11), M6 (J9) and A5
      • 29 August: Rugby League Challenge Cup Final, Wembley – M6, M40, A40, M1 (J4&5) M25, A410 and A5
      • 28 – 31 August: Manchester Pride, Manchester – M60, M62, M602
      • 30 – 31 August: Matthew Street Festival, Liverpool – M62
      • 30 – 31 August: Notting Hill Carnival, M4, A4, A40, A5, A4202

      To find the latest traffic and travel information, visit www.rac.co.uk to view interactive realtime video and audio updates on the UK’s roads, ferry crossings and London Underground services

      Top Tips for travelling over the Bank Holiday weekend

      1. Plan your route and have an alternative at the ready in case of delays or bad weather. Visit www.rac.co.uk/know-how/my-way for a selection of alternative routes. Check local radio stations or the RAC live traffic information on 64644**, which has the ability to detect your position from your mobile phone, or 09003 444999** from a landline
      2. Allow extra time for your journey, especially if you are heading for a popular resort or you are travelling at peak times
      3. Take something to eat and drink, just in case you get caught in traffic congestion
      4. Make sure you have enough fuel for your journey. When you’re driving on motorways, stick to the speed limit. As well as being much safer, slowing by 10mph can save up to 40p on fuel for every 10 miles
      5. Checking oil and water levels and the pressure and condition of the tyres before setting off could help to prevent a breakdown

      Other destination hotspots*

      North West:

      • M6 (J36 & 37), A590, A591 towards Windermere, Ambleside, Kendal and Ullswater
      • A595 Whitehaven both directions
      • M55 towards Blackpool, M6 (J32) both directions
      • M6 (J15 & 16), A50 towards Alton Towers


      South West:

      • M5 Southbound from Bristol J15 toward J31 for Devon
      • M4 Westbound from J19 & 20
      • A30 Westbound, Cornwall
      • A303 around Stonehenge and Amesbury


      South East:

      • M25 (J16 with M40, J26 for Waltham Abbey, J9 for Chessington World of Adventures, J11 & 13 for Thorpe Park)
      • M1 (J10 Luton Airport)
      • M11 (J8 Stansted Airport)
      • M4 (J4 Heathrow Airport)
      • M23 (J23 Gatwick Airport)

      Wales:

      • M4 Westbound approaching the Newport Brynglas Tunnels, roadworks in both directions between J28 Tredegar Park and J30 Cardiff Gate
      • A48 Westbound
      • A494 Southbound between Drome Corner and Queensferry, A55 to and from Anglesey approaching the Britannia Bridge

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      Flagstone Reinsurance Holdings Limited (NYSE:FSR) announced that its Board of Directors declared a quarterly dividend of $ 0.04 per Common Share. The dividend is payable on September 15th, 2009 to shareholders of record at the close of business on September 1st, 2009.

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        Fortis (Insurance, UK) today announced that it had entered into exclusive discussions with Toyota (GB) PLC and its insurance partner in the UK, Aioi Motor and General Insurance Company of Europe Limited, to work together to provide branded motor insurance products to Toyota GB’s UK customer base. The deal, currently worth over £20 million in annualised total Gross Written Premium (GWP), builds on Fortis’ position as the third largest car insurer in the UK and is the first motor manufacturer branded scheme secured by the leading UK general insurer.

        The initial three year deal, agreed in principle, will create around 50 new UK jobs at Fortis’ Stoke-on-Trent office and up to 20 claims roles at Fortis’ Eastleigh and Gloucester offices. The deal is designed to ensure further levels of quotability, conversion and retention across Toyota GB’s 1.3 million UK customer base – Aioi Motor & General will continue to underwrite the branded motor insurance products marketed by Toyota GB with Fortis handling the sales, administration and claims services.  In addition, Fortis will also reinsure a proportion of the business underwritten by Aioi Motor & General.

        Final binding terms are expected to be agreed in the next two months and the deal will be subject to normal regulatory and governance approvals.

        Announcing the new agreement Barry Smith, Chief Executive of Fortis UK said: “This new relationship is a significant step forward in our multi-channel distribution strategy, reinforcing our strength in the private car insurance market. Our customer-focused approach and market-leading efficiency have been key ingredients for our growth in the affinity arena, where we have recently secured a number of new relationships, while complementing our broker distribution strategy. I look forward to working with Aioi to evolve the Toyota and Lexus propositions to further support customer needs.”

        Toyota GB Finance Director, Andrew Singer said:  “We are delighted to be working with Fortis on the delivery of our insurance solutions.  Fortis’ exceptional service reputation and strategy to put the customer at the centre of their processes, fits well with the approach of Toyota, fully supporting the two main pillars of ‘The Toyota Way’ – Continuous Improvement and Respect for People .”

        Mike Swanborough, Chief Executive Officer at Aioi added:  “After completing market-wide reviews, we are confident that our relationship with Fortis will prove positive for all concerned.  We are looking forward to working together to develop innovative insurance solutions, combining our extensive knowledge of Toyota and their customers across Europe with Fortis’ award-winning service centres and to leveraging Fortis’ deep understanding of the wider UK private motor insurance market.”

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        AIG announced that Jay S. Wintrob has been named President and Chief Executive Officer of Domestic Life and Retirement Services, a new position. Mr. Wintrob, formerly President and CEO of AIG Retirement Services, will lead AIG’s U.S.-based life insurance and retirement services businesses, which market their products and services under the well-established brands American General, AGLA, SunAmerica, VALIC, and Western National.

        In addition, Mary Jane Fortin, currently Senior Executive Vice President, Chief Administrative Officer, and Chief Financial Officer of the domestic life companies, has been named President and CEO of American General Life Companies. Ms. Fortin, as well as each Retirement Services profit center president, will report to Mr. Wintrob. She succeeds Matthew E. Winter, who was recently promoted to AIG Vice Chairman of Administration.

        “I am very enthusiastic about the growth potential of the domestic life and retirement services businesses, and believe these market-leading companies will prosper under the strong leadership of Jay Wintrob,” said Robert H. Benmosche, President and CEO of AIG. “Given its experienced management team and prior operating history, I believe the Domestic Life and Retirement Services group can operate with greater autonomy going forward and build upon the improved operating income results delivered in the first half of 2009.”

        The unified businesses will offer a comprehensive suite of life and retirement savings products through an established multi-channel distribution network that includes banks, national, regional and independent broker-dealers, career financial advisors, wholesale life brokers, insurance agents, and a direct-to-consumer platform. With their combined expertise in savings, protection, and retirement income solutions, these businesses will be well positioned to meet consumers’ next generation financial security needs.

        Mr. Wintrob was named President and CEO of AIG Retirement Services in 2001. He previously served as Senior Vice President, Executive Vice President, Vice Chairman, and Chief Operating Officer. He also served as President of SunAmerica Investments, Inc. from 1994 through 2000, overseeing the company’s invested asset portfolio. Mr. Wintrob joined SunAmerica in 1987. SunAmerica was acquired by AIG in 1999. Mr. Wintrob played a pivotal role in the acquisition and integration of VALIC and Western National into Retirement Services when AIG acquired American General Corporation in 2001. Prior to joining SunAmerica, Mr. Wintrob was with the law firm O’Melveny & Myers where he practiced corporate law.

        Ms. Fortin was named Senior Executive Vice President, Chief Administrative Officer and Chief Financial Officer of American General Life Companies in 2009. She joined the American General Life Companies as Executive Vice President and Chief Financial Officer in 2006. Prior to joining American General, Ms. Fortin was a senior executive with the Hartford Financial Services Group, Inc. where she served as Senior Vice President and Director of Mutual Funds and 529 Programs and President and CEO of the Canadian Mutual Fund business. She previously served as Senior Vice President and Chief Accounting Officer for Hartford Life. Ms. Fortin has also held audit positions with PricewaterhouseCoopers and Arthur Andersen.

        Based on market data, the combined insurance companies forming Domestic Life and Retirement Services ranked as the third-largest life insurance organization in the United States with more than $213 billion of admitted assets as of March 31, 2009. The combined companies had more than $17 billion in sales for the 12 months ending June 30, 2009. They were among the largest issuers of annuities and term life insurance in the United States as well as a leading provider of defined contribution plans in the education and healthcare markets. They currently have more than 16 million customers and nearly 300,000 financial professionals appointed to sell their insurance and retirement savings products.

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          Lloyd’s, the world’s leading specialist insurance market, announced today that Hank Watkins has been appointed as its new President, North America.

          Hank will be responsible for all Lloyd’s operations in the US and Canada, including offices in New York, Kentucky, Illinois, Los Angeles, Virgin Islands, Montreal and Toronto.

          He has held a range of positions in the United States and Europe at global insurers and brokers, including Chubb & Son; Barney & Barney; Johnson & Higgins; Hilb Rogal & Hobbs; and Marsh.

          Hank will be based in New York and will take up his new role on 31 August, 2009.

          Sue Langley, Director of Market Operations and North America, said:

          “I am delighted that Hank is coming on board to lead our North American operations. He has over 28 years experience in the insurance industry, as both an underwriter and broker, and understands the opportunities and challenges that the industry faces in today’s global marketplace.

          “His unique experience, fresh approach to the Lloyd’s market and mix of skills will be invaluable as we seek to develop our presence and brand in the US and Canada over the coming years.”

          Hank Watkins, said:

          “I’m excited to be joining an organisation with the rich history and global presence of Lloyd’s. The opportunity to work with experienced, enthusiastic teams on both sides of the Atlantic as we deliver the benefits of Lloyd’s Strategic Plan to our North American business partners is one I’m looking forward to.”

          1. Biography of Hank Watkins

          2008 – 2009 Preferred Concepts LLC
          Senior Vice President, Business Development

          2007 – 2008 Marsh USA
          Managing Director, Middle Market Leader
          New York Metro Partnership

          2007 – 2007 Hilb Rogal & Hobbs (HRH)
          President, HRH of Connecticut
          Vice President, Northeast Regional Director

          1994 – 2002 Marsh & McLennan
          Senior Vice President
          Client Executive, Middle Market & Risk Management

          1989 – 1994 Johnson & Higgins
          Vice President, International Department

          1988 – 1989 Barney & Barney
          Commercial Lines Producer

          1981 – 1988 Chubb & Son
          Underwriter

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            First-half net profit fell 38% as the economic downturn increased loan losses and pressured margins.

            Chairman Jan van Rutte said loan losses and unpaid mortgages are likely to rise further in the second half with the economy seen worsening and Dutch unemployment rising.

            Net profit slipped to EUR338 million from EUR543 million a year earlier. Most of the net figure came from EUR271 million the bank was awarded by the courts to compensate preference shareholders following the bank’s nationalization.

            In the first half of 2009 Fortis Bank Nederland achieved a net operating profit of EUR 51 million, driven by Retail Banking and Merchant Banking. Due to exceptional gains, the total net profit for the first half of 2009 came to EUR 338 million.

            This net operating result was achieved despite the negative impact of challenging markets, high funding costs, high default rates and costs for separation and preparation of the integration.

            Despite these difficult circumstances, Fortis Bank Nederland had a successful start in rebuilding and reinforcing its businesses and its risk and treasury activities.

            Key developments

            • Net operating profit of EUR 51 million slightly higher than the second half of 2008 (EUR 42 million), but significantly lower than the first half of 2008 (EUR 562 million)
            • Net profit of EUR 338 million positively impacted by exceptional gains on Fortis Capital Company Ltd. of EUR 271 million and recovered funds from the Madoff investment fraud of EUR 16 million
            • The amount of loans granted to customers increased by 1.7% in the first half of 2009
            • Clients remained loyal and showed their faith in the bank, as reflected by an increase in client deposits of roughly EUR 9 billion in the first half of 2009
            • The short-term funding facility of EUR 34 billion granted by the Dutch State in October 2008 was fully repaid in the first half of 2009, ahead of schedule
            • Changes in impairments in the first half of 2009 remained high at EUR 195 million (EUR 179 million including exceptional items)
            • The availability of wholesale funding increased significantly since January 2009. The average amount of funds raised in the wholesale market (money markets and commercial paper) had increased on average to EUR 18 billion in June 2009 from EUR 12 billion in December 2008. The average tenor of wholesale funding also improved
            • DNB reconfirmed the bank’s advanced Basel II status
            • On 30 June 2009, the solvency ratio had risen to 11.7% and the tier 1 ratio had climbed to 7.7% under Basel I. Under Basel II the solvency ratio decreased to 13.5% and the tier 1 ratio to 9.1%
            • Much progress was made towards becoming a stand-alone bank. The separation from Fortis Bank SA/NV and ASR Nederland is well on track, as well as preparations for the integration with ABN AMRO in accordance with the plans for the combined bank as announced by the Transition Team on 19 May 2009

            The full report is available here

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            Demographic development, medical progress and changing lifestyles are resulting in costly medical treatments. These place a strain on healthcare systems worldwide – whatever stage of development they are in. The main challenge is the steep upward trend in chronic diseases.

            Daman National Health Insurance, in which Munich Re’s Munich Health operation has a 20% stake, has opened a new medical service centre in Abu Dhabi. Together with almeda GmbH, Munich-Re-Group’s assistance and telemedical healthcare service provider, this centre offers healthcare programmes to patients with chronic diabetes and obesity. These healthcare services are an integral part of Munich Health’s business model, along with programmes for acute diseases (case management) and for the treatment of chronic diseases (disease management). In the same way as complementary prevention programmes, they help ease the cost burden from (potential) diseases. Wolfgang Strassl, CEO of Munich Health: “Our business model combines global know-how with local knowledge. We are steadily expanding our extensive partnerships with primary insurers. Above all, this benefits the policyholders, ensuring that high-quality healthcare services will continue to be affordable in the future.”

            Unless preventive measures are taken, it will not be long before diabetes and obesity become especially common in the United Arab Emirates. Daman in Abu Dhabi has therefore focused initially on treatment of those two conditions. Under the disease management programme, specially trained coaches will give regular counselling to the chronically sick over the telephone in order to improve their quality of life in the long term and coordinate the diabetes therapy. Daman has therefore been involved in making the cultural changes needed to adjust the telemedical healthcare programmes successfully run in Germany for many years to the Arabian market. Stefan Kottmair, almeda’s CEO: “For the first time, we have successfully deployed our wide-ranging telemedical expertise in the international market. Special software is used to ensure the operational processes run efficiently.”

            Michael Bitzer, CEO of Daman National Health Insurance: “Although the launch was only eight weeks ago, we have already had positive feedback from our patients. Our local coaches benefit in their contacts with the patients from the comprehensive training given by almeda and Munich Health.”

            0 1

            Markel Corporation (NYSE: MKL) reported diluted net income per share of $3.34 for the quarter ended June 30, 2009 compared to $8.29 for the second quarter of 2008.

            • Diluted net income per share was $5.00 for the six months ended June 30, 2009 compared to $11.69 for the same period of 2008
            • The combined ratio for the second quarter of 2009 was 99% compared to 95% for the second quarter of 2008
            • The combined ratio was 97% for the six months ended June 30, 2009 compared to 93% for the same period of 2008
            • Book value per common share outstanding increased 8% to $239.68 at June 30, 2009 from $222.20 at December 31, 2008, which was driven by improvement in the market value of the Company’s investment portfolio

            Alan I. Kirshner, Chairman and Chief Executive Officer, commented, “Our increase in book value per share resulted from improved investment results and strong underwriting performance from our international operations during the first six months of 2009. While competition continues to be intense in the property and casualty insurance marketplace, we remain focused on disciplined underwriting and our long-term performance goals. With strong liquidity and a solid balance sheet, we are well positioned for future growth opportunities.”

            The Company also announced today it has filed its Form 10-Q for the quarter ended June 30, 2009 with the Securities and Exchange Commission. A copy of the Form 10-Q is available on the Company’s website at www.markelcorp.com or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of the Company’s financial performance. The Company’s quarterly conference call, which will involve discussion of the Company’s financial results and business developments and may include forward-looking information, will be held Thursday, August 6, 2009, beginning at 10:30 a.m. (Eastern Daylight Savings Time). Any person interested in listening to the call, or a replay of the call, which will be available from approximately two hours after the conclusion of the call until Friday, August 14, 2009, should contact Markel’s Investor Relations Department at 804-747-0136. Investors, analysts and the general public also may listen to the call free over the Internet through the Company’s web site, www.markelcorp.com.

            0 0

            AIG was sued on Wednesday by two California residents who said their homeowner insurance policies entitled them to coverage on losses from Bernard Madoff’s Ponzi scheme.

            The federal lawsuit was filed in Manhattan by Robert and Harlene Horowitz, who said they lost $8.5 million in the Madoff scandal, and seeks class-action status on behalf of potentially thousands of policyholders.

            The Horowitzes alleged that AIG refused to honor AIG Fraud SafeGuard coverage in policies they obtained from subsidiaries of the insurer, even though the coverage insures against losses resulting “directly from fraud, embezzlement, or forgery.”

            According to the lawsuit, the Horowitz Family Trust had a more than $8.5 million balance on its Nov. 30, 2008 account statement from Bernard L. Madoff Investment Securities LLC, which was Madoff’s investment advisory arm.

            The lawsuit seeks class-action status on behalf of Madoff investors who also had policies with the Fraud SafeGuard coverage. Milberg LLP, a securities class-action specialist, represents the Horowitzes.

            AIG spokeswoman Christina Pretto and Milberg partner Brad Friedman did not immediately return calls seeking comment.

            The case adds to legal problems for New York-based AIG, which is trying to sell assets to help repay the government after getting roughly $180 billion of federal bailouts. The government owns close to 80 percent of the insurer.

            Madoff, 71, is serving a 150-year sentence in a federal prison in North Carolina after admitting in March to running a $65 billion Ponzi scheme.

            A Ponzi scheme is where money is taken from later investors to pay off earlier investors. Prosecutors have said Madoff’s accounts never held as much as he claimed.

            It was not immediately clear on what basis Madoff’s firm calculated the $8.5 million supposedly in the Horowitz trust’s account.

            Many disputes in the recovery process for Madoff’s former customers turn on the degree to which amounts shown on their account statements were a product of Madoff’s crimes, and thus illusory.

            The lawsuit is Horowitz v. AIG, U.S. District Court, Southern District of New York (Manhattan), No. 09-7312. (Reporting by Jonathan Stempel; Additional reporting by Lilla Zuill; Editing Bernard Orr)

            0 0

            InsureandGo (www.insureandgo.com), the travel insurance provider, has welcomed plans by the United Nations to increase the compensation received by passengers if airlines lose their luggage.

            The UN’s International Civil Aviation Organisation has proposed increasing the maximum level of compensation from £972.80 currently to £1060.48 next year – a 9% increase.

            InsureandGo estimates that UK travel insurers receive over 33,000 claims for lost or stolen luggage every month1, and as global aviation passenger numbers are expected to double over the next 10 years2 it expects the problem to get worse unless firm action is taken.

            Lost luggage is now the second most common travel insurance claim after medical treatment and it cost the UK travel insurance industry an estimated £37.9 million in 20081. Research from InsureandGo3 found that of the Britons who have lost luggage in the last two years, one in five (21%) never got their bags back, and one in eight (12%) think their luggage was stolen intentionally.

            Perry Wilson, founder of InsureandGo, said: “The UN’s plans to increase compensation are a welcome boost for travellers. Already some airlines are moaning that they’ll have to pay out more money, but of course the best way for them to reduce this is by improving their systems and losing fewer bags in the first place!

            “Lost luggage is a massive problem for air passengers and unless something is done about it the problem will get worse before it gets better, given that passenger numbers are set to increase sharply. We think anything that encourages the airlines to buck up their ideas is a step in the right direction.”

              0 0

              Allianz UK has released its financial results for the first six months of the year.


              • Gross Written Premiums up 2.9% over same period in 2008
              • IFRS Operating Profit ahead of plan but down 6.1% over 1H 2008
              • Combined Ratio at an excellent 94.9%, improves 0.8% over 1H 2008
              • Allianz Insurance Standard & Poor’s rating re-affirmed at AA- (stable outlook)

              Last year was an excellent one for Allianz, recording a surge of 36.8% in profits to £193.6m for the year compared to £141m for 2007.

              Allianz chief executive officer, Andrew Torrance, said: “I am very pleased with the performance the business has delivered during the first half of this year. Operating in such a low interest rate environment has had a degree of negative impact on the level of profit I would like to see the business producing at this point, but this is an inevitable outcome of the broader economic scenario.

              A low interest rate economy also puts added pressure on the requirement to achieve a reasonable and consistent increase in rate strength ahead of claims inflation. Whilst there have been some positive signs in that direction, I am somewhat disappointed that in the second quarter, the market did not push on from the rate rises applied during Q1 of this year. Rate momentum must be regained as we progress through the remainder of the year if insurers are to make acceptable underwriting profits in 2010.”

              He said the commercial business “continued to perform strongly and ahead of plan in a competitive marketplace” but that “the division’s results continue to benefit from the release of favourable prior year claims reserves and the profitability of business currently being written remains well below our target levels”.

              Mr Torrance said the engineering business “continues to perform well in a market where premiums remain under competitive pressures, particularly in the insurance segment, which delivered negative rate strength of 0.4%”. The inspection element fared slightly better at +2.1%.

              He continued: “In the retail business, the broker motor account continues to see GWP fall (20% compared to H1 2008) as we take the corrective action needed to restore this account to profit and I anticipate that there will be further reductions in top line as we progress through the year.

              “Conversely, our broker household book has seen GWP grow by 50% above prior year to £33.5m. This performance has been strongly impacted by two new distribution relationships which began earlier this year and the launch of the Clear product range.”

              In Animal Health GWP grew by 8% while the combined ratio reduced 0.8 percentage points to 95.8% at 1H.

              Mr Torrance said: “In retail’s corporate partner business, the GWP of £56.8m is behind plan and reflects the recession’s impact. However, I am confident that this part of our business will grow substantially in the medium-term and make a significant contribution to the success of retail division going forward.”

              Allianz said the legal protection business is delivering consistently good financial results and at the half-year point GWP was 11% ahead of plan with the after the event business the main contributor to this over- performance. The combined ratio was a healthy 92.5%.

              It said Home and Legacy delivered profits in line with plan with new business sales achieving record levels in June.

              0 0

              AXA Life has taken the decision to close the Sun Life Assurance Society plc (SLAS) With Profits Fund to new customers and has written to customers invested in the fund to inform them of the change.

              The closure of the fund to new customers will not change the way that the fund is managed or the way that bonuses are set. This decision does not affect the AXA Sun Life plc With Profits Fund, which continues to be open to new customers.

              AXA Life has made this decision because few customers have invested in the SLAS With Profits Fund in recent years. As a result, it is now in the best interests of existing customers that we close the fund to new business and continue to distribute the assets of the fund to policyholders through bonuses as the fund runs down.

              Although we have closed the SLAS With Profits Fund to new customers, it is still a large fund. Currently it has around 300,000 policies invested in it. The SLAS With Profits Fund will continue to operate with the same approach to investment and bonuses.

              Peter Shelley, With Profits Actuary at AXA Life, said: ‘The decision to close the Sun Life Assurance Society With Profits Fund to new customers will not affect the way that we manage the fund and calculate the bonuses we pay to customers in that fund. The terms and conditions of our customers’ policies are unaffected by this decision.’

              0 0

              KGM Motor Insurance has appointed Stella Brooks as claims superintendent based in Chelmsford.

              Stella Brooks joins KGM from QBE Insurance where she was in charge of the personal injury claims in the corporate fleet and commercial departments.

              Active Underwriter, Colin Hart said: “I’m delighted to welcome Stella to our claims operation in Chelmsford. Her knowledge and experience will further strengthen the team that we’re establishing there.

              “I am confident that she will prove to be invaluable as we further build upon our existing claims service to ensure we continue to provide the level of support our brokers and their customers demand.”

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