Thursday, December 26, 2024
Home Authors Posts by Sofia Ashmore

Sofia Ashmore

Profile photo of Sofia Ashmore
1466 POSTS 0 COMMENTS
http://www.news-insurances.com

0 0

The Philippine unit of American International Group (AIG.N) is acquiring 51 percent of smaller rival Ayala Life Assurance Inc for an undisclosed sum, the insurers said in a joint statement on Wednesday.

Philippine American Life and General Insurance Co (Philamlife), the Philippines’ largest life insurer, is a unit of AIG.

Ayala Life, the country’s seventh-largest life insurance company, is a subsidiary of Bank of the Philippine Islands (BPI.PS), the country’s third-biggest lender by assets and a unit of conglomerate Ayala Corp. (AC.PS).

AIG scrapped plans in March to sell Philamlife and instead decided to fold it into its Asian unit, AIA, which has more than $60 billion in assets.

Philamlife said on Wednesday it is still in the process of becoming part of the AIA Group, pending regulatory approvals.

The deal is also subject to approval by regulators.

Deutsche Bank was the financial advisor to Philamlife and AIA for the transaction while BPI Capital and ING advised BPI.

Source : Reuters

0 0

Aon Corporation’s (NYSE: AOC) health care practice today announced the promotion of Gisele Norris, DrPH, as managing director for the Western region and appointment of Kathryn Meyers as a senior broker to serve its national client base.

In her newly expanded role, Norris will lead the development of innovative risk solutions for health care organizations in the West, overseeing the delivery of Aon’s distinctive health care services and resources to the states of Washington, Oregon, California, Arizona, New Mexico, Idaho, Hawaii, Alaska and Nevada.

“Our clients in the West will directly benefit from Dr. Norris’ 17 years in the business as she expands her leadership role to ensure that the best Aon resources are used to meet client needs as cost effectively as possible,” said Matt Rice, managing director of Aon Health Care.

Meyers, who comes to Aon after having served as underwriting director for CNA Health Pro for the last six years, will be responsible for program design and broking for Aon’s larger health care organization clients. She will play an integral role in new business and product development, and further the practice’s strategy of integrating broking, analytics and alternative risk consulting into its client approach.

Dominic Colaizzo, managing director of Aon Health Care, added: “Kathryn brings a wealth of experience to complement Aon’s existing client service. Our client partners will find immediate value in her experience with broking, underwriting and developing product offerings for medical professional, general liability, alternative risk and excess programs.”

For the past 13 years, Norris has played a principal role in Aon’s National Health Care Practice by providing clients with unparalleled risk and insurance consulting services as well as valuable insight based on her background in epidemiology and health policy – most recently delivered through her role as a primary leader of Aon’s Pandemic Preparedness Task Force. She earned her bachelor’s degree from the University of California at Berkeley, Master of Public Health and Master of Public Administration degrees from Columbia University and Doctorate in Public Health from the University of California at Berkeley.

Prior to her time spent with CNA, Meyers served 12 years in various capacities with Marsh in areas including alternative risk solutions, broking and risk management services. She holds a bachelor’s degree in international business from the College of St. Thomas in St. Paul, Minn. and earned her MBA from Northwestern University’s Kellogg Graduate School of Management in Chicago.

Norris will remain based in the San Francisco area while Meyers will join the Chicago office.

    0 0

    Aviva today announced that their award winning Back-Up service is now available to its individual and small group private health insurance customers. This decision follows the highly successful launch of Back-Up to its own staff and corporate customers.

    Back-Up, which is just one of a number of new specialist case management initiatives being introduced by Aviva UK Health, reflects the need  to move away from a traditional “one size fits all” approach to private health insurance claims management to offer customers a truly personalised, expert-led service tailored to their exact needs.

    Developed with the UK’s leading professional rehabilitation provider HCML, Back-Up, which utilises evidence based medical guidelines for managing back and neck pain, has proven to significantly improve the speed of recovery and return to work rate for customers. In addition, the number of physiotherapy sessions required has been greatly reduced and far fewer people have needed to be referred to a specialist.

    Rather than having to wait to see their GP, customers are referred to the Back-Up service to speak to a dedicated case manager who conducts an in-depth assessment and offers practical and clinical advice and support. A personalised rehabilitation plan is then tailored to their individual needs. Where the customer is part of a group scheme, the case manager can also work with their line manager to advise how they can be helped safely and effectively at work.

    Mark Sharpe, clinical development manager at Aviva’s UK Health business, said: “Musculoskeletal conditions are one of the top causes of private health insurance claims, yet they have traditionally been treated with a broad brush six to 10 sessions of physiotherapy approach which gives little consideration to the customer’s exact circumstances. Our Back-Up service bucks this trend.

    “Evidence now shows that tailoring treatment plans to the individual’s personal needs, has a far better out-come for all parties – the individual recovers quicker, employers benefit from reduced sickness absence costs and our medical insurance claims costs, and therefore future premium increases, are controlled.

    We are extremely proud of our Back-Up service which has already delivered numerous benefits for our customers. The feedback we’ve received is absolutely fantastic and we’re delighted more of our customers can now benefit from this highly valued service.”

    0 0

    Hiscox reported a pre-tax profit of £141.4m ($231.4m) in the first half of 2009, up 29.5% from £109.2m in the same period last year.
    Financial highlights :

    • Record interim pre-tax profit up by 29.5% to £141.4m (2008: £109.2m)
    • Gross written premiums increased 41.7% to £906.0m (2008: £639.4m)
    • Earnings per share up 53.0% to 33.2p (2008: 21.7p)
    • Interim dividend increased by 5.9% to 4.5p (2008: 4.25p) in line with the Group’s progressive dividend policy
    • Improved combined ratio before monetary FX of 79.5% (2008: 81.0%)
    • Strong annualised return on investments of 7.0% (2008: 1.6%)
    • Return on equity 27.5% (2008: 21.8%)

    *excludes foreign exchange losses arising on monetary items of £42.8m (2008 : £9.6m profit) and includes an uplift of £59.5m to adjust for the impact of the non retranslation of non-monetary items (2008 : £15.3m), as described in note 19.

    Operational highlights

    • All three divisions: Hiscox Global Markets, Hiscox International and Hiscox UK and Europe saw increases in GWP of 41%, 72% and 24%, respectively
    • Management strengthened to support profitable growth across all geographies
    • Experienced Hiscox USA team set for steady growth

    Robert Hiscox, Chairman, Hiscox Ltd, commented:

    ”This is a great result considering it is after significant accounting losses from foreign exchange differences during the period.  I am writing this in Bermuda as the island battens down the hatches with the onset of Hurricane Bill, but our catastrophe account is well able to withstand a normal hurricane season.  Good underwriting and investing has helped to keep our long term strategy firmly in place, which is to continue to build a first class, balanced, international insurance business to the benefit of our customers, shareholders and staff.”

    0 0

    Suppliers, project-development companies, operators of and investors in solar thermal power plants are players in a fast-growing market. Munich Re offers innovative insurance solutions that allow them to exploit the market’s economic potential.

    Ambitious projects, up-and-coming firms, high hopes for the future – the solar thermal sector is dynamic. Concentrating solar power (CSP) technology uses the sun’s heat to produce energy. In contrast to photovoltaic systems, solar thermal power plants concentrate the sun’s rays first before converting the solar energy into electricity. In standard parabolic trough solar plants, parabolic mirrors direct the sun’s rays onto receiver pipes along the focal line of the collector, heating the thermal oil in the pipes to several hundred degrees Celsius. This energy is used to power conventional steam turbines to generate electricity.

    The key advantage of solar thermal power plants over photovoltaic systems (which cannot store the electricity generated) is that they are able to store thermal energy. This energy is collected during sunny periods, allowing for electricity generation during the night or periods with little sun. In this way, solar thermal power plants serve to cover basic electric power demand. During periods of maximum solar radiation, the sun’s energy not only generates steam but is also used to liquefy special salts stored in a salt tank. Controlled cooling of these salts during periods of little sunlight releases energy which can then be used to generate steam and consequently electricity.

    High investment costs, numerous risks and a great deal of pressure from all sides

    For technological reasons, solar thermal power plants are only economically viable above a certain size. New projects often attain previously unrealised dimensions, even though the proportion of familiar and tried-and-tested components used to generate the energy is very high, thus pushing planning and construction costs to several hundred million euros.

    On the one hand, business models for solar thermal power plants are based on the local meteorological conditions and the remuneration for electricity supplied to the public grid, which is usually subsidised by the state. On the other hand, they also depend decisively on the performance and availability of the technology. To safeguard the return on their investment, investors also demand additional bank guarantees to cover the contractual obligations imposed on them by the customer, which ties up additional equity.

    As a result, the mostly small or medium-sized project-development companies with limited financial resources are often compelled to borrow heavily from a hesitant capital market. The same applies to everyone involved: failure of a single link in the chain to fulfil its contractual obligations can jeopardise the financial success of the entire project. Delays in starting up can result in loss of income for both the operator and consequently also the investors.

    Munich Re supports the solar thermal industry right up to commissioning – and beyond

    Before a plant is ready for commissioning, the various parties in the project face a variety of challenges and risks – risks that can erode re – serves, reduce earnings or even scupper the entire project. Munich Re’s experts are able to appraise the various risks and offer individual solutions tailored to all the companies in the value chain:

    • Suppliers and component manufacturers: The insurance needs of suppliers and component manufacturers vary widely, from CAR and EAR policies for new manufacturing plants to property covers and product liability. Finished components which are being delivered to the site require marine cover. Loss of profit due to delayed start-up of the project following transit losses can also be insured.

    • Contractors, owners and operators: EAR insurance is needed to cover losses incurred on site during the construction of the power plant, as well as loss of profits – under a supplementary ALoP cover (advanced loss of profits) – due to delays caused by damage or losses during construction. Third-party liability insurance is required during construction and operation.

    • Project-development companies: Munich Re also offers products minimising the entrepreneurial risk of project-development companies and consequently also the risk of a substantial loss of profits for the investors.

    Innovative performance covers to protect investors

    For investors, delay in start-up, reduced technical performance or unexpectedly low annual solar radiation can result in a loss of profits not covered by “classic” insurance.

    Operation soon becomes uneconomical if a solar thermal power plant is unable to generate the planned electrical output: investors and banks see flow of payments and debt servicing at risk. Munich Re has developed an innovative insurance product for precisely this risk: its performance insurance is designed to secure the power plant’s completion or performance parameters, thus guaranteeing the flow of payments and debt service. The product transfers some of the plant’s engineering risk from the banks or investors to the insurer. The main advantage for the customer of such a risk transfer is that the cost of borrowed capital can also be reduced.

    In order to be able to offer these special insurance solutions, Munich Re works closely with all the parties involved in a project, carefully balancing the various interests and the need for insurance.

    Not oil but electricity from the desert?

    In tomorrow’s sustainable energy mix, solar thermal power plants could make a key contribution as a reliable source of energy. Scientific institutes specialising in this technology presume that electricity from solar thermal power plants will be able to compete with electricity from fossil fuel power plants in just a few years from now. Considerable potential for solar thermal power plants exists in the sun-rich southwestern USA, southern Europe and northern Sahara. From there, solar thermal plants could even export electricity to Europe via submarine cables or by ship in the form of liquefied hydrogen.

    The construction projects involved are immense and require huge investments, not only for the power plants themselves, but also for the related infrastructure. At the same time, such ambitious projects also need a strong insurance partner – one with a global presence, such as Munich Re, whose expertise and solutions will help promote sunny and profitable times for the industry.

    0 2

    Panic among British workers about the state of their pensions seems to be easing. The number of scheme members requesting their projected pension based on their current savings plan has fallen by 9% since last quarter, according to the latest figures from the Aon Consulting Pensions Admin Tracker. This is still 36% higher than the corresponding quarter in 2008, Aon Consulting, the leading employee benefits and risk management firm, said.

    Similarly, as equity markets claw back previous losses and talk of economic recovery increases, pension savers are displaying improved levels of confidence as witnessed by a fall of 17% in the number of requests for information regarding the current pound-value of their pension pot.

    The Aon Admin Tracker analyses a sample of nearly 350,000 scheme members from 35 typical UK defined contribution (DC) and defined benefit (DB) schemes to provide an insight into how the economic environment is impacting public attitude and behaviour towards pensions.

    The Q2 Aon Admin Tracker Key findings:

    • Retirement quotations decreased by 9%
    • Pension scheme members enquiring about how much their pension fund is currently worth (transfer out quotations) has dropped by 17%
    • The number of new workers joining schemes fell by 37% (a total decrease of 73% since June 2008) mirroring the fall in recruitment activity
    • Only 0.01% of the sample made changes to where their DC pension savings are invested, the same as last quarter

    Colin Hamilton, commercial director at Aon Consulting, said: “The reduction in member requests for retirement information and transfer out quotations during periods when leading stock markets exhibit substantial increases suggests that confidence in retirement savings is returning.

    However, if stock market performance is dictating confidence levels among savers, this would suggest a lack of understanding of the long term nature of pension saving.

    Effective member communication and education has an essential role to play in explaining the long term nature of saving for retirement and ensuring that members are well informed during periods of economic volatility so that they do not rely on equity markets to solely dictate their concerns.”

    0 0

    Aon Benfield Securities, the investment banking division of Aon Benfield, the reinsurance intermediary and capital advisor, announces today that it has hired Chris Parry as a Director at its London-based office.

    Chris, who was in the Alternative Risk Transfer team at Dresdner Kleinwort, brings with him considerable expertise in structuring a wide array of securities and derivative products in the insurance sector.

    Paul Schultz, President of Aon Benfield Securities, said: “We are pleased to add someone of Chris’s calibre to our capital markets franchise. Chris’s structuring experience and investment banking skills will enhance our existing strong franchise in the growing market of insurance-linked securities for our insurance and reinsurance clients.”

    Chris added: “I am delighted to be joining the Aon Benfield Securities team, which not only has a strong track record and reputation in the insurance-linked securities market, but is also leading the way in the innovation of new risk transfer solutions.”

    Chris is a qualified accountant, having trained at BDO Stoy Hayward. He spent the early part of his banking career with Citigroup where he gained experience in credit derivatives, currencies and commodities.

    0 0

    Insurance Australia Group Limited (IAG) today announced a net profit after tax of $181 million for the 12 months ended 30 June 2009 (FY08: -$261m). Insurance profit increased to $515 million (FY08: $392m), representing an improved insurance margin of 7.1% (FY08: 5.4%) in line with revised guidance.

    Gross written premium (GWP) increased from $7,793 million to $7,842 million. When excluding foreign exchange impacts and businesses divested or placed into run-off during the year, underlying GWP growth was 4%.

    IAG Managing Director and CEO, Mr Michael Wilkins, said he was pleased the actions taken during the year were delivering results.

    “The past year has been one of rebuilding for IAG. We refocused back on our core businesses, improved our underwriting disciplines and put decision-making closer to our customers. In our largest business, Australia Direct, we grew GWP by more than 9% and insurance profit increased by 18%,” Mr Wilkins said. “We also delivered the $130 million per annum run-rate of pre-tax cost savings targeted in our Australian operations.

    “These actions have seen us deliver a result ahead of last year and broadly in line with the guidance given in February. However, there is still more work to do. While our performance has improved, it’s below theexpectations we held at the outset of the year largely due to unprecedented volatility in investment markets, high natural peril claim costs, a slower than anticipated recovery in CGU and a disappointing first half performance in our New Zealand business.

    “We’re confident the fundamentals of our business are now stronger and we expect to continue to improve our performance this financial year,” Mr Wilkins said.

    Key factors contributing to the full year result include :

    • A strong performance from Australia Direct
    • Improved cost control with the $130 million per annum pre-tax run-rate of cost savings in Australia achieved
    • A return to profitability by New Zealand in the second half of the year
    • A solid performance from specialist motor underwriter, Equity Red Star, in the UK and the sale of the underperforming mass-market portion of the UK business
    • An adverse $50m effect from lower running yields
    • Natural peril claim costs of $451 million, net of reinsurance, compared to $502 million last year
    • A $191m reduction in reserve releases.

    Mr Wilkins said as a result of volatile markets the Group’s shareholders’ funds returned a loss of $39 million (FY08: $24m), and credit spreads adversely affected the insurance profit by $13 million (FY08: -$122m).

      0 0

      Tesco, the supermarket chain, announced the opening of a customer service centre in Central Glasgow with more than 800 jobs in personal finance.

      The Scottish government helped the centre with £5 million.

      Andrew Higginson, chief executive of Tesco Retailing Services, said: “The opening of the new customer service centre will be a significant step towards Tesco Personal Finance offering a full banking service. It is hard to ignore that people’s trust in the banking sector is at a very low ebb.”

      Alistair Darling, the Chancellor, who is scheduled to visit Tesco Personal Finance’s Edinburgh base today, said: “I want to see increased competition in the (banking) system and that’s why Tesco’s announcement today is important.

      “We do need more competition in the system. The last couple of years has seen a significant reduction in the number of people, both from abroad and British-based banks, who are lending into the market.

      “We need more competition and that’s something that we intend to encourage.”

        0 2

        Aviva, today, announced the launch of its ‘Street to School’ programme in India working in partnership with CRY and Save the Children India. The corporate responsibility (CR) program’s objective is to provide education to 50,000 underprivileged children over the next 3 years. At the start of this program, Aviva India employees have volunteered a day’s salary, amounting to Rs 0.24 crores.

        • ‘Aviva Street to School’ is part of a new international Corporate Responsibility program that aims to provide education to 50,000 underprivileged children over 3 years in India
        • In partnership with CRY and Save the Children
        • Unveils ‘Aviva Young Scholar Insights’ – a research report on savings habits of young parents in urban areas
        • Study highlights that saving for children’s education is the top priority for parents as they feel ‘Education is Insurance’

        Aviva plc also plans to roll out a series of Street to School partnerships with other charities around the world over the coming months. From 2010, 50% of the group’s charitable donations will focus on ‘Street to School’ programs.

        Aviva also unveiled a research report on the savings habits of young parents – ‘Aviva Young Scholar Insights’ – on the occasion. Of the 2,250 people surveyed across 10 urban cities, 67% mentioned that planning for a child’s future takes priority over retirement and protection. 93% of parent’s mentioned college education as the key trigger for savings for their children while 80% quoted school education, reflecting the concern over the rising cost of education. This has also made parents think about investing early, as evidenced by 50% of parents beginning to invest before the child turned 3 years old.

        TR Ramachandran, CEO & MD, of Aviva Life Insurance said: “As the survey suggests, parents believe ‘Education is Insurance’ to secure a brighter future for their kids. On the other hand, 50% of children aged between 6-18 years do not get to go to school at all. Through our global ‘Street to School’ initiative, we seek to empower underprivileged children with Education, thereby insuring their future.”

        He further added: “We have partnered with CRY and Save the Children to impact 50,000 underprivileged children over three years. In the first year we will be reaching out to 20,000 children through nine projects in five states.”

        Yogita Verma Sehgal, Director Resource Mobilisation, CRY says: “We view the association with Aviva as an illustration of the extent to which corporate houses can work towards greater social justice. At CRY, we believe that it is the right of every child to receive quality education. We as citizens, speaking in one voice can ensure this.”

        Thomas Chandy, CEO, Save the Children, said: “India has the shocking distinction of having the largest number of street children in the world. Their life on the street without parental care or adult supervision makes such children highly vulnerable to abuse and exploitation. Besides, seven million children remain out of school in a country where elementary education is a constitutionally guaranteed right. This includes the street children,  200,000 of whom are in Delhi and Kolkata alone. Through this project with Aviva, we hope to provide quality, relevant education to street children in West Bengal and New Delhi while making sure that these children are safe.”

        Key highlights of the ‘Aviva Young Scholar Insights’ survey:

        • Planning for children’s future takes priority for Indian parents over retirement and protection
        • Higher education and schooling are important for Indian parents. Marriage is low on priority
        • Parents are keen that the child takes on traditional professions like doctor or engineer. However, a significant number also believe in letting the child decide
        • Parents want to be financially prepared to cope with the rising cost of education and provide holistic education for their child
        • 2/3rd of parents start saving when their child is less than 5 years of age
        • Parents are willing to sacrifice on impulsive spends for their children’s education
        • 2/3rd of parents surveyed saving for the child and close to half of them are looking at insurance as a savings instrument.

        The study, conducted by IMRB, encompassed 10 cities across the nation – Lucknow, Delhi, Kolkata, Bhubaneshwar, Mumbai, Ahmedabad, Hyderabad, Bangalore, Kochi, Chennai, with a sample size of 2,250 parents.

        0 0

        According to research carried out by Hibernian Aviva Health, 48% of people in Ireland are overweight or dangerously overweight and almost a quarter of all adults do no physical exercise according to new statistics published by health insurer Hibernian Aviva Health.[1]

        According to the research findings, there is a clear gender bias to these results with 61% of males versus 39% of females reportedly being overweight1. County Tipperary was found to be the most overweight county with approximately 58% of respondents reporting to be overweight while County Kerry reported the lowest figures with 41% being overweight.

        The research also highlighted that on average 24% of the adult population do no exercise at all1. In addition to having obvious weight management benefits the impact of exercise is far broader ranging. It has been established that physical inactivity is a major contributing factor to heart disease and increases the risk of colon cancer further demonstrating the importance of regular exercise[2]. Heart disease is the number one killer in Ireland with approximately 10,000 people dying each year from cardiovascular disease, accounting for 36% of all deaths.2

        If you are overweight, it is the location of where your body stores the extra weight that can affect your risk of suffering from heart disease. A healthy waist measurement for a woman is less than 80cms / 32inches and for a man is less than 94cms / 37 inches. If your waist circumference is larger than this, you should consider a weight loss programme immediately.2

        Commenting on the results of the online health check, Dr Stephen Murphy, GP and member of the Hibernian Aviva Health Medical Council, said: “With almost half of the Irish adult population being overweight, these figures are extremely worrying. While maintaining a healthy weight through a balanced diet and exercise is important for general health, it is in heart health where some of the biggest health gains can be realised. Regular exercise in conjunction with a healthy diet from a young age will have a huge benefit to your health in later years and it is never too late to start a healthier approach to life. I would urge you to complete the online health check available at www.hibernianavivahealth.ie or if you are concerned about your weight or heart health contact your GP.”

        Hibernian Aviva Health is looking out for the health of its customers by offering the following advice:

        • Take at least 30 minutes of moderate intensity physical activity on five days a week.[3]
        • Examples of moderate intensity exercise includes brisk walking, water aerobics, ballroom dancing, general gardening, brisk vacuum cleaning, tennis and cycling slower than 10 miles per hour.3
        • Follow the food pyramid to eat a balanced healthy diet. This includes six servings of breads and cereals, five portions of fruit and vegetables, three servings of dairy products and two servings of meat, fish, poultry, eggs or pulses.[4]
        • Use 1oz of low fat spread each day. Use oils sparingly.4
        • Avoid high fat snacks or limit them to small amounts on an infrequent basis.4
        • Alcohol should be used in moderation and preferably during meal times. Have some alcohol free days.4

        The health insurance division of Ireland’s largest multi-line insurance company, Hibernian Aviva, recently launched new health insurance plans looking out for consumers needs with better benefits compared to any other insurer for core health requirements such as heart and cancer care. In addition, Hibernian Aviva Health offers policyholders access to more hospitals, scan and treatment centres.

        [1] Hibernian Aviva Health online health checkresearch results.

        [2] http://www.irishheart.ie/iopen24/physical-activity-t-73.html

        [3] Get Ireland Active.  Fact sheet for Adults, click here

        [4] Irish Nutrition and Dietetic Institute.

        0 1

        Three men were indicted on Monday for allegedly stealing more than 130 million credit and debit card numbers in what U.S. authorities said they believe is the largest hacking and identity theft case ever prosecuted.

        Albert Gonzalez, a former government informant already in jail in connection with hacking cases, and two unnamed Russians were indicted on charges related to five corporate data breaches from 2006 to 2008.

        Card numbers were stolen in those breaches from credit-card processor Heartland Payment Systems and retail chains 7-Eleven Inc and Hannaford Brothers Co, prosecutors said.

        The men targeted two other corporations, the U.S. attorney’s office in New Jersey said in the statement, without naming those companies.

        Heartland Payment Systems and Hannaford Brothers had previously and separately acknowledged the breaches, but the scope of the fraud had not been known.

        Authorities also for the first time tied those cases to Gonzalez, who was arrested last year on suspicion of hacking into a restaurant chain’s payment system.

        Attorneys for Gonzalez were not available for comment.

        Prosecutors said Gonzalez and the Russians, identified as “Hacker 1” and “Hacker 2”, targeted large corporations by scanning the list of Fortune 500 companies and exploring corporate websites before setting out to identify vulnerabilities.

        A year ago, Gonzalez was indicted along with 10 others from five countries on accusations of stealing 41 million credit and debit card numbers from major retailers, including TJX Cos Inc, owner of the TJ Maxx and Marshall’s retail chains. Prosecutors said that ring caused more than $400 million in damages.

        Prosecutors said Gonzalez and the other two men used numerous techniques to penetrate the computer systems.

        Gonzalez was being held in a Brooklyn jail. Prosecutors would not comment on the whereabouts of the two Russians.

        All three were charged with conspiracy to gain unauthorized access to computers, to commit fraud in connection with computers and to damage computers, and conspiracy to commit wire fraud. Each faces up to 35 years in prison and large fines if convicted.

        Prosecutors said in the statement that the suspects would seek to sell the data to others who would use it to make fraudulent purchases.

        They cited one example in which they said the suspects went to retail locations to identify the type of checkout machines, and after further investigation into the computer systems they uploaded information onto servers that worked as hacking platforms.

        “These servers, located in New Jersey and around the world, were used by the co-conspirators to store information critical to the hacking schemes and subsequently to launch the hacking attacks,” prosecutors said.

        Heartland, based in Princeton, New Jersey, calls itself the fifth largest payments processor in the United States.

        Representatives from Heartland and 7-Eleven were not available for comment. Hannaford Brothers referred questions to federal authorities.

        Source : AP, Reuters

          0 0

          Aon Corporation, the global provider of risk management and human capital consulting services, today announced that it has been selected as a recipient of the 2009 British Consul General Awards as presented by the British-American Business Council (BABC), Chicago. Aon is the recipient of the large company award for the firm’s significant contributions to trade and commerce between the United Kingdom and the United States. The recipient of the small company award is BigHand.

          Steve McGill, chairman and chief executive officer of Aon Risk Services and a native of the United Kingdom, will accept the award at a BABC dinner in Chicago on September 15, 2009 at the InterContinental Chicago Hotel.

          According to the BABC announcement, “Aon, with 37,000 colleagues worldwide, is being honored because of its standing in the Chicago and U.S. business markets and its global outreach. Its unique products and innovative service have resulted in a creation of jobs that support international operations between the U.K. and the U.S. This together with its investments in production facilities and operations in the U.K. and U.S., promoting internationalization, makes the company truly deserving of the Award. In addition, Aon’s exemplary leadership and commitment to communities where its colleagues live and work and its leadership in state and local programs that publicize the importance of international business demonstrate the company’s commitment to the communities and countries in which it operates, Aon has been a long time supporter of the BABC for many years, including the creation of the Aon award, awarded to the BABC chapter with the fastest growing membership. Most recently, Aon’s support of Chicago’s bid to host the 2016 Olympic Games has not only benefited Chicago, but has also demonstrated the international vision of the Company.”

          “I am pleased to congratulate this year’s recipients,” remarked Saul T. Caisman, President of the BABC Chicago. “Despite the difficulties and challenges facing the worldwide economy, Aon Corporation and BigHand continue to set high standards for leadership, innovation, and strengthening the UK/US partnership.”

          Past recipients of the British Consul General Award include George W. Buckley, Wm. Wrigley Company, Manpower, Inc. and TradingPartners (2008); Tate & Lyle and Neogen (2007); Jones Lang LaSalle Incorporated and the British School of Chicago (2006); RR Donnelley and Gripple, Inc. (2005); Dyson, Mintel International Group Ltd and Newark InOne (2004); and Robert Culshaw, former British-Consul General Chicago, (2003).

          0 0

          Broker Direct has broadened its offering for shops, pubs and restaurants by turning its Retail Combined Insurance product into an online comparative product for its brokers.

          The move comes with the addition of Zurich’s Shop product for smaller retail businesses to its range of offerings. The Zurich policy will now sit alongside Brit’s Compact Retailer Combined Insurance on Broker Direct’s online platform giving brokers a choice of carrier, as well as offering a variant commission to all OurNetwork members.

          Zurich’s Shop provides cover for buildings and trade contents against a range of perils including theft, accidental damage, and subsidence. It also includes public, products and employers liability as well as standard business interruption.

          Commenting on the enhancement, director of Sales and Marketing Paul M. Brierley said:

          “The addition of a well-respected carrier like Zurich to our retail offering means greater choice and flexibility for our brokers. We’re delighted to be making Shop available and users can access it immediately through our online system.”

          RSA’s Shops Policy product will very shortly become the next inclusion on the Retailers’ panel. Further announcements about new products, services and providers will be made later this year.

          0 0

          Some 92% of underwriters expect motor insurance premiums for UK companies to increase in the first quarter of 2009, according to the Aon’s Market Pulse. Launched today by the UK’s leading insurance broker, the quarterly index will track UK underwriters’ premium predictions for property, liability and motor fleet insurance. The insurers surveyed underwrote £23.5 billion worth of premiums for UK companies in 2008.

          Movement in motor fleet premiums is a strong indicator of how other types of insurance are set to follow. Aon’s research supports this with 74% of underwriters believing property rates will increase in the next three months and 69% expecting liability premiums to also rise.

          Insurers are looking to make up for three to four years of offering competitive rates. Now, poor profits, the rising cost of claims and the challenges of the tough economic environment are driving the expectation of rate increases in 2009.

          Steve Redgwell, head of broking director for Aon’s mid to large sized UK companies, said: “We are hearing very strong messages from insurers about rates rising but these have not yet manifested themselves into actual increases. However, UK companies must be aware of and prepare for the imminent shift in insurance market conditions that could affect their cover and premiums. For example, we are already seeing challenges in capacity available for certain industries, such as the food sector. Also, insurers are placing greater attention over the commitment and focus of businesses on the management of risk where the trend is that of a high volume of losses, such as in the retail sector.

          “But underwriters are still hungry for new business and it is possible for companies to achieve highly competitive rates – as long as businesses can evidence that they are committed to and have a culture of good risk management. Insurance brokers must continue to work with their clients and insurers to provide the quality of information they need to obtain broad and competitively priced cover for UK companies. This especially rings true as, when we look further ahead, 92% of underwriters expect liability rates to rise over the next six months so good insurer relationships are crucial in helping keep rates down at a time when companies need to control costs.”

          Underwriters’ comments from the survey include:

          • “By the middle of 2009 we would expect the market to have hardened significantly. This will present challenges. Companies will be looking to minimise expenditure due to their own financial pressures – at the same time insurers will be forced to increase rates.”
          • “We are expecting a rise in claims together with the economic downturn to contribute to the hardening of the insurance market in 2009.”
          • “Well managed risks will remain competitively priced but there will be premium increases of 10%+ for poor and unmanaged risks.”

          0 1

          KGM Motor Insurance (KGM), a specialist provider of motor insurance products to niche markets and an authorised Lloyd’s syndicate, has become the latest member of the Insurance Fraud Bureau (IFB). The IFB’s membership now accounts for in excess of 95% of the UK’s personal lines insurers.

          KGM, one month after becoming a member of the IFB, has been awarded a compensation order by the Crown Court following the conclusion of Operation Mysterious – a joint IFB operation with Hertfordshire Constabulary into a criminal syndicate involved in ‘crash for cash’ activity. The compensation order amounts to half of the levy paid by KGM for membership of the IFB.

          Fraud has hit record levels. The ABI has recently released statistics highlighting undetected general insurance claims fraud totals £1.9bn a year, adding approximately £44 to honest policyholders’ premiums.

          David Wells, Fraud Manager at KGM, comments: “Fraud has become a major issue for the entire insurance industry, not the least within the motor market. Sadly it looks to be a growing problem, particularly in the current economic climate. Whilst KGM is successfully defeating motor claims fraud, we recognise the benefits of the industry working in collaboration to fight fraud and so are delighted to have joined the IFB. To have seen a financial return so rapidly is fantastic.”

          John Beadle, Chairman of the IFB comments: “We are pleased to welcome KGM to the Bureau membership. Organised insurance fraud is a serious crime and ‘crash for cash’ scams put innocent policyholders at risk on the roads. The compensation order KGM has received further demonstrates that the Bureau concept works and illustrates the power of the industry working collectively.”

          0 0

          Guy Carpenter & Company, LLC today announced key appointments in its Latin America and Caribbean (LAC) region. Aidan Pope has been named CEO of Latin America and Caribbean Operations and will be based in Miami. He will work closely with Hugh Powell, the firm’s Chairman of LAC Operations. Both Mr. Pope and Mr. Powell will report to Andrew Marcell, CEO of Guy Carpenter’s Americas Operations. In addition, the firm has named Judi Newsam as head of Guy Carpenter’s treaty business in Brazil. Ms. Newsam will be based in Rio de Janeiro, reporting to Jorge Caminha, head of Guy Carpenter’s Brazilian operations.

          AIDAN POPE

          Mr. Pope, 49, has more than 25 years of experience in the Latin American and Caribbean treaty reinsurance business. Most recently, he served as Chief Executive Officer of Aon Benfield’s LAC business, where he was responsible for establishing offices in Mexico and Brazil, as well as recruiting key personnel throughout Latin America. Mr. Pope also was instrumental in originating and managing large treaty accounts from the region. He began his career in the London market with Clarksons in 1982. Mr. Pope holds an honors degree in modern languages from King’s College, University of London, and is an Associate of the Chartered Insurance Institute.

          JUDI NEWSAM

          Ms. Newsam, 48, has worked specifically in the Brazilian reinsurance marketplace for eight years, developing a number of high-profile client relationships. She joins Guy Carpenter after 25 years with Aon Benfield, where she most recently served as a managing director in the firm’s Brazil office. Ms. Newsman is a graduate of the University of Edinburgh in Scotland.

          QUOTES

          Peter Zaffino, President and CEO, Guy Carpenter :
          “This appointment underscores our commitment to Latin America and the Caribbean as a vital, rapidly growing part of our global strategy. Aidan possesses a unique understanding of the region, developed from his deep experience in the industry over a number of years. I am confident that, under Aidan’s leadership, we will achieve our ambitious growth goals as we continue to invest in our capabilities in this critical region.”

          Andrew Marcell, CEO of Americas Operations, Guy Carpenter :

          “Aidan will be instrumental in defining and executing our growth strategy for the Latin American and Caribbean region. Working closely with our senior leadership team, he will help us build on the success of our existing platform in the region and develop deeper relationships with our clients and markets.”

          0 0

          Aon Private Risk Management (APRM), the insurance broker and risk adviser for the ultra high net worth sector, has opened an office in Geneva.

          APRM is responsible for assessing the risks facing wealthy individuals and families’ tangible assets, liabilities and well being, in order to provide insurance protection and risk management advice. The team works directly with the client or through their advisers, ranging from trust companies to lawyers.

          Romain Vanolli, head romandie at APRM, will head up the team of four specialists. The launch expands Aon’s ultra high net worth network of 220 people with offices in Europe (London, Frankfurt, Amsterdam and Madrid), the US (Florida, New York, Chicago and Los Angeles) and Hong Kong.

          Romain commented: “As Geneva becomes an increasingly attractive domicile for the wealthy, we’ve positioned ourselves to offer advice locally on the risks facing families at home and worldwide. The world has become a riskier place and the wealthy are recognising that they need to take a proactive approach to protecting their assets.”

          0 0

          AIG announced that its Board of Directors has elected AIG Director Harvey Golub Non-Executive Chairman of the Board. Mr. Golub will assume his new role on August 10, 2009, succeeding retiring Chairman and CEO Edward M. Liddy.

          “Harvey Golub is one of the most experienced and respected executives in the financial services industry today, known for his leadership, integrity, and business acumen. All of our stakeholders will benefit from his commitment to AIG and our enduring goal of ensuring we meet our obligations, including those to taxpayers,” Mr. Liddy said.

          “Harvey is a terrific partner, and we are very much looking forward to working together,” said Robert Benmosche, who will assume the role of President and Chief Executive Officer of AIG on Monday, August 10. “We have a tremendous opportunity to realize the true value of AIG’s many great businesses for the benefit of all of our stakeholders, including clients, employees, and the U.S. government.”

          “It is critical that we preserve and protect the value that has been built over the course of decades in AIG, a unique global franchise,” Mr. Golub said. “The entire board and I are committed to working with Bob and the management team to deliver maximum value to all of our stakeholders.”

          Mr. Golub, 70, was elected to the AIG Board of Directors in May 2009. Mr. Golub was Chairman and Chief Executive Officer of American Express Company from 1993 to 2001. Prior to joining American Express in 1984, Mr. Golub was a senior Partner with McKinsey & Co. Mr. Golub is the Non-Executive Chairman of Ripplewood Holdings, a private equity firm based in New York. He is a member of the Board of Directors of Campbell Soup Company, and formerly its Non-Executive Chairman. Mr. Golub serves as Non-Executive Chairman of the Board of Directors of The Reader’s Digest Association, and he is also a director of RHJ International, a public investment company based in Belgium.

          Prev1...697071...74Next Page 70 of 74

          POPULAR POST

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

          SOCIAL

          34FansLike
          6Subscribers+1
          965FollowersFollow

          Popular category

          © Seroni Interactive