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Liberty Syndicates Management Limited (Liberty Syndicates), a member of Liberty Mutual Group, is entering the UK and Irish motor insurance markets through the hiring of a team of specialist motor underwriters.

Julian Cashen and Justin Suttle, who combined have over 40 years of market experience, are scheduled to take up their positions of Class Underwriter and Deputy Class Underwriter later this year together with a small team of motor specialists. Trading from Liberty Syndicates’ office in 3 Minster Court, the new motor team will underwrite coach fleets and small commercial fleets in the UK plus niche personal lines products.

Commenting on the appointments, Liberty Syndicates’ CEO Nick Metcalf, said: “We’re delighted to welcome Julian, Justin and the rest of the specialist motor team to Liberty Syndicates. With our strong emphasis on international property, contingent lines and marine, motor is an excellent addition to our underwriting footprint and spreads our risk accordingly.”

Liberty Syndicate’s Chief Underwriting Office Matthew Moore said: “The team are highly-skilled and experienced motor specialists. Their underwriting capability and philosophy is a strong match for that of the syndicate and I am convinced that the recent improvements in the UK and Irish motor trading environment make this an attractive market for us.”

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Good performance of equities and rising corporate bond yields have pushed the aggregate accounting deficit to its lowest level this year according to Aon Consulting, the leading employee risk and benefits management firm.

According to Aon, the pensions deficit of the 200 largest privately sponsored DB schemes stood at £74bn at the end of July, a massive reduction from the £100bn deficit reported at the end of June. The announcement of the Government’s intention to reduce the level of statutory minimum pension increases that must be granted by UK pension schemes offers another opportunity to reduce pension deficits. However, the impact on different schemes could vary considerably depending on their rules and how the legislation is changed. The ultimate impact could be anywhere between nil and £150bn across UK pension schemes.

Aon has warned that the reduction in pension deficit, coming at the same time that schemes continue to close to accrual, creates risks for companies due to a forthcoming change relating to the treatment of surplus in pension schemes. Company representatives must be vigilant in order to ensure that they are not caught by this change, which could result in their balance sheet being substantially worsened. The new regulations are complex, but essentially require companies to account up front for whatever contributions they have committed to in a Recovery Plan. So, for example, if a company has agreed to pay £130,000p.a. for ten years then that could show as a liability of up to £1m in their accounts.

Companies can currently bypass this requirement, but that is set to change from 2011 unless Trustees agree to necessary rule changes. The combination of reducing deficits (both generally and due to CPI), together with reducing accruals, make the impact of the changes more onerous. Aon is therefore urging companies to contact their pension scheme trustees as soon as possible to ensure that the tthey are considering this issue.

Sarah Abraham, consultant and actuary at Aon Consulting, comments: “The changes to the treatment of surplus in UK pension schemes are now imminent, and could have some nasty implications. For many sponsors, if no action is taken now, balance sheet positions could increase substantially next year. “The coming changes will also create difficulties when companies are renegotiating contribution levels with pension scheme trustees. In our experience some employers are hesitant to make significant contributions if they have concerns about surplus being trapped in an overfunded scheme and the accounting implications will add further to their concerns.

“The Government’s plan to change the indexation on pension increases in the private sector is totally separate from the accounting changes, but is a clear example of why companies need flexiblity to reclaim pension scheme surpluses. We estimate that around half of companies could have their pension schemes pushed into accounting surplus if the change to CPI increases is able to be applied in full. “Accounting treatment aside, the changes in legislations on surpluses could create a genuine overfunding risk for employers – whether on an ongoing or accounting measure.”

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A Saudi insurance company is to pay Somali pirates a 20-million-dollar ransom to free a hijacked ship and its 14-member crew held hostage for five months, a newspaper reported on Monday.

“The owner of the Al-Nisr Al-Saudi ship, which was hijacked by Somali pirates, said the insurance company has agreed to pay a ransom of 20 million dollars to win the release of the ship and its 14-member crew,” Arab News said. The pirates had been torturing the crew of 13 Sri Lankans and one Greek as well as threatening to kill them unless the ransom was paid, the daily quoted the ship’s owner, Kamal Arri, as saying.

Arri said his company was waiting for the Saudi government’s approval “to allow the quick payment of the ransom by the insurance company.” “The consulates of Sri Lanka and Greece have been contacting us, inquiring about the safety of crew members,” he said in the English-language daily.

The tanker, he added, was not carrying any oil when the pirates captured it in the Gulf of Aden in March as it sailed back from Japan to the Saudi port of Jeddah. Arri said his company had so far lost about eight million dollars as a result of the hijacking. Arab states of the Gulf and Red Sea said last year they are planning a joint anti-piracy force, insisting defence of the crucial Red Sea waterway was the “primary responsibility” of littoral states.

Foreign naval powers have since 2008 deployed dozens of warships in a bid to secure the Gulf, a crucial maritime route leading to the Suez Canal through which tens of thousands of merchant vessels transit each year. But pirates have gradually extended their area of operations, seizing ships as far east as the Maldives’ territorial waters and as far south as the Canal of Mozambique.

Naval missions, including the European Union’s Atalanta deployment, have boasted success in curbing attacks but the number of hijacked ships and detained seafarers remains at one of its highest levels since Somali piracy surged in 2007. Unofficial figures show 2009 was the most prolific year yet for Somali pirates, with more than 200 attacks — including 68 successful hijackings — and a total in ransoms believed to exceed 50 million dollars.

Riyadh, August 2, 2010 (AFP)

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Broker-only insurer MMA has launched variable commission rates for brokers transacting new business for MMA’s Master Tradesman product.

From July brokers can select the amount of commission they will receive when placing new business for the Master Tradesman product using MMA’s Broker Online system. The change to variable commission rates follows discussions between MMA and its broker partners.

Peter Knowles, head of UK development at MMA commented: “Our brokers are experts in their markets; they know their clients and their competition. Offering variable commission levels gives our brokers greater control over how they run their businesses and allows them greater flexibility with their clients.

“MMA runs regular broker roadshows which enable us to get out and meet our brokers and gain feedback. The introduction of variable commission rates has been a point of discussion for some time and we wanted to respond to this feedback.” Variable commission rates are available initially for MMA’s Master Tradesman product which if successful will be rolled out across all additional products in the near future.

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State Attorney General Andrew Cuomo said Thursday that he had opened a fraud investigation into how life insurers pay out benefits after policyholders die.

He said his office served subpoenas on Prudential Financial, Inc. and MetLife, Inc. as part of the probe, seeking information on life insurance policies. Cuomo, a candidate for governor, said his office is investigating the practice of some insurers that retain life insurance beneficiaries’ funds in company-controlled accounts, instead of paying out lump sums. He said the companies are apparently earning high rates of interest from the accounts, while paying out substantially lower yields to beneficiaries.

Cuomo also said the insurer-controlled accounts are potentially risky because they are not backed by the federal government. The investigation follows a recent Bloomberg Markets magazine report insurers holding death benefits to soldiers’ families in such corporate accounts. MetLife said it had not received Cuomo’s subpoena and could not comment on the investigation. However, the company issued a statement defending its so-called “retained asset accounts.”

The company said such accounts were “an attractive settlement option” and are “fully guaranteed” by Met Life’s financial strength. Prudential Financial spokesman Bob DeFillippo said the company would cooperate fully with the attorney general’s investigation. The company also said it would work with the Department of Veteran Affairs to resolve any questions about its policies for military personnel.

 

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Aon Consulting, the global benefits and human capital consulting business of Aon Corporation (NYSE: AON), today announced that Joe Mazzenga has joined the firm as senior vice president and Human Capital Practice leader for the Central West region.

Mazzenga will focus on sales and revenue growth to deliver distinctive client value, innovation, and business results across the Human Capital Practice, which includes solutions in talent management, organizational performance implementation, recruitment process outsourcing, and personalized employee communications.

Mazzenga has extensive experience in leadership development and succession planning. Most recently, he served as the founder and principal partner at Whetstone, Inc., responsible for creating personal and professional transformations of business leaders and their teams. In addition, he was the lead consultant and strategist for many U.S. and European organizations, addressing board development, new leader on-boarding, executive team facilitation, corporate cultural transformation and post-merger and acquisition cultural integrations.

“Joe’s global experience and background in leadership development, strategy implementation and human resources provides Aon Consulting with an extensive level of expertise that will benefit all of our clients,” said Elizabeth Varghese, senior vice president and U.S. leader for the Talent Solutions Practice with Aon Consulting.

Mazzenga earned a bachelor’s degree in human resources and organizational development from Trinity International University in Illinois as well as a master’s degree in social work and counseling psychology from George Williams College in Illinois. Mazzenga joined Aon on July 12 and is based in Chicago.

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Sterling Insurance Company has promoted James Guthrie, Senior Development Manager, to Associate Director responsible for Broker Development.

Reporting to David Sweeney, Director – Personal and Commercial Lines, James will be responsible for developing broker relationships and maximising Sterling’s commitment to their Broker “delivery triangle” – developing schemes to improve service, training and communication.

Sterling Managing Director John Blundell commented: “James has made a big impact on the general insurance division of the business since his arrival almost 4 years ago. He has played an integral part in our growth in the household and commercial lines areas, his value to Sterling can only grow as we continue to develop new products and service areas.”

Mr. Guthrie’s promotion comes as Sterling prepares to launch two new niche Executive branded commercial products, Executive Asset and Executive Professions.

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Aon Risk Solutions Ecuador S.A., a subsidiary of Aon Corporation (NYSE: AON) in Ecuador, and Seguros Kolosos have signed a definitive agreement by which all human capital, experience and know-how of Seguros Kolosos becomes a part of Aon Risk Solutions Ecuador.

Seguros Kolosos is one of the pioneer insurance brokers in the country, with an important history in the sector and a successful trajectory of over 30 years in the market, focusing mainly on mid-sized clients and personal line business.

With this partnership Aon Risk Solutions Ecuador positions itself as one of the leading insurance brokers in the industry with a combined experience of over 40 years in the Ecuadorian market.

Aon Corporation reinforces its commitment to keep investing and growing in Ecuador and the region, positioning itself amongst the top insurance brokers in the country and strengthens its structure to offer a wider range of services and value to its clients.

Jorge González-Galé, CEO Aon Risk Solutions Latin America: “We are creating a powerful local firm that has the ability to develop and redefine solutions in insurance brokerage, risk management and human capital consulting, and that combines the existing abilities of Aon Risk Solutions Ecuador and Seguros Kolosos. This creates an outstanding opportunity for current and future clients and strengthens our position within the market leaders in Ecuador.”

Leopoldo Dobronski, Vice-president Seguros Kolosos: “Becoming a part of Aon fills me with satisfaction, since it is a strong team with a clear service focus and commitment to clients. By being a part of Aon Corporation, we will acquire significant new abilities, tools and resources, which will enable us to continue in the path of growth that characterized our operation.”

Xavier Ponce, CEO Aon Risk Solutions Ecuador highlights Aon’s commitment to maintain the exceptional level of service that characterizes our operation, the continuation of a successful business model, and committing to capitalize the strengths of the new team to capture the important growth opportunities that exist in the Ecuadorean market.

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    Allianz Legal Protection has boosted its before the event (BTE) claims operation with the appointment of Jodie Hackman.

    Jodie joins Allianz after four years as a senior claims negotiator with accident management company, Helphire plc. In her new role, Jodie will be responsible for handling incoming BTE motor, family and commercial claims at the Company’s Bristol headquarters.

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    Swine flu has killed 656 people in Turkey since October, the health ministry said Thursday.

    The death toll was given in a statement issued to deny reports that Turkey bought but did not use about 40 million doses of vaccine against the(A)H1N1 virus. “A total of 656 people, confirmed by laboratories (to have been infected), have lost their lives as of July 29, 2010,” the statement said.

    The death rate reached a peak in November and the toll had stood at 627 in January. Turkey, which has a population of over 70 million, initially ordered 43 million doses of vaccine, but eventually bought only six million, for which it paid 33 million euros (43.1 million dollars), the statement said.

    About three million doses were used, while the remaining are kept in stock as a precaution, it added. The World Health Organisation declared a swine flu pandemic on June 11, 2009, and says some 18,311 people have died worldwide. The Council of Europe recently called for a probe into the WHO’s handling of the outbreak, which it said caused unjustified scares and waste of public money.

    Ankara, July 29, 2010 (AFP)

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    The health insurance industry has won a concession from the Obama administration on insurance coverage for children.

    The Health and Human Services Department said Wednesday that insurers can set limited sign-up periods for a new kind of guaranteed coverage that is available to children regardless of medical problems. Insurers were concerned the new health care law would allow parents to sign their kids up in emergency rooms while the child is in the middle of a health crisis.

    The administration now says insurers can limit the sign-up to an “open enrollment” period, for example, December 1 to December 31 for plans that start January 1. The Blue Cross Blue Shield Association said it’s “extremely pleased” with the decision.

    Washington, July 28 2010 (Associated Press)

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      Insurance Australia Group Limited (IAG) today announced it expected to report an insurance margin for the year ended 30 June 2010 of 7.0%, in line with revised guidance, and to determine a fully franked, final dividend of 4.5 cents per share. In addition, the Group has announced changes to its executive team, centred on its UK and New Zealand operations.

      Based on preliminary results1, IAG expects to announce an insurance profit of $493 million for FY10 (FY09: $515m). This has been achieved on net earned premium of $7.1 billion (FY09: $7.2bn). The Group expects to report gross written premium (GWP) of $7.8 billion, which equates to underlying GWP growth of 3.8%, in line with guidance of 3-5%. Net profit after tax of $91 million (FY09: $181m) is expected.

      The insurance profit includes continued improvement in the performance of the Group’s Australian and New Zealand businesses, including the delivery of a higher insurance margin by Australia Direct, a significantly stronger result in New Zealand, and continued improvement in CGU; As outlined in the announcement on 2 June 2010, a substantial full-year loss in the UK business, including a net charge of $367 million in 2H10 which mainly relates to a significant deterioration in bodily injury claim experience;

      Natural peril claim costs of $463 million (FY09: $451m), net of reinsurance recoveries, which was above the budgeted allowance of $350 million; Prior year reserve releases of $228 million (FY09: $215m), excluding the second half reserve strengthening in the UK; and A $33 million profit from the narrowing of credit spreads over the course of the year (FY09: loss of $13m).

      IAG Managing Director and CEO, Mr Mike Wilkins, said the FY10 result showed a further uplift in the underlying performance of the Group’s Australian and New Zealand businesses during the year. “While this year’s financial result does not reflect the expectations we held at the outset of the year, I’m encouraged by the clear and ongoing improvement in the operational performance of our businesses in our home markets of Australia and New Zealand.

      The results of these three businesses, which represent almost 90% of our GWP, have improved year on year, providing evidence we’re continuing to benefit from our refined corporate strategy,” Mr Wilkins said. “The second half of the 2010 result has borne in excess of $200 million of net pre-tax claim costs in respect of the unprecedented Melbourne and Perth storms in March 2010, as well as the $367 million charge required in our UK business following the deterioration in bodily injury claim experience.

      “I’m confident our performance will improve significantly in FY11. This is evidenced by our guidance which remains unchanged, and comprises an insurance margin of 10.5-12.5%.”
      Guidance for FY11 assumes losses from natural perils are in line with budgeted allowances of $435 million, no material movement in foreign exchange rates or investment markets, and lower net reserve releases (excluding the UK) than FY10.

      The information and guidance provided in this update is subject to finalisation of the Group’s financial statements, actuarial approvals, completion of the review by external auditors, and Board approval. As such, actual results for the year to 30 June 2010 may differ from the guidance contained in this update. It is anticipated that the Board will determine to pay a fully franked, final dividend of 4.5 cents per ordinary share (cps), taking the full year dividend to 13.0cps, fully franked (FY09: 10.0cps). This is a 30% increase over last year’s dividend and represents approximately 70% of cash earnings for the year.

      The dividend will be paid on 6 October 2010 to shareholders registered as at 8 September 2010. Cash earnings has been calculated in accordance with the Group’s definition, which adjusts net profit after tax attributable to IAG shareholders for $113 million of amortisation (including the UK write-down of $86 million announced on 2 June 2010) and a net add back of $178 million in respect of unusual items.

      In addition to those identified at the half year, these items include tax benefits on the restructure of financing arrangements, including intra-group funding of the UK operations; Reinsurance cover in respect of potential further deterioration of 2009 and prior UK bodily injury claim costs; And the future tax loss benefit in respect of the UK charge incurred in 2H10, which will not be recognised for accounting purposes in the FY10 results.

      “We’re providing this information now, because we wanted to clarify the composition of our cash earnings and the impact on our dividend. After allowing for the final dividend, we remain in a strong capital position,” Mr Wilkins said. The Group will announce full details of its results for the year ended 30 June 2010 on Thursday, 26 August 2010.

      IAG also announced today that Mr Ian Foy, currently CEO of IAG’s New Zealand business, will return to the United Kingdom to become CEO of IAG’s UK business, succeeding Mr Neil Utley. Ms Jacki Johnson, currently CEO of IAG’s online business, The Buzz, will succeed Mr Foy as CEO of New Zealand, and Group Executive Ms Leona Murphy will take responsibility for The Buzz. Mr Wilkins said Ian Foy’s successful track record in improving the performance of the Group’s New Zealand business, combined with his experience in the UK intermediated motor market, made him the clear choice to lead IAG’s UK operation.

      “Ian has extensive insurance industry experience, which will be crucial as he drives the comprehensive remedial action plan we announced last month. Ian has been with IAG for seven years, including two years as CEO of IAG’s New Zealand business and five years running NZI. Prior to this, he spent more than a decade working in various roles in the UK insurance industry with Aviva and General Accident.” Mr Wilkins said that with the programme of remedial action in place, he and Neil Utley had mutually agreed that now was the appropriate time to introduce new leadership to take the UK business forward. “I would like to thank Neil for his leadership of the business in a challenging market environment during the past three years.”

      Mr Foy will assume his new role on 1 September 2010 and, to ensure an orderly transition, Mr Utley has agreed to remain with IAG’s UK business until 30 September 2010. IAG’s New Zealand business will be led by seasoned insurance executive, Ms Jacki Johnson, who has been with IAG for the past nine years in various Group Executive positions. Before joining IAG she had roles with Allianz, HIH and IRS Total Injury Management. “Jacki’s experience in creating a direct business with The Buzz and running an intermediated business, as CEO of CGU’s Business Partnerships, will ensure we continue to build on the strong improvement Ian and the New Zealand team have achieved in this important market, over the past two years.

      “Additionally, Jacki’s experience in workers’ compensation will be invaluable to the future of the New Zealand business if the Accident Compensation Corporation (ACC) opens up to competition from private insurers,” Mr Wilkins said. Ms Johnson will take on the CEO role on 1 November 2010. In the interim, Executive General Manager of NZI, Mr Karl Armstrong, will act in the role. Mr Armstrong has more than 35 years’ experience in underwriting and risk management, having joined NZI in 1971. IAG Group Executive Ms Leona Murphy will succeed Ms Johnson as CEO, The Buzz, from 1 November 2010.

      “Under Leona’s leadership, our innovative and passionate team at The Buzz will continue to build on the great strides this business has taken since launching in May 2009,” Mr Wilkins said. Ms Murphy will retain her other responsibilities, including corporate development and strategy. “I am particularly pleased about the strength of these appointments and that all of them have been sourced from within our business, demonstrating the depth and versatility of our executive team,” Mr Wilkins said.

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      Aon eSolutions, and Mitchell SmartAdvisor Solutions today announced that they have established an exclusive partnership to deliver an end-to-end claims and medical bill review solution for the workers’ compensation industry.

      Effectively managing claims and controlling skyrocketing medical costs are key challenges in the workers’ compensation industry, problems compounded by having separate claims and bill review systems. This complex technology environment can create workflow inefficiencies, process delays and higher administrative expenses. Organizations have long demanded a holistic approach to the workers’ compensation claims and medical bill review process.

      Aon eSolutions has been at the forefront of delivering an integrated solution to address this need with the iVOS system, the industry’s most comprehensive claims technology solution, and now joins forces with Mitchell to dramatically enhance its offering. Mitchell SmartAdvisor is a market leading bill review solution for workers’ compensation, providing a unique combination of performance software and managed care services.

      As a result of this partnership, Aon eSolutions will replace its existing bill review engine by embedding SmartAdvisor into iVOS, creating an offering that will streamline operations, increase transaction speed and accuracy, enhance productivity, improve medical and administrative savings, and facilitate compliance.

      “Aon eSolutions and Mitchell are bringing a best-of-breed approach to bear on today’s most difficult workers’ compensation challenges, resulting in efficiency gains and cost savings that our clients really need in this tough economic climate,” said Kathy Burns, CEO of Aon eSolutions. “With SmartAdvisor, iVOS clients now gain access to an enhanced and broader breadth of bill review options and capabilities from the iVOS desktop.”

      “Leveraging the power of both iVOS and SmartAdvisor, organizations gain a single platform that is comprehensive and intelligent,” said Nina Smith, senior vice president and general manager of Mitchell International SmartAdvisor Solutions. “This partnership enables clients to benefit from the complementary strengths of two industry-leading organizations. Mitchell and Aon will continue to focus on respective core competencies, but also invest in an expanded joint offering to include innovations in technology, services and cost-containment capabilities.”

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      Brit Insurance said Apollo Management had raised its takeover bid to 10.75 pounds a share, valuing it at about 852 million pounds ($1.32 billion) and improving the chances of a successful conclusion to a deal.

      The head of the Lloyd’s of London insurer said the revised approach from Apollo was a step forward in the proceedings, after it rebuffed an improved takeover proposal of 10.50 pounds per share earlier this month. “On behalf of shareholders, we think it is a good basis on which we can start to have discussions,” Chief Executive Dane Douetil told Reuters.

      Brit, which sponsors the England cricket team, said it had opened its books to the U.S. buyout firm, after reporting a first-half pretax profit which smashed market expectations on Wednesday and said the momentum would continue. Analysts said the sweetened approach from Apollo, although not formally recommended by Brit, indicates a deal is likely to go ahead. “We believe this is now the beginning of the end for Brit,” said Eamonn Flanagan at Shore Capital.

      “The strong H1 results should provide reassurance to Apollo and we believe the probability of a formal bid now coming has increased,” said Christian Stobbs at KBC Peel Hunt, adding that he is likely to upgrade full-year forecasts. Brit, which moved to the Netherlands for tax purposes last year, said the latest approach includes a 30 pence dividend and due diligence is expected to take a number of weeks.

      “If they (Apollo) do ever make an offer, at that time, we will consider the offer,” said Douetil. Shares in Brit were up 10.0 percent to 10.05 pounds at 0936 GMT, while the FTSE 250 was down 0.4 percent. Brit’s shares have climbed about 26 percent since it knocked back Apollo’s original 10 pounds per share cash approach on June 11 which valued the company at 770 million pounds. Analysts believed the company was holding out for an offer equivalent to its net asset value of about 11 pounds per share.

      Lloyd’s of London insurers, which offer cover against large-scale risks such as natural disasters, are seen as potential takeover targets because cyclically low insurance prices have weighed heavily on their shares. However, analysts say a lack of well-funded trade buyers, and companies’ determination to hold out against opportunistic private equity bids, could mean few deals are completed.

      Brit reported a pretax profit of 72.8 million pounds ($113 million) for the six months to end June, compared with 64.9 million pounds in the same period last year, driven by a strong underwriting performance. Analysts polled by the company had put pretax profit at 47.9 million pounds, with expectations ranging between 15 and 65 million.

      Brit, which insures UK businesses and also operates in the Lloyd’s market, reported a combined ratio of 96.5 percent and investment return of 1.6 percent. Douetil added the group is “well down the path” in finding a successor to longstanding CFO Matthew Scales, who will step down this year.

      London, July 28 2010 (Reuters)

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      The Comarch Insurance Claims solution fully complies with Celent’s requirements as far as business functionality, technical architecture and the number of references are concerned. The system was awarded with a full profile in the European Claims Vendors in 2010 report.

      Celent examined 21 vendors but gave full reviews to only 10 systems deployed in Europe, which were endorsed by at least one reference. According to Celent, claims handling and management is still very popular among European insurers. Effective claims handling, as well as underwriting, are crucial to the success of the insurance business. The survey results confirm the importance of claims handling in ensuring the satisfaction of insurers, which leads to increased customer retention.

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      XL Insurance Group announced today that Mr. G. Thompson Hutton has decided to leave the board of directors to start a new business focused on risk and insurance in renewable energy.

      XL’s chairman of the board, Mr. Robert R. Glauber, commented: “Tom’s decision that his future business activities require that he retire from the XL Board will be a great loss to the board. As chair of the special committee on enterprise risk management, he has led the board’s successful effort to create a more robust ERM framework for XL. The ERM Committee was charged by the board with recommending, no later than October 2010, whether it should become a permanent committee or move its responsibilities into other committees.

      On the committee’s recommendation, the board has determined to consolidate the oversight of the company’s risk management responsibilities into the finance committee and rename such committee the “risk and finance committee”. “We thank tom for helping to enhance the risk management framework of XL, which has received public praise and for his many other contributions. We wish him all the best in his new endeavors.”

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        The Met Office has issued on Tuesday a weather warning from 15.30 to 20.00 for East of England and East Midland. Heavy rain is expected in local areas like Norfolk, Peterborough and Lincolnshire.

        “Heavy and perhaps thundery showers will continue to move east across parts of East Anglia and south Lincolnshire over the next few hours before clearing from the west. Rainfall totals of 15mm in 3 hours are expected locally.”

        “The public are advised to take extra care and refer to the Highways Agency for further advice regarding traffic disruption on motorways and trunk roads.”

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        Aon Global Risk Insight Platform, the industry-leading and award-winning real-time electronic platform that tracks Aon’s placements globally, has hit a new milestone with its 500,000th trade being put through the system since its May 2008 launch on 19 July, 2010.

        Aon GRIP is the world’s largest proprietary database of insurance placement data, delivering critical marketplace intelligence to Aon associates and its clients. It provides insight across carriers, industries and products on every level, from individual transactions to global trends, though all data is aggregated in order to protect client confidentiality. The system also enables benchmarking of like risks placed throughout the globe in order to help clients evaluate insurer performance and anticipate shifts in the market.

        All of this information allows Aon’s broking teams to design an optimum insurance programme with the insurers that are best suited to its clients. Aon GRIP is unique and proprietary to Aon, and provides dramatically improved, fact-based insights into Aon’s $54 billion in global premium flow, assisting Aon brokers in identifying the best options for clients regardless of geography.

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        Insurers uncovered a record £840 million worth of fraudulent claims in 2009, figures have shown.

        A total of 122,000 insurance claims were rejected by the industry for being fraudulent during the year, 14% more than in 2008, according to the Association of British Insurers. The rise is likely to be due to a combination of insurers becoming increasingly sophisticated in their fraud detection, as well as an increase in the number of people submitting misleading claims due to the economic downturn.

        Overall, insurers uncovered an average of 2,000 dishonest claims worth £16 million every week. Around 4% of all claims by value which were received by insurers during 2009 were found to be fraudulent, nearly double the figure for five years ago. Motor insurance fraud accounted for nearly half of the total, with fraudulent claims worth £410 million uncovered during the year. But home insurance accounted for the highest number of dishonest claims at 62,000.

        The industry also uncovered 8,500 misleading liability claims, with many involving bogus personal injuries which would have cost insurers an average of £25,000. Insurers noticed a rise in the number of people attempting to claim against their local authority for injuries they said they sustained in accidents in the street. In one case, a man claimed he had injured his hand after tripping over a pothole in the street.

        But it later transpired he had actually hurt himself when he punched a wall during a domestic argument. In another case, a young woman said she had tripped over a loose piece of pavement, but her injuries were actually sustained when she jumped down a flight of stairs while running away from security guards who suspected her of shoplifting. Nick Starling, the ABI’s director of general insurance and health, said: “Reducing fraud remains an ongoing battle for the insurance industry.”

        July 22, 2010 (The Press Association)

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          XL Group PLC (NYSE: XL) announced today that its board of directors has declared a quarterly dividend of $0.10 per ordinary share payable on the company’s ordinary shares.

          The dividend will be payable on September 30, 2010 to ordinary shareholders of record as of September 15, 2010. The payment of the dividend is contingent on the completion of certain formalities under Irish company law, following the Irish High Court’s approval on July 23 of the company’s creation of distributable reserves.

          In addition, the board of directors of XL Group Ltd., a wholly owned subsidiary of the company, resolved to pay a dividend of $32.50 per share on XL Group Ltd.’s “Series E Perpetual Non-Cumulative Preference Ordinary Shares”. The dividend will be paid on October 15, 2010 to all “Series E Perpetual Non-Cumulative Preference Ordinary” shareholders of record as of October 14, 2010.

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