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Young people facing the daunting move from the family home may be surprised to learn that an unsentimental 85% of parents can’t wait to re-purpose their children’s bedrooms and create new rooms like bathrooms, gyms and games rooms after they’ve gone, a survey by the AA’s Home Emergency Response Service has found. 

The research, part of the AA’s State of the Nation’s Homes series of reports, shows that ‘empty-nest syndrome’ is not as prevalent as we might expect it to be.

Although most parents encourage children to keep their bedrooms clean, the most common use for an empty room is a dumping ground for clothes and other possessions, with more than one in three parents (37%) who have had a child leave home admitting to this.

Yet other parents are launching into full-scale modifications of their offspring’s bedrooms, with 17% having turned one into a gym. The creation of games rooms is also a rising trend; over a quarter (26%) of parents who have had a child fly the nest within the past five years have turned a bedroom into a games room, compared to 17% of those whose child left home 6-10 years ago and only 1% of those whose offspring left 11-20 years ago.

Children who expect a cosy night’s sleep in their old bed when they return to their childhood home will be disappointed as almost one in five (19%) parents has turned their bedroom into an extra bathroom since they left.

While the research shows that almost a third (30%) of parents haven’t saved money since their children moved out, 5% are more than £12,000 a year better off as they claim to have saved an eye-watering £1,000 or more per month on food, transport and clothes for their children.

However, around one in seven cash-strapped homeowners (15%) have rented out their children’s old room to a lodger in a bid to improve their finances even further.

Tom Stringer, Head of the AA’s Home Emergency Response Service said: “When children move out, parents get the freedom to make modifications to their home which they may have wanted to make for a while but were unable to find the space for. Adding a gym or games room to a home can be a fun project for parents, especially if they’re retired. However, I’d advise that any electrical or plumbing work is carried out by a professional.”

The study also revealed that one in three parents (36%) who have had a child leave home have turned their room into a study, 31% have turned a child’s bedroom into a guest bedroom, and 14% have created a dressing room.

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French surgeons began on Monday an open-ended strike to protest against perceived threats to their freedom and pay.

The protest has been called by 30 unions and professional bodies who are making various demands, with organisers claiming a significant impact in some regions.

Hospital surgeons’ union Bloc is leading a protest against an agreement accepted by the three largest doctors’ unions at the end of October, which says any fees over 2.5 times the basic state tariffs is excessive.  The surgeons argue they have the right to charge higher rates.

Meanwhile, state hospital interns, who have joined in the strike, are fighting against feared new moves limiting the freedom of young doctors to work where they want.

Health Minister Marisol Touraine on Monday insisted that the October agreement was a “good” one. Bloc official Xavier Gouyou-Beauchamp said there was a very strong response to the call, adding that 70 percent of private clinics would be affected.

In Strasbourg, the protest made a huge impact with 95 per cent of surgeons on strike, said Guillaume Lohr, the head of three private clinics in the eastern city.

Paris public hospitals body AP-HP said the magnitude of the strike would only be known in the evening. It said some operations had been cancelled but emergencies would be dealt with by other surgeons who had been requisitioned.

Some politicians and consumer bodies have voiced concern that many doctors — especially specialists — are setting very high fees.

Other issues raised by some of the strikers include legal changes that could make patients use doctors selected by the top-up insurers to be better reimbursed.

Paris, Nov 12, 2012 (AFP) 

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The European CFO Forum announced that Gerald Harlin, CFO of AXA Group, has been appointed the new Chair of the CFO Forum, succeeding Oliver Bäte of Allianz Group. As previously announced by the Allianz Group, Oliver Bäte will be moving to a new role within the Allianz Group.

The CFO Forum works closely with Insurance Europe, the CRO Forum and other industry bodies to assist regulators in developing appropriate financial reporting solutions for the industry, in particular Solvency II and IFRS.

Oliver Bäte commented “I feel privileged to have led the CFO Forum over the last year. The industry continues to have significant challenges in explaining its results to the market and achieving progress towards regulatory and accounting frameworks that appropriately measure and explain the value of the industry. As an effective team of CFO’s and working with other industry groups, we have made a significant contribution towards helping regulators understand more appropriate ways to achieve these aims. Whilst there is still some way to go in achieving this, I feel I am leaving the CFO Forum in safe hands with Gerald Harlin to lead through these continuing challenging times.”

Gerald Harlin added, “I look forward to taking on board the Chair of the CFO Forum and would like to thank Oliver Bäte for his strong leadership bringing the industry together on these critical issues.

The CFO Forum will continue to focus on achieving appropriate accounting and regulatory solutions that both support the maintenance of appropriate financial strength, reflect the true performance to our stakeholders and help demonstrate the significant broader benefits that the industry delivers to society. The next two years will be a critical period for the industry in these respects and I look forward to working with my fellow CFOs in addressing these challenges.”

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Xchanging has been awarded a contract to build the platform for the Lloyd’s Claims Reporting Suite (CRS).

Xchanging will develop an environment which comprises 10 on-line dashboards which will provide Lloyd’s and managing agents with consistent, benchmarked, claims management information delivered against a market agreed set of key performance indicators.

The dashboards will be compiled from a combination of data that is currently held in the Claims Data Warehouse and the market’s electronic claims platform, CLASS. The dashboards will be delivered in three tranches in March, April and May 2013.

Geoff Kennard, Electronic Services Director at Xchanging comments: “We are delighted to be announcing this contract today and to continue working with the market in the delivery of sophisticated real time claims information. The level of detail that these dashboards are able to deliver will support Lloyd’s in their vision to be the global centre for specialist insurance and reinsurance.”

Mike East, Head of Operations at Canopius and market sponsor of this project, said: “This is another important step in further improving how the Lloyd’s market manages claims. The Claims Reporting Suite will help make sure that the Lloyd’s market has access to information that is clearly defined and one version of the truth. This means we will have more of the information we need and, just as importantly, it will be there when we need it.”

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Reinsurance giant Swiss Re posted a third-quarter net profit of $2.2 billion (1.7 billion euros) on Thursday, up sharply from $1.3 billion at this time last year. 

The results beat analysts’ expectations of a net profit of $1.3 billion, but Swiss Re also said it was too soon to put a figure on the cost of the damage caused by Hurricane Sandy.

“Estimating claims is particularly complex due to the combined impact of prolonged power outages, disruptions to public transport and damage to other infrastructure” after the hurricane hit the United States east coast on October 29, Swiss Re said in a statement.

No “reliable claims estimate at this time” was possible because of these factors, the statement continued, while company CEO Michael Lies said Swiss Re had achieved “very good financial results in a volatile environment.”

Group premiums increased by 11 per cent to $6.6 billion against $5.9 billion in the same period a year earlier, the firm said.

In addition, the group’s combined ratio — which measures whether the company pays out more in claims and expenses than it receives in premiums — was 72 per cent compared with 85.3 per cent a year earlier.

Geneva, Nov 08, 2012 (AFP)

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British banks have ramped up the amount of cash they are setting aside to compensate clients who were mis-sold insurance policies to more than £10 billion, significantly slashing their profits in the process. 

The latest earnings season for major banks wrapped up on Monday, with HSBC announcing it was hiking provisions to compensate customers in Britain who were mis-sold payment protection insurance (PPI) to $353 million (276 million euros).

That brought its provision to $2.1 billion, about a fifth of the £10 billion ($16 billion, 12.5 billion euros) total set aside by Britain’s banks, which have also been rocked by humbling state bailouts, money-laundering and the Libor rate-rigging scandal.

PPI is “turning out to be the most economically damaging crisis, there’s no question about that but what is probably the most surprising of all is that the banks themselves have been completely unable to determine how much they have to pay”, independent banking analyst Ralph Silva told AFP.

JP Morgan Cazenove estimates that the total bill could hit £15 billion, while the Financial Services Authority regulator said that customers have together so far received compensation of £6.5 billion for mis-selling going back more than a decade.

British banks last year lost a high court appeal against tighter regulation of PPI, which provides insurance for consumers should they fail to meet repayments on a credit product such as consumer loans, mortgages or payment cards.

PPI became controversial after it was revealed that many customers had been sold it without understanding that the cost was being added to their loan repayments.  British authorities subsequently banned simultaneous sales of PPI and credit products.

“It’s extraordinary that we’ve received our 500,000th complaint about PPI — and despite these record numbers, this mis-selling scandal shows no sign of slowing,” said Natalie Ceeney, chief executive at the Financial Ombudsman Service watchdog.

The additional provision announced on Monday by HSBC contributed to the bank’s net profits tumbling by more than half to $2.5 billion in the third quarter compared with a year earlier.

HSBC was also hurt by an increase in the amount set aside for fines linked to money-laundering in the United States, to $1.5 billion, and owing to large fluctuations in the value of its own debt.

Rival Barclays and state-rescued lenders Royal Bank of Scotland and Lloyds Banking Group last week each announced hikes to their PPI provisions.  Barclays, which recently suffered a boardroom shake-up amid the Libor interest rate-rigging scandal, said it had set aside another £700 million to compensate PPI customers.

Royal Bank of Scotland, which is 81-percent owned by the government after a huge bailout amid the global financial crisis, booked another £400 million hit. Lloyds Banking Group said its new provision would take its total bill for the insurance mis-selling to a staggering £5.3 billion.

“The banks have been in denial about the true scale of this scandal,” said Peter Vicary-Smith, chief executive of consumer watchdog Which?

“Their piecemeal approach to topping up provisions is an inadequate response to what is now the biggest financial mis-selling scandal of all time”.

London, Nov 06, 2012 (AFP)

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Hiscox has issued its Interim Management Statement for the first nine months of the year to 30 September 2012.

Hiscox’s gross written premiums increased year on year by 6.4% to £1,244.4 million (2011: £1,169.5 million) as the Group grew where rates are rising, particularly US errors and omissions and internationally traded US property business.

Bronek Masojada, Chief Executive, commented: “Until Superstorm Sandy hit last week it had been a relatively quiet year for Hiscox which puts us in a good position to absorb any losses.  The devastation wreaked by Sandy reminds us all of the critical role insurers play in people’s lives.  Our focus now is to help our clients get back on their feet.”

Gross Written Premiums for the period:

 

Gross Written Premiums

to 30 September 2012

US$/€m                   £m

Gross Written

Premiums

to 30 September 2011

US$/€m                    £m

Growth in local Currency

%

Growth in Sterling

%
Hiscox London Market

 

£499.3

£475.3

4.4%

5.1%
Hiscox International

–   Hiscox Bermuda

–   Hiscox Guernsey

–   Hiscox USA

 

US$299.5

US$87.3

US$172.5

 

£189.9

£55.3

£109.3

US$265.9

US$95.3

US$135.4

£164.7

£59.0

£83.9

12.7%

-8.4%

27.4%

15.3%

-6.3%

30.4%
Hiscox UK

Hiscox Europe

 

€129.3

£283.0

£107.6

€123.3

£280.0

£106.6

1.2%

4.9%

1.1%

1.0%
Total

 

£1,244.4

£1,169.5

6.0%

6.4%

Rates

Primary US property business has experienced rate increases of up to 10% year on year.

Reinsurance rates for US and international property catastrophe business rose by 5-10% during the year, and so remain close to an all-time high level in some regions.

Rates are also improving in marine liability insurance.

US casualty rates for admitted business reached a tipping point during the year as the continuing low interest rate environment forces the industry to underwrite more profitably.  We have seen average rate rises of up to 5% in errors and omissions (E&O) business so far this year, though there is continuing weakness in big-ticket E&O lines.

Rates in other specialty insurance lines are generally flat to slightly down.

Claims

New York City and surrounding states are not yet fully functioning as people are struggling to get back to their homes and businesses. We have not received any material notifications of claims from our insureds at this stage which makes it too early to produce any meaningful estimate of claims from Sandy.

The reinsurance teams in Bermuda and London have a very manageable exposure to crop losses caused by drought conditions in the US.  Our reserves for the Costa Concordia remain unchanged at net US$20 million.

Investments

The investment return to 30 September 2012 was +2.7% year to date. Further intervention by monetary authorities, notably the Federal Reserve and the European Central Bank, has produced a general increase in asset prices.  Within our portfolio this has led to a good performance from equities and non-government bonds during the third quarter.  Invested assets at the end of September totalled approximately £3.03 billion and asset allocation remains largely unchanged from the end of June.

Whilst we are currently benefiting from central bank policy to reduce borrowing costs and force investors to take more risk, the resultant lower yields in our bond portfolios suggest that future returns will be more modest.  The investment world remains a very uncertain place, reliant on political decisions to address the most significant problems.  Our strategy therefore remains a largely conservative one.  We continue to favour credit over duration as a source of extra yield from bonds and remain prepared to take advantage of opportunities that may arise in the event of any dislocation in equity markets.

Capital

As previously stated, we will review our position on capital when the result for the year is clear.

Hiscox London Market

Hiscox London Market increased premium income by 5.1% to £499.3 million (2011:£475.3 million). This growth was mainly driven by US property insurance, with modest growth in terrorism, marine liability, aviation and space business.

In reinsurance business volumes remained broadly stable. As stated at the half year, this year’s growth has been offset by the non-renewal of certain inwards proportional treaties and the (welcome) lack of reinstatement premiums due to the absence of catastrophe losses.  Hiscox London Market and Hiscox Bermuda are making strides in replacing quota share arrangements for 2013.

Hiscox Bermuda

Gross premium income for Hiscox Bermuda grew by 12.7% to US$299.5 million (2011: US$265.9 million) as it continues to take advantage of attractive rates.

During the quarter Jeremy Pinchin became CEO of Hiscox Bermuda and Group Company Secretary. He continues to oversee Group Claims.

Hiscox Guernsey

Hiscox Guernsey reduced premium income as planned by 8.4% to US$87.3 million (2011: US$95.3 million).  This business continues to hold a disciplined approach to piracy risks and has maintained market share despite increased competition and a softening market. Reduced income was also due to business that was previously signed in three year deals to take advantage of good terms, prices and conditions.  These will earn through in line with projections until 2014.

Hiscox USA

Hiscox USA increased premium income by 27.4% to US $172.5 million (2011: US$135.4 million). Hiscox USA is growing in every product area and location with core specialty and wholesale broker lines continuing to do well.

Our direct to consumer small business insurance offering continues its accelerated growth through direct marketing and partnerships.

Hiscox UK

The retail business in the UK remained broadly flat with growth of 1.1% to £283.0 million (2011: £280.0 million). As previously stated this business withdrew from two underwriting partnerships at the end of 2011. Hiscox UK has done well to replace this lost income with strong growth in professions and specialty commercial business.

During the quarter Hiscox UK launched five new liability products for professions such as green energy consultants and designers.  The business also returned to TV with a second burst of brand advertising.

Hiscox UK announced its intention to open a multi-function office in York during 2013 with a mix of underwriting and support staff.

Hiscox Europe

Hiscox Europe grew by 4.9% to €129.3 million (2011: €123.3 million). This steady growth is being driven mainly by specialty commercial and technology and media business.  The direct business in France is growing well as the marketing campaign earlier in the year generated an increased awareness among our target audience.

Rating increase

In August Fitch Ratings upgraded the Group’s core entities’ Insurer Financial Strength (IFS) ratings to ‘A+’. Fitch also upgraded all Hiscox’s holding companies’ Long-term Issuer Default Ratings (IDRs) to ‘A-‘. The outlooks on all the ratings are Stable.

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In coordinated action across Gwent and South Wales, officers made the arrests following an investigation into suspicious claims referred by insurers and the Insurance Fraud Bureau (IFB).

Arrests this week mark the latest stage of Operation Dino, which has already seen 34 people arrested, all of whom remain on Police bail. The investigation focuses on a repair garage called ‘EASIFIX’, formerly known as ‘St David’s Crash Repair’.

Ben Fletcher, Head of Operations at the Insurance Fraud Bureau (IFB), said:“These arrests are a clear statement of intent from both the insurance industry and the police to tackle organised insurance fraud. The IFB continues to work alongside Gwent Police in investigating and dismantling this suspected criminal network in Wales. Around £50 is added to every premium to cover the costs of fraud, so honest policyholders ultimately pick up the bill for ‘Crash for Cash’ gangs motivated by greed.

“Unfortunately, ‘Crash for Cash’ scams are being plotted up and down the country. The IFB is currently managing 40 live Operations with police forces across the UK. The collective value of the scams under investigations tops £66.6 million. Fraudsters will be caught and will face the full force of the law.”

Detective Chief Inspector Jeremy Rogers, who heads up Operation Dino, commented:“Motor insurance fraud is not a victimless crime and law abiding motorists pick up the bill for fraudsters. Pre-planned scams cost the motor insurance industry and policyholders millions of pounds every year and our job is to bring those involved to justice.

“These arrests are the latest, but by no means final stage of our operation to dismantle a ‘Crash for Cash’ scam operating in Gwent.  We suspect more people were involved and I would urge them to come forward and make contact with Gwent Police before we make contact with them”.

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Hurricane Sandy, which is set to wreak havoc on the East Coast of the United States, could be costly for Swiss insurers which have covered the highly developed, densely populated area, analysts said on Monday. 

“Even as it approaches, Sandy has provoked some disruption to the economy via precautionary measures” taken to protect the population, noted analysts at the Zurich Cantonal Bank (ZKB).

In New York, one of the world’s leading stock markets will be closed on Monday and possibly on Tuesday as well, market operator NYSE Euronext has said, the first time trading has been cancelled since the September 11, 2001 terror attacks.

“If Sandy hits major cities, we should expect serious damage, not only material damage but also through disruptions to business activity,” ZKB analysts said.

They forecast that the world’s second-biggest reinsurance company, Swiss Re, could face claims totalling several billion dollars, possibly even more than those incurred from Hurricane Katrina in 2005.

That storm resulted in a total 72 billion dollars (55.8 billion euros) in damage covered by commercial insurance companies, of which Swiss Re had covered 1.2 billion dollars in turn.

Analysts at the Swiss asset manager Vontobel estimate that damage from Hurricane Sandy would probably not exceed the quarterly budget of major insurers however, and add that Swiss Re should be able to pay a dividend this year.

Shares in Swiss Re fell by 3.0 per cent to 62.95 Swiss francs in midday trading while those in Zurich Insurance Group were off by 2.88 per cent at 226.0 Swiss francs.

The SMI index of leading Swiss shares have given up a slight 0.08 per cent overall.

Zurich, Oct 29, 2012 (AFP) 

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Hiscox is to update its underwriting rules on buildings cover to reflect the difference in rebuilding cost between stone and brick properties.  BCIS has developed a data set which enables Hiscox to identify the ratio of brick to stone built properties by postcode and calculate its premiums accordingly.

Rebuilding costs for properties constructed of stone can be 60% higher than those constructed of brick.  BCIS recognised that those insurers grouping brick and stone together as ‘standard construction’ are losing premium income and risking higher loss ratios. The brick and stone data set was developed to plug the identified gap in the market and allow insurers rates to be data driven rather than retrospectively adapted to improve loss ratios.

Hiscox is committed to using data to more accurately assess and price risk, to the benefit of the business and its customers.  Steve Mayfield, Head of Direct Household at Hiscox comments:  “We believe this new data set from BCIS will help us better assess the true rebuilding cost of stone properties and price them accordingly.  Enhancing our pricing capability enables us to attract and retain a better mix of business and thus improve our profitability.”

Andrew Thompson, BCIS Director says: “Stone built properties account for around 10% of the overall residential building stock in the UK and tend to be clustered in regional pockets throughout the country.  We believe insurers are underestimating their exposure and the subsequent impact on their bottom line by grouping brick and stone together as a standard construction risk.  It is for this reason we have developed the brick and stone data set, which complements the BCIS Notional Rebuilding Cost Matrix, containing 2.6 million rebuilding cost figures.” 

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Specialist lines underwriting agency CFC continues its expansion into new markets, this time recruiting Gary Norman into the newly-created position of Casualty Practice Leader.

General liability has always formed part of the package policies CFC offers but the firm has appointed Gary to lead a new dedicated casualty team at CFC. The team will develop new niche products for the general liability market but will also work on offerings to complement CFC’s existing products in the science and healthcare sectors. Gary is a well-known and respected figure in the industry and was most recently Head of Technical Underwriting for the Property, Casualty and Motor Division at QBE London.

CFC Underwriting Director Andrew Holmes comments:  “Tackling new markets with ground-breaking new products makes up a key part of CFC’s growth strategy. And achieving these goals means employing the best and brightest from the market. We welcome Gary to the team and have no doubt he will help develop our casualty portfolio with new coverage concepts and policy wordings tailored to specific sectors. CFC is well known for its specialist products and we intend to apply the same approach to the casualty market, providing clients with solutions in areas which insurers are under-serving at present.”

Gary Norman said: “I am delighted to be joining the CFC team and am looking forward to helping drive the business forward.  CFC has a reputation for moving into a new market, shaking it up and delivering specialist and innovative coverage. I cannot think of a better opportunity and more exciting company with which to further my career.”

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According to the National Hurricane Center (NHC), as of Wednesday, the center of Tropical Storm Sandy was located over the Caribbean Sea about 160 mi les south of Kingston, Jamaica and 315 miles south-southwest of Guantanamo, Cuba. At this time, maximum sustained winds of 65 mph was recorded, still the equivalent of a tropical storm on the Saffir-Simpson Hurricane Wind scale. Sandy has doubled in size over the past 24 hours and is currently a large storm with tropical storm force winds extending outwards up to 140 miles from the center.

The official NHC forecast has Sandy tracking to the north through to Friday. On this forecast track the center of Sandy will track over Jamaica late Wednesday, over eastern Cuba on early Thursday, and over the eastern Bahamas later the same day and into Friday. Under the NHC forecast Sandy is expected to strengthen temporarily during the next 24 hours before impacting Jamaica as it moves slowly over sea surface temperatures in excess of 29C and into an environment of decreasing wind shear and increasing moisture content (conditions conducive for strengthening). Interaction with land masses as the system tracks over Jamaica and eastern Cuba, and the movement of the system into an environment of increasing vertical wind shear, is expected to induce weakening- Sandy is forecast to be a tropical storm for the remainder of its track through the Caribbean.

The majority of models are calling for Sandy to strengthen to a hurricane though the uncertainty in the intensity forecast is reflected in the spread of the model intensity guidance from moderate tropical storm to a Category 2 hurricane. However, unlike the NHC forecast which calls for weakening in around 24 hours time, the majority of the models suggest that Sandy could remain at hurricane strength through the next 72 hours, with half of the models indicating Sandy could stay at hurricane strength beyond this time.

Tropical storm force winds will begin affecting Jamaica this morning, with hurricane force winds expected later today as the tropical storm force winds begin impacting Cuba and Haiti. Sandy is forecast to bring heavy rain to the central Caribbean, total rain accumulations of 6 to 12 inches, with isolated maximum accumulations of 20 inches possible, which may produce life threatening flash floods and mudslides. A storm surge of 1 to 3 feet above normal tides is possible along the southern and eastern coasts of Jamaica, 3 to 5 feet in southeastern Cuba, and as much as 4 to 7 feet in the Bahamas.

At this time, a hurricane warning is currently in effect for Jamaica and the eastern Cuban provinces. Tropical storm warnings are in effect for Haiti and the central Bahamas, and a tropical storm watches is in effect for the southeastern and northwestern Bahamas.

Tropical Storm Tony:

On Wednesday, the nineteenth named storm of the 2012 Atlantic Hurricane season was declared – Tropical Storm Tony.

At this point (October 24) in 2012 the season is the third most active season (joint with 1887, 1995, 2010 and 2011) since records began in 1851 in terms of the number of tropical storms in the Atlantic basin; itself a level well above the long-term average of 10.7 and above the average for the more recent period from 1995–2011 where the average number of tropical storms stands at 14.7.

According to the National Hurricane Center (NHC), as of Wednesday, the center of Tony was located over the central tropical Atlantic about 1,500 mi west-southwest of the Azores. At this time, maximum sustained winds of 40mph were recorded, equating to a ‘weak’ tropical storm on the Saffir-Simpson Hurricane Wind scale. At this time, Tony is a small size storm with tropical storm force winds extending outwards up to 45 miles from the center.

Tony is forecast by the NHC to track east-northeast across the open waters of the Atlantic, though may pass over the Azores in the coming weekend – the islands having been impacted by several of 2012’s storms. The NHC are forecasting Tony to remain a tropical storm over the next 24 hours before transitioning to an extra-tropical cyclone.

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Allianz Global Corporate & Specialty (AGCS) has appointed Elke Vagenende as Head of Product Development, Financial Lines (UK). Elke will be based in the London office and will be responsible for developing innovative new products and derivative versions of policy forms for the Financial Lines operation across the UK. She will report directly to Gary Everson, Regional Head of Financial Lines at AGCS and also forms part of the Financial Lines Global product team in Munich under Joachim Albers, Global Head of Product Development for Financial Lines.

Elke has 15 years experience in risk management, broking and underwriting in the Financial Lines arena. She previously worked for Siemens AG in Munich as Senior Insurance Consultant, responsible for Financial Lines and BP plc as a Insurance and Finance Consultant. Prior to her appointment to AGCS she worked as Senior Underwriter, Financial Institutions and D&O at Liberty Mutual.

Gary Everson, Regional Head of Financial Lines at AGCS comments: “In joining our team, Elke represents the latest step up in AGCS Financial Lines service and professionalism in the UK. Her skillset enhances the capability to work on new and bespoke products for the benefit of our customers and her understanding of the financial lines market movements and developments are key in the role. I am excited about the support and expertise Elke brings to the operation now and in the future.”

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Insurance software house, Transactor Global Solutions Limited (TGSL) and associated companies announce turnover of £6.7 million, an increase of 29 per cent for the trading year April 2011 to March 2012. Pre-tax profits for the group were £0.6 million, an increase of 20%, with EBITDA running at about 10 per cent.

Commenting on the results, Ray Vincent, Chief Executive Officer TGSL said, “Despite all this growth our borrowings as a business have remained incredibly low, which obviously contributes to our very healthy balance sheet. We will remain committed to the organic growth model, which I believe produces greater agility and certainty with regard to new product development.”

The first two quarters of the 2012 trading year (April to September) have also produced very strong results, with TGSL’s turnover growth running at about 25% compared to the same period last year, and the order book continues to strengthen.

Vincent added, “We have taken over 20 new system orders since the beginning of April. These include orders from personal and commercial lines call centre and Internet traders, London Market operations, MGA’s, scheme brokers, aggregator specialists, and Mutuals. And we look to be on track to double our new business acquisition over the full trading year, which is exactly in line with our organic objectives.

“The whole order book is serviced from a single codeline and our strength in a variety of sectors demonstrates how flexible and versatile the Transactor codeline has become over the past 10 years.

“In June, we launched a new Enterprise Division specifically for insurers and virtual underwriters which focuses on value added services in key areas such as consultancy, financial management services, and change management.”

Over the past year, TGSL’s headcount has increased to 120, with the new Krakow office doubling in size to 34 staff by Christmas 2012, and additional recruitment in both Milton Keynes and Winchester underway.  TGSL has also taken a long term lease on the prestigious Krakow Technology Park, with space for up to 50 people.

Transactor London Market (TLM) is also looking to move into new premises in the New Year with more space to service its growing client base following 18 months of trading.

New product development continues at a good pace, and the company celebrated 500 man years of development in June this year.  During the last 12 months, the business has completed a revolutionary London Market front end, a revised claims handling solution, a radical new version of the ScreenBuilder, and an all new Data Aggregator module.

Vincent concluded, “We are now looking to recruit a Finance Director, and continue to look to strengthen our operation at every level.  We like to make appointments from within the industry where possible, and value the opportunity this brings to freshen our view and inject additional insurance sector experience across our widening range of operations.”

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The maker of Banana Boat sunscreen recalled 23 spray-on products Friday saying there was a risk they could catch fire on one’s skin, after reports of five people being burned in the US and Canada. 

Energizer Holdings said it was recalling its popular continuous spray sunscreen “due to a potential risk of product igniting on the skin if contact is made with a source of ignition before the product is completely dry.”

It cited a likely problem with the size of the spray valve opening that allows more of the volatile product to be sprayed on the skin than usual.

“As a result, the product is taking longer to dry on the skin than is typical with other continuous sprays.

“If a consumer comes into contact with a flame or spark prior to complete drying of the product on the skin, there is a potential for the product to ignite.”

The four incidents reported in the United States and one in Canada involved the use of the company’s Banana Boat UltraMist Sport SPF 30 and 50 products.

St. Louis, Missouri-based Energizer said it is voluntarily removing the products from retail outlets, and notifying stores to stop selling them.

It warned that anyone using spray-on sun care products should not apply them while smoking or in proximity to flames or sparks.

Chicago, Oct 19, 2012 (AFP)

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New claims for US unemployment insurance benefits were a high 388,000 in the most recent week, the Labor Department said Thursday, reversing an unexpected sharp fall in the previous week.

The new figure, covering the week to October 13, erased hopes from the previous week’s plunge that the US job market was improving and unemployment was on the way down.

The new number for jobless claims, an indicator of the pace of layoffs in the economy, were 46,000 higher than the revised figure for the previous week, and back into the same range in which the data has held since the beginning of the year.

While not nearly as high as the pace of layoffs in 2010 and 2011, the unbudging number — the four-week claims average was 365,500 — underscored the difficulty the Obama administration faces in bringing down unemployment as the president fights for re-election.

Per state data in the most recent week was not yet available. But for the week to October 6, the largest layoffs were in New York, Oregon, Illinois, Texas and Georgia, and mainly came from manufacturing industries.

Washington, Oct 18, 2012 (AFP) 

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The British Insurance Brokers’ Association (BIBA) has announced that ‘Meeting the Growth Challenge’ will be the theme for its 2013 conference and exhibition to be held at ExCeL London on 15 and 16 May 2013.  

With Britain in the grip of one of the worst recessions in living memory and sectors of the British economy stagnating, the mantra on all politicians’ lips is ‘growth’.  The need to pay off the UK’s massive debt mountain seems to have been sidelined as politicians and economists search for the spark which they hope will ignite the flames of our future prosperity.

Set against the backdrop of a Eurozone currency crisis and recession in the US, ‘Meeting the Growth Challenge’ will ask the question: how prepared is the general insurance sector to play its part in Britain’s future resurgence?

Eric Galbraith, BIBA Chief Executive, said: “Throughout 2013 BIBA will continue to take the initiative in promoting the value of our sector to UK plc and working towards more proportionate, appropriate and cost effective regulation.  ‘Meeting the Growth Challenge’ is about BIBA members enabling individuals and businesses to live and work in what is an increasingly risky world.”

Lindsay Campbell, BIBA Conference Organiser, added: “The conference team is excited about returning to London and putting on what it hopes will be its best conference and exhibition yet.  With a great line up of keynote speakers and a variety of seminar sessions to interest both large and small brokers, next year’s event certainly offers something for everyone.  So, be a part of it and come and join us – we look forward to seeing you there!”

The 2012 conference attracted 4854 attendees including 175 exhibitors and 2996 brokers.  Entry to both the conference and exhibition will continue to be free to all employees of BIBA member firms and all brokers are welcome to attend the exhibition at no cost.

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Eric Galbraith, Chief Executive of the British Insurance Brokers’ Association (BIBA), will step down next year after nearly 10 years leading the association.

Appointed Chief Executive in 2003, Eric has driven forward the representation and lobbying in both Europe and with the UK government and regulators.  He successfully led the merger between BIBA and the IIB and has instigated initiatives such as the strategic review and member campaigns on major broker issues such as the cost of regulation and signposting.

Andy Homer, Chairman of BIBA, said: “We are all obviously disappointed that Eric will be leaving. He has successfully led BIBA and members through some very challenging times during the last ten years and when he leaves next year, will be leaving the organisation in excellent shape, both in terms of profile and increased membership.

“The reputation of BIBA has never been stronger, especially with politicians and regulators, which has allowed Eric and his team to tackle some of the major insurance issues – the change of regulator, the unfair funding of the Financial Services Compensation Scheme, business resilience, flooding, and motor insurance.”

Eric Galbraith added: “I have had an amazing time at BIBA and have been privileged to lead a team dedicated to supporting members’ interests.  Having been instrumental in supporting the strategic review, I believe it is the right time to hand over the reins to a new Chief Executive to take the association forward.

“However I remain committed to leading the association until my successor has been appointed so that I can ensure a smooth transition for the association.”

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BrokersLink, one of the world’s largest independent insurance broker networks, whose members manage premium volumes in excess of USD 14 billion, has announced that AIG President and CEO Robert H. Benmosche will deliver a keynote speech at its fourth annual global conference in Madrid.

Speaking during the afternoon of the open market day of the conference on Friday, 19 October, Mr Benmosche will discuss his company’s impressive rise from the incredible challenges of the financial crisis of 2008 and beyond.

Featured among Fortune’s Top 50 Business Leaders and named Executive of the Year by The New York Times Deal Book in 2010, Mr Benmosche brings a distinguished background and unique perspective to the conference line-up. He is both a voice of AIG and an executive with considerable experience and knowledge of the industry.

The overall theme of the 2012 conference is “Together yet Independent.” It will address the challenge of being independent in todays’ insurance market as well as the necessity for any insurance broker to build strong partnerships to propose a compelling alternative to the major global brokers.

It is aimed at both BrokersLink members and the wider insurance market. Over 200 international delegates are expected to attend.

The first day of the conference (Thursday, 18 October), which is for members only, will focus on discussing the critical aspects of the brokerage business, as well as the most recent trends in the insurance industry. It will be followed by a networking dinner in the evening.

Friday, 19 October is the main conference day, which will be open to non-members. The themes covered will include international human resources and talent management, the economic downturn and the subsequent challenges for the insurance industry, emerging markets and risks such as cyber liability. Risk managers from large Iberian and LatAm multinationals will also participate in a round table. The day will close with a gala dinner at a landmark venue in the City.

José Fonseca, Chairman of BrokersLink, said: “BrokersLink is a proud partner of AIG and we credit this powerful union as a driving force behind the alliance’s impressive growth over the years. We are therefore delighted to welcome Mr Benmosche to the impressive line-up of authoritative, insightful speakers at our 2012 conference in Madrid.”

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AA Insurance Services Ltd has become the latest organisation to sign-up as a member of the Insurance Fraud Bureau (IFB), joining the industry’s collective fight against organised fraud.

In its capacity as an insurance broker, the AA will provide a new source of data for the IFB to interrogate and identify organised fraud.

Phil Bird, Director of the IFB, said:“The IFB’s strength is built on the power of the collective. With access to more cross-industry data, we can identify and stamp down on those criminal gangs targeting our industry.

“As first point of contact with consumers, brokers have a vital role to play in counter-fraud. As such, working alongside brokers across the country is a strategic priority for the IFB and we welcome the AA as our latest partner in the fight against organised insurance fraud.”

The IFB was formed in 2006 to spearhead the collective fight against organised insurance fraud. Since its inception, the IFB has overseen 711 arrests and 162 successful convictions resulting in a combined 167 years in prison for organised fraudsters.

With a primary focus on the ‘crash for cash’ phenomenon, the IFB is currently managing 36 live police operations valued in excess of £60 million in potential savings to the industry. The IFB’s projected growth could see that portfolio increase to £160 million by 2014.

Simon Douglas, Director of Insurance at the AA, said:“The AA has long been a staunch campaigner for those committing insurance fraud to be brought to book. Honest motorists are paying for their criminal activities and it’s imperative we work together across the industry to identify these fraudsters. The AA is pleased to be a partner with the IFB and add our weight to the fight.”

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