Thursday, November 28, 2024
Home Authors Posts by John Stewart

John Stewart

Profile photo of John Stewart
3387 POSTS 0 COMMENTS
http://www.news-insurances.com

    0 0

    US health insurer WellPoint is buying Amerigroup, a manager of publicly funded health programs, for about $4.9billion, the companies said Monday.

    The acquisition will position the companies for future growth as they prepare for the launch of insurance exchanges, they said.

    The deal comes on the heels of the US Supreme Court’s decision in late Juneto uphold President Barack Obama’s health care reform, the Affordable Care Act. Under the overhaul, states are to have health insurance exchanges, where consumers can shop for coverage, starting in 2014.

    WellPoint will pay $92 a share in the all-cash deal for Amerigroup, which specializes in federal and state health care programs such as Medicaid, serving the poor and disadvantaged.

    The share price represents a 43 per cent premium over Amerigroup’s closing price Friday.

    WellPoint will pay about $4.4 billion for the shares and assume Amerigroup’s debt.

    “We believe that this combination will create an industry leader in the government sector serving Medicaid and Medicare enrolees,” WellPoint’s chief executive Angela Braly said in a statement.

    The companies said the combination was aimed at “creating better healthcare quality at more affordable prices for their customers.

    “The transaction was expected to close in early 2013.

    “Upon completion, WellPoint, with its affiliated Medicaid plans, will serve more than four-and-a-half million beneficiaries of state sponsored health care programs.

    The combined company’s Medicaid footprint will include 19 states,”the companies said.

    WellPoint, based in Indianapolis, Indiana, has about 96 million people in its health plans. Amerigroup currently serves about 2.7 million members in 13 states.

    Investors applauded the deal in early New York trade. Amerigroup shares soared 37.9 per cent to $88.72, while WellPoint climbed nearly 3.0 per cent to $61.69.

    New York, July 9, 2012 (AFP)

    0 1

    The latest Bank of Scotland PMI report showed that output in the Scottish private sector expanded at a faster rate in June, with job creation returning after employment levels stagnated in May. However, new work intakes rose only marginally over the month and backlogs were once again reduced, raising some concerns over the prospects of the improved rate of growth in output being maintained in the coming months.

    At 52.5 in June, up from May’s 17-month low of 50.8, the Bank of Scotland PMI – a seasonally adjusted index monitoring activity across Scotland’s manufacturing and service industries – showed that Scotland’s private sector economy expanded at a solid and accelerated pace at the end of the second quarter. Moreover, the rate of growth was stronger than that recorded at the UK level. Both goods production and services activity north of the border increased over the month, the latter at the sharper rate.

    New business levels also increased in June but, unlike the trend recorded for output, growth remained only marginal. While service providers saw a further (albeit modest) rise in business wins, this was partly offset by a third successive monthly decrease in new work placed with goods producers.

    Employment levels across Scotland rose in June after stagnating during the previous survey period, marking the seventh increase in the past eight months. Jobs were created across both manufacturing and services, with the former recording the slightly steeper increase in payroll numbers. Only the two English Midlands regions outperformed Scotland on the jobs front in June.

    Backlogs of work were meanwhile reduced at a slower pace – the weakest since February. The modest decrease in outstanding business extended the ongoing period of depletion to ten months.

    With manufacturers north of the border noting a decrease in their average purchasing costs in June, input price inflation overall eased to the slowest in 33 months. That said, cost pressures were stronger than in all other monitored regions of the UK. Firms continued to cite increases in the costs of utilities and labour.

    Output prices crept up marginally on average in June, predominantly reflecting a rise factory gate prices and contrasting with slight charge deflation across the UK economy as a whole.

    Donald MacRae, Chief Economist at Bank of Scotland, said: “The June PMI showed a welcome pick-up in the Scottish economy with both manufacturing and services recording growth. Employment rose across all sectors while cost pressures continued to ease. However, the marginal rise in new orders overall and the fall in new export orders illustrate the challenge of maintaining growth in the face of a widespread slowdown in the UK and the Eurozone economies.”

    0 0

    Allianz Retail’s Clear Household product is now available through Adrian Flux brokerage, forming the final phase of the Clear product launch and following the successful launch of Clear Private Car in October last year and Clear Commercial Vehicle in March of this year.

    The full, open-market Clear Household product is also accessible through Adrian Flux’s software provider, Transactor Global Solutions Limited (TGSL), which will allow its brokers to access the product electronically.

    Adam Marshall, head of broker sales and distribution, Allianz Retail, said: “The full, open market Clear Household product offers brokers access to three tiers of household cover, Allianz Clear Essentials, Advance and Complete, giving them a lot more choice. We understand that brokers want to offer their clients a full range of motor and household products and we feel confident that the addition of Clear Household will help maximise cross-sell opportunities.”

    Gerry Bucke, Adrian Flux, said: “It’s great that we can further strengthen our relationship with Allianz. The Clear Household product is very competitive and the cover extensions add real value for our customers who are increasingly looking for additional benefits. We look forward to working with Allianz in the future.”

    Simon Macray, insurer liaison manager, TGSL, said: “We are delighted to launch the final stage of the Clear products for Adrian Flux and our other clients. We have a great working relationship with Allianz which has enabled us to launch all of the Clear products swiftly and with great success.”

    0 1

    Standard & Poor’s Ratings Services assigned its ‘A’ long-term debt rating to the $500 million dated, unsecured, and junior subordinated notes that global reinsurer Swiss Reinsurance Company Ltd. (Swiss Re; AA-/Stable/A-1+) plans to issue on July 9, 2012.

    The rating reflects our standard notching for junior subordinated debt issues, which in this instance is two notches below the long-term counterparty credit rating on the issuer. S&P analyzed and rated the proposed debt issue on the understanding that:

    – The notes will be subordinate to the issuer’s senior securities, pari passu among themselves and senior to the issuer’s junior securities;

    – The issuer can choose to defer interest, subject to a “dividend pusher” clause with a look-back period of up to six months;

    – Interest deferral can be mandatory for various reasons, including if the issuer’s regulatory capital is not sufficient to cover minimum regulatory capital requirements; and

    – The issue is expected to be fully eligible for regulatory solvency purposes.

    Standard & Poor’s Report :

    We classify the notes as having “intermediate equity content” under our hybrid capital criteria. We include such securities up to a maximum of 25% in our calculation of total adjusted capital, which forms the basis of our consolidated risk-based capital analysis of insurance and reinsurance companies. The inclusion is subject to the issue being considered eligible for regulatory solvency, and the aggregate amount of included issues being no more than the total eligible for regulatory solvency. Our classification of the notes in the “intermediate equity content” category may change if the final Solvency II implementation measures preclude eligibility of the notes as regulatory capital.

    The instruments have a tenor of 30 years, but will be callable in September 2022 and on any semiannual variable-interest payment date thereafter. The coupon will remain fixed until the first call date. After that, the interest rate will convert into a floating rate based on six-month euro interbank offered rate, plus a margin (including a 100 basis points step-up), and will be payable semi-annually. We therefore consider the incentive to call the proposed notes at year 10 to be moderate.

    We understand that the issuance is in line with the group’s overall funding plan. We expect Swiss Re’s financial leverage and fixed-charge coverage ratios to remain within ranges that are consistent with our credit ratings on Swiss Re.

    0 1

    Merlin’s Loss Adjusters are completing site visits within 48 hours on 100% of claims relating to the current flood conditions. Merlin is utilising its award winning Escape of Water (EoW) Hub, to enable claims to be quickly progressed after initial visits and ensure costs are effectively managed.

    Russell Crewe, Loss Adjusting and Claims Services Director at Merlin Commented: “The team have worked tirelessly to ensure every claim is handled appropriately and as swiftly as possible, making every effort to minimise disruption to the home owners involved. Unlike some in the industry who are struggling with these surge conditions, Merlin has not declined a single instruction. In fact we have taken on a number of claims that others have been unable to handle. We have mobilised our workforce to ensure this fast and efficient response is maintained throughout the latest weather warning.”

    The Met Office is warning that more than a month’s rain 3.9 inches (100mm) could fall in just 36 hours across parts of the UK, sparking fears of significant disruption and further flooding. Central and northern England are expected to be worst affected.

    Merlin is well positioned and prepared for the resulting influx of claims this weekend.

    0 0

    Commercial lines underwriting specialist Arista Insurance has appointed Becky Trueick as motor fleet underwriter to its Southampton office.

    Becky brings 14 years’ fleet insurance experience to the role, which she begins with immediate effect. She will be responsible for handling many aspects of Arista’s motor fleet account in the South of England, including renewals, new business and mid term adjustments.

    Before joining Arista, Becky was a supervisor for the motor renewals department at One Business Insurance, overseeing fleet and commercial motor renewals as well as ensuring retention targets were met.

    In her current role with Arista, Becky will report to Andy Wright, Regional Manager.

    This latest appointment strengthens Arista’s support for its brokers in the South of England, helping to deliver great service to brokers and provide direct access to underwriting expertise.

    Arista chief executive Charles Earle said: We are very pleased to welcome Becky to the Southampton team. Fleet business requires specialist handling and Becky’s joining is very much part of our commitment to provide our brokers with access to expert underwriters.”

    0 0

    Following the launch of its new buildings and contents cover, speciality general insurance provider Assurant Intermediary is now offering Legal Expenses cover to its range of general insurance products available exclusively to mortgage brokers and intermediaries.

    Underwritten by DAS, the new legal expenses policy can be added to Assurant Intermediary’s range of B&C policies.  The policy provides clients with access to affordable legal protection against a wide variety of potential disputes including employment problems, personal injuries and contract disputes.

    Assurant Intermediary Sales & Marketing Director Kevin Paterson, says: “A legal dispute can arise unexpectedly with problems ranging from a dispute with your employer to someone trespassing on your property.  The cost of settling such a dispute can prove expensive whether you win or lose.  With Legal Aid now only available to a small number of people the cost of professional advice can soon mount up.  We’re delighted to be able to now offer comprehensive and competitive legal expenses from DAS as an additional policy to our range of B&C covers.”

    Cover includes:

    – Employment Disputes

    – Contract Disputes

    – Personal Injury

    – Clinical Negligence

    – Tax Protection – investigation by the HM Revenue & Customs of their self assessment tax return

    – Jury Service and Court Attendance – payment of salary or wages while attending a court or tribunal or performing jury service

    – Legal Defence – defence of criminal prosecutions and civil actions for unlawful discrimination or breaches of the Data Protection Act arising from a client’s work as an employee

    – Identity Theft – to help regain your client’s identity

    0 2

    Business process outsourcing (BPO) is now considered a strategic option by the boards of European insurers, according to Ovum. With the fragile economic state of their core markets and an increasingly unstable Eurozone, European life insurers are faced with the urgent need to reduce operational costs and conserve capital.

    A new report from the global analysts highlights the factors impacting the life insurance sector. These go beyond a mere temporary market slowdown that is resolvable with short-term cost cutting. Instead, they will drive significant strategic change for some insurers and a wider general restructuring of the European life industry within the next 36 months.

    Life insurers implement BPO for a range of functions, from discrete low-complexity back office processes such as premium billing, address changes, data entry and indexing, to the comprehensive outsourcing of most processes encompassed in the life insurance activity chain. These include specialist, judgment-based activities such as contested surrender claims. Typical reductions in service delivery costs achieved through BPO agreements in the UK vary from 15 per cent to 35 per cent.

    As the urgency to reduce costs increases, the inhibitors to BPO adoption that are present in a number of continental European countries will be overcome. “While not applicable in every case, the significant role that BPO can have in reducing costs and driving service-level improvement means it should be seriously considered as part of the strategy development process of all European life insurers,” says Charles Juniper, senior insurance analyst, Ovum. “The situation prevailing in each European region will define the characteristics and urgency with which life insurers will adopt BPO.”

    The UK will remain the largest life insurance BPO market globally; however, with closed book administration there will be few new market entrants to challenge the dominant BPO market leaders. On the other hand, uplift in adoption of BPO within open book administration is likely, but these opportunities will be small both in scope and contract size. Nonetheless, BPO in support of open book processing does offer potential opportunities to smaller providers.

    Conversely, mainland Europe faces a decidedly mixed outlook. The Dutch life insurance industry is facing an immediate crisis, with BPO contracts likely to be awarded within the next 12 months. However, both France and Germany have BPO opportunities developing at a much slower rate. This is primarily due to cultural reluctance, political sensitivity and regulatory complexity of these markets.

    “BPO is an increasingly viable strategic option as life insurers look to cut costs in support of core administrative processes – particularly for closed life books,” says Juniper. “Life insurers can assess the potential role of BPO within their organisation by mapping their requirements against key strategic ‘levers.’ These include ‘scope of activity, ‘IT transformation,’ ‘operational transformation’ and ‘multi-shore service delivery.’ This allows a life insurer to understand the focus of benefits, the likely timescale for these benefits to be realised, the level of investment needed and the potential risks.”

    Ovum expects to see strategic levers increasingly used by insurers to identify and prioritise key capabilities required of potential BPO vendors in the execution of a particular strategy. This is both in terms of the immediate and longer-term objectives.

    0 2

    Merlin’s Belfast office has been on high alert and Adjusters worked through the night, attending affected properties. The company took a proactive stance, mobilising personnel, sourcing local intelligence and contacting clients and their policyholders yesterday evening. Adjusters from Merlin’s dedicated Belfast office have been providing mitigation advice and are today dealing with an influx of flood claims following two inches of rain falling in under two hours. South and East Belfast, Dunmurray and Lisburn areas have been particularly badly affected.

    Merlin is handling numerous properties currently, which have been evacuated while rescue work and property inspections are undertaken. There is a vast spectrum of damage with impact costs presently ranging from between £5,000 to £150,000 per property. Where necessary, policyholders have been provided with emergency alternative accommodation.

    Russell Crewe, Loss Adjusting & Claims Services Director at Merlin commented: “We are continuing to monitor the situation and expect further instructions as the turbulent weather continues. Our immediate and co-ordinated proactive response has seen policyholder visits taking place at an exceptional rate. Additional resource has also been identified and is ready to go at a moment’s notice. We are keeping clients regularly updated as the situation unfolds.”

    0 0

    We all want to know that, if we fall ill on holiday, we will be looked after and, if necessary, be brought home. As many European economies continue to face a crisis of confidence in the money markets, there is growing concern that this may not always be possible. Whilst this would normally prompt a call to take out travel insurance for that peace of mind, even that is no guarantee if economies start to implode.

    There have been many warnings to travellers not to rely on the European Health Insurance Card (EHIC), which is supposed to give all Europeans access to state medical care across the EU. However, in recent weeks, the poor state of Greece’s economy has impacted on the care that state hospitals can offer, with local residents having to take precedence over foreigners in some cases.

    Reports last week suggest that medical suppliers, fed up with being unpaid, are denying state hospitals basics such as gauze and syringes whilst, on the island of Leros, the psychiatric hospital can no longer feed its 350 patients. In recent days, rundown state hospitals in Greece have reportedly been cutting off vital drugs, limiting non-urgent operations and rationing even basic medical materials for use by exhausted doctors.

    The consequence for insurance companies is that patients are being moved from state to private medical clinics where the costs of treatment are significantly higher. As a minimum, even if customers are insured, the claims costs are going to escalate which will have an impact of the cost of travel insurance in the future. The worst case scenario, however, is that over 200,000 travellers to Greece who do not take out travel insurance will find themselves with significant bills for treatment that would otherwise be free.

    Whilst Greece is a popular tourist destination, it is outweighed by the many Spanish destinations so loved by the British and, as we approach another busy summer, the plight of the Spanish economy is also a concern. The healthcare system in Spain is regarded as both more advanced and more efficient than in Greece but that does not make it immune to economic strife. Whilst the private medical sector has always treated overseas patients, if Spanish state hospitals start to withdraw medical care, it will undoubtedly add to the medical costs borne by travel insurance companies across the globe.

    After several years of healthcare issues and escalating costs in countries outside the Eurozone, including Turkey and Egypt, travel insurers now face rising costs within the EU, adding to the upward pressure on premiums for the industry. Maybe now is the time for travel insurers to consider differential rating by country to reflect the changing risks and costs?

    Greg Lawson, Head of Retail at Columbus Direct

    0 0

    Belgian banking and insurance group KBC has agreed to increase to 33.9-per cent its stake in Slovenia’s biggest bank NLB, Slovenian Finance Minister Janez Sustersic said on Thursday. 

    “KBC will invest 61 million euros ($75.8 million) in Nova Ljubljanska Banka and increase its stake to 33.9 per cent from the 25 per cent it currently holds,” Sustersic told journalists.

    He added that the state, which currently owns 55.6 per cent of the bank, will buy 320 million euros worth of contingent convertible bonds (CoCo bonds) to help NLB lift its capital ratio to nine per cent from its current six per cent, in line with European Banking Authority requirements.  The state’s investment is “essentially a temporary loan to NLB that will expire in June 2013,” Sustersic said.   The CoCo bonds may be converted into equity in the event that the bank’s capital Core Tier 1 adequacy falls below seven per cent, he added.

    “At the same time, we will continue our efforts — coordinated with KBC — to find by the end of the year new private investors in NLB,” Sustersic said.

    NLB’s shareholders agreed on Wednesday on a 381-million-euro capital increase by issuing CoCo and other bonds.

    “KBC has indicated it does not want to become NLB’s majority owner but would prefer to look with the government for a financial investor or a group from the banking sector,” Sustersic told journalists.   NLB, which has been burdened by non-performing loans, reported net losses in 2011 of 239 million euros after suffering a loss of 202 million euros a year earlier.

    Ljublajana, June 28, 2012 (AFP)

    0 1

    Tropical Storm Debby made landfall late Tuesday night near Steinhatchee, Taylor County, Florida – the second tropical storm to make landfall over the U.S. in 2012.

    According to the National Hurricane Center (NHC), the system had maximum sustained winds of 40 mph at landfall – a weak tropical storm – with a large tropical storm force wind field extending outwards up to 175 miles from the center of the system (predominantly to the southeast). Preliminary wind field analysis shows that tropical storm winds affected a large region of western Florida, south to Cape Coral, and extended inland in central regions, including Orlando.

    The system has, and continues to bring heavy rain to the region, in particular to northern Florida. As of Tuesday, over 26 inches of rain was recorded in Sanborn, south of Tallahassee, close to 22 inches in St. Marks and between 15 and 20 inches in areas to the north of Apalachee Bay.

    Flooding has occurred in localized regions across north and western Florida. In association with coastal flooding, voluntary evacuations have been issued for low-lying areas of Wakulla and Suwanee County. Part of Interstate 10 – a major interstate across northern Florida – was closed due to flooding, and on the west coast, two major routes over Tampa Bay into St. Petersburg were closed as a result of flooding and high winds.

    Information from the National Weather Service Storm Prediction Center indicates that no tornadoes spawned from the system on Tuesday, June 26.

    A state of emergency was declared in Florida in association with Debby, with officials reporting that virtually every country in Florida was affected by the storm though either wind damage, flooding, or power outages. Scattered power outages continue.

     “As of this morning, the system is located over western Florida, and has weakened to a tropical depression due to moderate vertical wind shear, dry air entrainment and land interaction,” said Neena Saith, director of catastrophe response at RMS. “The system is forecast to cross Florida and re-emerge over the Atlantic in the next 24 – 36 hours.”

    There is consistency amongst models as to the forecast over this 36 hour period, beyond that, the NHC has the system tracking to the east-northeast into the Atlantic, some models have the system stalling off the U.S. coast. Little strengthening is expected and the system will likely not reach hurricane status after it re-emerges over the Atlantic.

    0 0

    The Law Society is seeking industry-wide support from brokers and insurers to use its professional indemnity insurance (PII) composite proposal form in the first step in the Law Society’s drive towards a common proposal regime.

    The Society has sought to make life easier for its members in the PII renewal period by calling for a common proposal form, which, if further industry support is gained, will mean that solicitors do not have to complete multiple forms. A one-form-fits-all approach would, says the Society, be more beneficial for its members.

    Although the insurance industry has yet to unanimously sign up to this approach, the Law Society has secured support for its composite proposal form amongst some of the major names providing PII coverage to solicitors.

    Law Society chief executive Desmond Hudson said: “This is the first step towards a common proposal form, which is the ultimate aim for making it easier for our members to obtain quotations from different insurers during the PII renewal process.

    “The need to fill in the same or similar information about the firm to satisfy the requirements of different insurers seems unnecessarily time-consuming and extremely frustrating. The experience of solicitors in Ireland (a market populated by many of the insurers active in our market) last year, where the common proposal form helped solicitors get better value premiums, has reaffirmed our determination to help our members by the introduction of a common proposal form.

    “Some, though not all, insurers and brokers have helped design this form. The result is a composite form that has a sufficient degree of commonality that it should be broadly acceptable to qualifying insurers with minimal supplementary questions.

    “From working with those insurers and brokers willing to collaborate we are seeing parts of the PII sector embrace this approach, for the benefit of our members.”

    Other brokers and insurers yet to sign up to the new form are being urged to do so by the Law Society, which intends to publish and update details of those who will accept the composite proposal form on the Society’s website throughout the renewal process.

    The Society says that the new form is a ‘living document’ and is designed with a view to developing it in the future.

    Solicitors are urged to ask their broker and insurers if they accept the form when seeking PII cover. The Society points to the power of the profession when it adopts a common theme and works to achieve it, as was seen most recently with HSBC in pursuing an agreement on lender panels.

    0 0

    Mastek has voiced a warning to life and insurance companies that they need to improve data consolidation practices ahead of the introduction of Solvency II. This is in order to comply with the increasingly strict regulations that govern the quality of data that organisations use to manage risk. 

    With the introduction of Solvency II, regulators need to be convinced that businesses have enough capital liquidity to cover the level of risk within the business. However, in order to comply with this requirement, a complete set of appropriate data needs to be on hand to support the accurate calculation of potential exposure. Businesses will therefore need to implement a robust structure that warehouses data effectively, undertake a thorough data analysis and design a flexible IT model that maps information across the organisation. Firms will need to focus on all three of these areas in order to obtain a holistic view of the data that they are using to inform their decisions about risk.

    Richard Sansome, senior vice president & head of financial services at Mastek says: “The problem facing many businesses, and life and insurance organisations in particular, is that they often use a number of disparate IT systems to hold business-critical data across many different parts of the company. This makes collating data a complex and time consuming task. While many firms see consolidating data as a daunting challenge, in a good deal of cases this information can actually be drawn together in a very short time,  as long as the appropriate technology is in place, and the mandate to tackle this problem is firmly sponsored by the business.

    To avoid falling behind other industries, we recommend that life and insurance companies take action now to ensure that all of their data is easily accessible and stored in an auditable way. For example, firms need to be looking at data warehousing as a solution to internal administration pressures, since this approach will ensure that the main source of information is cleaned, transformed, catalogued and readily available for decision making.”

    Richard continues: “Today’s insurance market is based on many different kinds of data; everything from handling and dealing through to trading and exchanging sensitive information. However, with about 19 months to go until the introduction of Solvency II, organisations need to have the resources in place to meet new guidelines around data management or find themselves banned from underwriting business for both new and existing customers. Many organisations are still underestimating the resources required to comply with Solvency II, especially as most firms don’t have the tools in place to do this internally. As such, firms will need to begin implementing these processes now in order to ensure that their systems are up to date ahead of the 2014 deadline.”

    0 0

    AMII announces PMI resuscitation session for 2012 Summit

    The Association of Medical Insurance Intermediaries (AMII) has announced the line up for its key note debate session for its first UK healthcare Summit.

    ‘60 Minutes to Resuscitate PMI’ will bring together key figures from insurers, intermediaries and hospital groups to discuss how to make PMI relevant and affordable for the future, and bring back growth in this market. The debate will be interactive and that there will be opportunities for delegates to put their views and ideas forward on how PMI needs to evolve to continue to be relevant to consumers and businesses in the future.

    Participants confirmed for the debate session are:

    – Keith Biddlestone, Commercial Director, HCA International representing the private hospital sector;

    – Wayne Pontin, AMII Chairman and Sales Development Director for Jelf Employee Benefits representing the specialist PMI intermediary sector;

    – Mark Noble, Health & Group Risk Director, AVIVA UK Health, representing the PMI insurers viewpoint.

     

    AMII 2012 will be held on Tuesday, 3 July at the Royal College of Physicians, in London’s Regent’s Park. Fergus Walsh, the BBC journalist will host the event and make his own presentation and Rt Hon Stephen Dorrell, MP and Chair of the Health Select Committee will be one of the key speakers.

    Wayne Pontin, chairman of AMII said: “Suddenly our ‘60 minutes to resuscitate PMI’ has further resonance with the publication of the latest Association of British Insurance stats showing the third year of decline in subscribers to PMI, down 4.7% to 3.2m. There has been a significant decline in claims paid as well, down 4.8%, which is going to have a knock-on effect within the private hospital sector itself.

    “The 1.8% fall in gross premiums is of concern in that much of it is from commercial business for some time the mainstay of the market. The PMI market needs an injection of ideas and solutions and we look forward to the ideas our panel will put forward.”

    AMII 2012 is open to all intermediaries with an interest in the private healthcare sector – non AMII members are welcome. More information about AMII 2012 is on www.amii.org.uk and companies interested in exhibiting or sponsorship opportunities will also find full details on the site.

    0 0

    Greece’s new prime minister and finance minister will for health reasons both miss a key EU summit where they were to launch efforts to renegotiate the terms of an unpopular austerity-centred bailout. 

    Prime Minister Antonis Samaras was told to avoid travel after undergoing major eye surgery, the government said on Sunday, meaning that Greece will be represented at the summit by Foreign Minister Dimitris Avramopoulos.

    Incoming Finance Minister Vassilis Rapanos, who has yet to take his oath of office, is currently also in hospital after being admitted with strong stomach pains on Friday.

    Neither Samaras nor Rapanos are due to be discharged from hospital until Monday, and the latter is likely to be kept until Tuesday. Experts from Greece’s so-called “troika” of creditors — the EU, IMF and European Central Bank — will postpone an audit of the country’s finances originally scheduled to start on Monday, and vital for the release of loan funds.

    “There is a delay, the exact date of the (auditors’) arrival will be set in the coming days,” a government source told AFP.

    The PM’s surgeon Panagiotis Theodosiadis said Samaras would take “days and weeks” to fully recover from a 3.5-hour surgery on Saturday to remedy 11 cracks found in his retina. He is expected to stay at home for at least a week. But the coalition government under Samaras that emerged from June 17 elections already has a mountain to climb and no time to lose.

    State coffers are almost empty, with reserves set to last until late July.

    Structural reforms pledged in return for billions of euros in EU-IMF loans were suspended as the country held two elections in six weeks, with the first on May 6 failing to produce a workable government.

    As a result, the creditors keeping Greece alive — the EU, IMF and the European Central Bank — lack a clear image of where the country stands, and no new funds can be released until this is clarified.

    The exception is a one-billion-euro instalment left over from before the elections, which is expected to be released by the end of June. But it is too small a sum to make a difference. Greece needs 7.6 billion euros ($9.5 billion) just by the end of July to cover maturing debt and the state’s tax takings are short of target.

    Greek banks are also in poor shape despite a recent recapitalisation to cushion the effects of a major sovereign debt rollover. Greek newspaper To Vima on Sunday said Athens breached the rules of its EU-IMF loan agreement by taking on some 70,000 public sector staff in two years, undermining efforts to reduce the state payroll.

    The weekly added that a bill tabled in May to evaluate civil servants and axe nearly 2,000 ministry posts was never passed into law.

    In his election campaign, Samaras had pledged to redress “injustices” in the austerity-centred bailout deal which most Greeks consider to have exacerbated the recession and killed off any demand left in the economy.

    The new government, built around the conservatives and backed by socialists and moderate leftists, on Saturday said it wanted to freeze further civil service layoffs and bargain for a two-year extension to its tough fiscal adjustment.

    The aim would be to meet fiscal goals “without further cuts to salaries, pensions and public investment” and new taxes, a government policy plan said. There have been indications that a target extension can be considered, but eurozone hardliners such as Germany and Austria are unlikely to accept a watering-down of Greek commitments without a fight.

    Another Greek newspaper, Kathimerini, on Sunday said creditors are unlikely to accept the new government’s request to reverse a minimum wage cut and recent labour reforms to facilitate layoffs.

    “The troika is displeased with the content of the three-party policy plan,” the daily said.

    Athens, June 24, 2012 (AFP)

    0 0

    Swiss pharmaceutical giant Roche is under investigation over a failure to properly report adverse drug side-effects, the European Medicines Agency (EMA) said on Thursday. 

    Inspectors at the Basel-based company’s British site in Welwyn found deficiencies related to Roche’s global process of detecting and reporting the adverse effects of medicines.

    At the time of the inspection, 80,000 reports for medicines marketed by Roche in the US had been collected through a Roche-sponsored patient support programme, but had not been evaluated to determine whether they should be reported to the EU authorities as suspected adverse reactions.

    “These included 15,161 reports of death of patients and it is not known whether the deaths were due to natural progression of the disease or had a causal link to the medicine,” the EMA said in the statement.

    “There is at present no evidence of a negative impact for patients and while the investigations are being conducted there is no need for patients or healthcare professionals to take any action,” added the EMA.

    A Roche spokesman said the company “acknowledges it did not fully comply with regulations and appreciates the concerns that can be caused by this issue for people using its products.

    “Roche is committed to actively pursuing corrective and preventative actions to address this matter expeditiously,” it added.

    “The non-reporting of these potentially missed adverse events was not intentional.”

    The EMA is the equivalent of the US Food and Drug Administration and regularly carries out inspections to ensure correct adverse drug reporting.

    This is meant to identify problems with drugs by recording when a patient dies or has a medical setback, even if they have an underlying disease.

    London, June 21, 2012 (AFP)

    0 0

    NIG has appointed Neil Bowen to the key post of Area Underwriting Manager (Scotland) as part of its on-going investment in its Scottish business.

    Neil has worked in the insurance industry for 22 years – 20 of which have been spent in Scotland. He joined Norwich Union in Glasgow in 1992 as a Commercial Underwriter, moving to Chubb in 2001 as Property Development Underwriter (Scotland) and then, in 2005, to Primary Broker Services as Underwriting Manager (Scotland and Northern Ireland).

    As well as being responsible for underwriting across NIG’s commercial book in Scotland, Neil will develop the account through the existing broker panel and look for new opportunities with Scottish brokers. He will also be responsible for leading and developing the underwriting and service culture within the Scotland team.

    In a recent survey1 conducted by NIG on a sample of leading brokers in Scotland, 40% said that one of the key requirements they look for from their commercial insurance partners is a ‘strong, regional office’; overall, they rated ‘fast, efficient customer service’ in first place (60%).

    Neil Bowen, Area Underwriting Manager (Scotland), said: “NIG has been very clear in its determination to strengthen its position in Scotland, and I’m very happy to join during this exciting time. There are opportunities to develop large and profitable broker accounts across the region and to provide the underwriting skills and service levels which will help our broker panel grow their businesses.”

    Stuart Webb, Head of Regional Trading at NIG, said: “NIG has made a commitment to ensure Scottish brokers receive the level of service the market deserves. As part of this, Neil has joined the team to lead the underwriting and service delivery that is required to profitably grow the book.

    “Neil has a proven track record of growing a book through sensible and flexible underwriting, balanced decision making and strong relationships across the region. Neil is an excellent addition to the team and will lead NIG Scotland from the front to ensure continued profitable growth.”

    0 0

    Aon Risk Solutions has been appointed by ISS to provide global risk management services and insurance advice.

    ISS is a global organization with over 500,000 employees around the world, and offers a range of facility services from office cleaning, catering and landscaping to property and support services, security and facility services management, with clients able to manage all services through just one point of contact.

    Aon has been appointed as a fully coordinated insurance advisor and risk management partner and will utilise its global network of offices to work closely with ISS at both a local and global level.  This truly global partnership will enable Aon to significantly improve the management and financing of the ISS risk portfolio. The hub of the relationship is based in London, driven by a cutting-edge Aon team that will engage colleagues around the world to provide ISS with a coordinated and transparent approach.

    Anders Soeborg, Head of Risk Management at ISS, said: “Our more than 200,000 customers globally are not only outsourcing their services to us. When we deliver Integrated Facility Services in fact we also take on a great number of operational risks. In this respect we see the recent global partnership with Aon as a very important step on our way to operational risk excellence to the benefit of ISS and our customers.”

    Chris Naylor, client director at Aon, added: “We’re delighted that ISS were impressed with our truly global approach and experience of dealing with global complexities.  We were able to mobilise the Aon team around the world quickly to work with ISS on a local level – we are lucky that as two global companies, our footprint matches perfectly. We’re looking forward to working closely with ISS and developing a true strategic partnership.”

    0 0

    Liberty Syndicates (Liberty Syndicate Management Limited), part of Liberty Mutual Insurance Group, has opened an office in Bogota following the granting of its Admitted Reinsurer Licence for a representative office in Colombia as of 18 May 2012.

    Liberty Syndicates is the first Lloyd’s vehicle to be granted a licence in Colombia in its own right.  The new Syndicates office in Bogota joins Liberty Mutual Insurance’s existing operation, Liberty Seguros, which has operated in Colombia since 1997, and is now the second largest property and casualty company in the country.

    The Liberty Syndicates office will be headed up by Jose-Ernesto Ospina, a well-respected market figure with 30 years’ market experience. Initially the office will focus on the production of Treaty Property, Motor Reinsurance, Treaty Casualty and Marine Reinsurance business, with support services being provided by Liberty Syndicates’ existing Brazilian offices with underwriting oversight coming from London.

    A major driver behind Liberty Syndicates’ decision to open a representative office in Colombia is the growing economy allied to a more stable political climate. Significant foreign investment (and a  major  infrastructure development programme over the next ten years along with a steady influx of multinational companies will continue to create opportunities in the country.

    Liberty Syndicates’ Chief Underwriting Officer Matthew Moore said: “Colombia represents a very exciting opportunity for Liberty Syndicates.  Alongside our core Treaty lines we look forward to offering Speciality products such as Agriculture, Terrorism and Contingency.  As a mature and well developed (re)insurance market we look forward to building long term relationships with a number of local cedants.”

    Chief Executive Officer Nick Metcalf said: “This new office represents a significant development in Liberty Syndicates’ capabilities in Latin America.  Colombia is making hugely impressive strides in the global markets and its strong economy and more stable political environment. only enhances its potential.”

    Prev1...113114115...170Next Page 114 of 170

    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