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Gas and electricity prices will be rising as announced by Scottish and Southern Energy. John Miles from Gocompare.com gives some top tips on how to save money on your energy bill:

  1. Don’t ignore the letter from your energy company which tells you your tariff has come to an end. Unless you tell them to do otherwise or switch to another provider, you will almost certainly be put on to the energy company’s standard tariff and these usually don’t offer the best value. Read all the correspondence from your energy provider carefully.
  2. Fix at lower prices while you can. Although energy providers such as BG and SSE have recently announced big price hikes to their standard tariffs several providers are yet to increase their prices. Use a comparison site to check which companies are offering the best deals for your area but beware of switching to a variable tariff which may look  good value now but may also be increased over the coming few months.
  3. Check that the meter readings on your bills are accurate and if possible try to avoid estimated readings. Also, if you pay by monthly direct debit and build up a credit balance on your account you may want to request that it is paid back to you rather than off set against future bills. If you frequently build up a credit balance you should ask for your monthly payment to be reviewed.
  4. Energy companies usually offer the best prices to customers who select an online tariff with online billing and who pay by monthly direct debit. If you’re happy to be billed and pay your bills this way you may be able to get a lower tariff.
  5. A sure fire way of saving on your energy bill, and being kinder to the environment, is to use less energy in the first place. Here are some general tips on good energy saving practice…

– Ensure that your home is properly insulated in the roof and cavity walls if appropriate. Grants are available to help with the costs of installation and insulation companies will often arrange these grants on your behalf and only charge you for the balance.

– Get a home energy monitor. Some energy companies will provide them for free otherwise you can buy your own from around £30.00. They are a great way of making it extremely visible how much energy you’re using at any time. You will go around the house turning off lights and appliances!

– Turn down the thermostat on your heating and hot water. Reducing the temperature of your hot water to 60 degrees centigrade will reduce your energy bill.

– Only boil the water you need when making a hot drink. There’s a very clever device called an Eco-Kettle which you can fill up with water but will only actually boil the amount you need. Tests have shown it uses 31% less energy than a standard kettle.

– Use lower temperature settings on washing machines and dishwashers. Modern detergents are designed to work well at temperatures as low as 30 degrees centigrade.

– Install energy efficient light bulbs

Source : Gocompare.com

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uSwitch.com research show’s overall client satisfaction is declining. The Ofcom ruling could not have chosen a better moment to tackle poor customer service. New rules will require communication providers to do much more to help unsatisfied consumers.

Key uSwitch.com Customer Satisfaction Report findings:

– Broadband blues: mis-selling and bad billing leave just six out of 10 customers satisfied overall with service and over two million customers (14%) unhappy

– Mobile malaise: less than six in ten (58%) of mobile phone users are happy with their service [2]

– Home phone moan: two price rises in less than a year have led to the first drop in customer satisfaction since 2008 – less than 6 out of 10 customers (58%) are satisfied[3] with their service.

Ernest Doku, technology expert at uSwitch.com, comments: “Ofcom’s ruling is great news for customers fed up with how providers address issues of poor customer service. Customer satisfaction with broadband and home phone services has fallen in the last year while mobile phone customers are the least satisfied of all. Although providers may be focusing on broadband speed, value for money or the newest mobile handsets, they need to remember that the winning formula also calls for first class customer service.

“However, there is little reason why consumers should put up with poor quality service, especially when it’s so easy to look around and move to a better provider. This ruling should be a wake-up call for telecoms providers, and gives them a real chance to try to address their failings. If they don’t, not only will they have to answer to Ofcom, but they could well see customers vote with their feet. Whether or not Ofcom’s ruling makes a real difference or not, consumers still have the power to demand better customer service.”

Source : uSwitch.com

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The English Premier League Premiership trophy will be on display in Chicago at the Aon Center as part of Manchester United’s 2011 summer Tour.

Manchester United, the most successful team in Premier League history with 19 championships, will be playing the Chicago Fire on Saturday, July 23 at Soldier Field.

The team defeated the New England Revolution 4-1 in Boston on July 13 and played the Seattle Sounders FC in Seattle on July 20 (win 7 – 0).

After Chicago, Manchester United travels to New Jersey to play the MLS All Stars at Red Bull Arena on July 27 and finishes their North American tour on July 30 in Washington D.C. against Barcelona FC at FedEx Field.

Aon Corporation is the principal partner and global shirt sponsor of Manchester United.

Who:        Manchester United Football Club and Aon Corp.

What:        Public display of English Premier League Premiership trophy

Where:     Aon Center
South Courtyard
200 East Randolph

When:      Friday, July 22
9am – 11am CT
(Appearance by Manchester United Legend scheduled at 10:15am)

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New claims for US unemployment insurance benefits climbed sharply last week after two weeks of decline, signaling  weakening in the labor market, official data showed Thursday.    Initial jobless claims rose by 10,000 to a seasonally adjusted 418,000 in the week ending July 16, the Labor Department said.    The claims surge was stronger than expected, above the consensus analyst  estimate of 411,000 claims.   

The department upwardly revised the prior week’s claims by 3,000 to 408,000.

The four-week moving average, which helps to smooth weekly volatility, fell to 421,250 from a revised 424,000.

A Minnesota state government shutdown affected the claims number for the third consecutive week, but only resulted in 1,750 new claims last week, the  department noted.

Initial jobless claims have held above the 400,000 threshold for 15  straight weeks. In the prior week ending July 9, claims had fallen the lowest since April but many analysts said that was not sustainable amid the faltering economy.

The latest claims numbers appeared to confirm continued slack in the labor market as businesses are reluctant to hire in the face of weak demand. In June, job creation stalled and the unemployment rate rose to 9.2 percent.

Washngton, July 21, 2011 (AFP)

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Fitch Ratings will be hosting its annual pre Monte Carlo reinsurance briefing on Tuesday 6th September. Chris Waterman and Martyn Street will be presenting Fitch’s global reinsurance review and outlook, providing an update on the state of the reinsurance market.

Tony Ursano, Chief Executive of Willis Capital Markets & Advisory, will follow the Fitch presentations to give a broker’s perspective of the sector.
Registration starts at 11.00am with the presentation running from 11.30am – 12.25pm. A light lunch will be served immediately after this presentation.

Although the event is free of charge to attend, pre-registration is required.

Fitch will also be attending the Monte Carlo Rendezvous and are available for meetings during the conference.

You may contact Louise Wilson on louise.wilson@fitchratings.com to arrange any meetings.

Register Here

View Agenda

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Fitch Solutions is pleased to confirm that it is sponsoring the Risk Japan forum, the premier event for risk and investment professionals across the country.

Join us at this event in Tokyo Japan, to get to the core elements influencing markets and affecting risk and investment professionals across Japan and the region.

This year’s educational programme will feature in-depth sessions focusing on the outlook for Japan’s economy, impact of global regulatory reform, the latest strategies in portfolio construction and asset allocation, and best practices in risk management.

If you are a risk or investment professional from a corporate organisation, insurance company, asset management firm, pension fund or bank, don’t miss this chance to benchmark your methodologies against those of your peers.

Featured Topics

– Credit Risk

– Counterparty Risk

– Risk Management

– Market Risk

– Asset Management

– Market Investments

– Country Focus

You may contact Conor COUGHLAN +44(0)20 3530 1000 or by emial : conor.coughlan@fitchsolutions.com

View Event Agenda

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In New York, USA : Fitch Ratings is a proud sponsor of IMN’s 3rd Annual Covered Bonds – The Americas Conference.

The covered bonds product enjoys a strong reputation in Europe, having originated in Germany as a funding tool some 300 years ago. Covered bonds, some have argued, are a safer investment alternative owing to its on-balance sheet nature which means issuers of these bonds retain some skin in the game (a current criticism of its sister funding tool, securitization which is off-balance sheet funding).

The questions remains as to whether or not the world’s largest and deepest mortgage market, the US, will develop its own covered bonds market. This conference will further explore the possibility as well as provide a foundation for understanding the product and its potential in the US.

This one day conference program will feature the following topics:

– Covered Bonds Basics: A Primer
– Covered Bonds: How Efficient are They as a Funding Alternative?
– The Role of Covered Bonds in the Investment Portfolio
– Crystal -Balling the US Covered Bonds Market
– Ratings Methodology for Covered Bonds
– Establishing a CB Legislatory Framework in the US
– Liquidity Concerns in the Secondary Market for Covered Bonds: Trader and Syndicate Banker Roundtable
– Lessons from Europe in Establishing a CB Market
– Covered Bonds Issuer Roundtable

For more information, please visit the event page.

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3rd Annual Health Service Excellence

ROADMAP FOR YOUR BUSINESS IN AN EVOLVING GLOBAL MARKET

15th & 16th of September, 2011 in Munich, Germany

Request Brochure: http://www.uni-global.eu/en/event/2011-103/request_program

During times of uncertainty it is crucial to re-evaluate your strategies and realign your business goals. Listen as leaders highlight opportunities for excellent profit results under current conditions in health arena. Hear new strategies and proven business models that will resuscitate your premiums back to life. Witness products achieving great success, hear profit results to envy, and, where the risk of contract termination continues to rise, hear some of the best customer retention strategies out.

This 3rd annual health event brings together health insurers, health care executives, government officials and other health service providers and provide a unique opportunity to discuss the latest issues in health insurance product development, distribution, business strategies and client needs.

Prepare for the future in light of today. Experience the hottest success stories straight from the experts and create a roadmap for your business.

For further information, please contact:

Kiril Gelevski

Marketing Director

kgelevski@uni-global.eu

+420 234 250 224

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During times of uncertainty it is crucial to re-evaluate your strategies and realign your business goals. Listen as leaders highlight opportunities for excellent profit results under current conditions in health arena.

Hear new strategies and proven business models that will resuscitate your premiums back to life. Witness products achieving great success, hear profit results to envy, and, where the risk of contract termination continues to rise, hear some of the best customer retention strategies out.

This 3rd annual health event brings together health insurers, health care executives, government officials and other health service providers and provide a unique opportunity to discuss the latest issues in health insurance product development, distribution, business strategies and client needs.

Prepare for the future in light of today. Experience the hottest success stories straight from the experts and create a roadmap for your business.

Event website: http://uni-global.eu/en/event/2011-103

Request Brochure: http://www.uni-global.eu/en/event/2011-103/request_program

3rd Annual Health Service Excellence
ROADMAP FOR YOUR BUSINESS IN AN EVOLVING GLOBAL MARKET
15th & 16th of September, 2011 in Munich, Germany

For further information, please contact:

Kiril Gelevski

Marketing Director

kgelevski@uni-global.eu

+420 234 250 224

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Fitch Ratings has affirmed Italian insurance company Fondiaria-SAI’s (FonSAI) and its main subsidiary, Milano Assicurazioni’s (Milano) Insurer Financial Strength (IFS) ratings at ‘BB+’ and removed them from Rating Watch Negative (RWN) where they were placed on 24 November 2010. The Outlook for the ratings is Negative.

The affirmation reflects Fitch’s view that concerns over FonSAI and Milano’s capital increases have eased, following shareholders’ strong support for the planned capital increase. The ratings are also underpinned by FonSAI’s strong domestic franchise, which generates sustained revenues. The Negative Outlook reflects the challenges facing management in implementing its new business plans, including sluggish economic growth and increased volatility in capital markets in Italy.

Although Q111 results disclosed preliminary signs of a recovery in underwriting profitability for non-life business, the operating environment in Italy remains challenging, with weak prospects for economic growth and growth in household discretionary income following the government’s tight fiscal consolidation strategy. In addition, although raising EUR800m of equity is a clear benefit for the group, FonSAI’s capital adequacy remains weak and its investment leverage is relatively high in Fitch’s view, exposing the company to investment market fluctuations.

FonSAI is exposed to euro zone sovereign credit risk. The company has disclosed that, had it not made use of an option granted by the local regulator to all Italian insurers, it would have breached its regulatory consolidated Solvency I margin at end-March 2011. As a result, should the financial dislocation affecting Italian sovereign and corporate debt securities and market values of Italian financial institutions materially deteriorate, Fitch believes the risk would increase that FonSAI could again breach regulatory capital requirements, causing the company to need to strengthen its capitalisation. In this scenario, Fitch notes that FonSAI’s financial flexibility may be restricted because it may well be harder for it to seek additional fresh capital from shareholders in the short term and as a consequence the ratings could be downgraded.

The rating could also be downgraded if FonSAI fails to implement successfully its turnaround plan, resulting in a combined ratio above 105% at year-end 2011.

Conversely, the Outlook could be revised to Stable if FonSAI succeeds in executing its turnaround plan, maintains the group’s consolidated Solvency 1 regulatory capital position above 120% for a prolonged period of time, the non-life business generates sustainable earnings as evidenced by a decrease in the reported combined ratio to around 100% at year-end 2011 and the group shows resilience to capital market volatility.

FonSAI is the parent company and main operating entity of the second-largest domestic insurance group in Italy, with consolidated gross written premiums of EUR12.9bn in 2010. The group, created by the merger between Fondiaria and SAI in 2002, holds leading positions in the Italian non-life market through FonSAI and its 60% ownership of the other main operating entity, Milano. The group’s presence in the life sector is more limited than non-life but increasing, following a bancassurance joint venture with Banco Popolare.

Source : Fitch Ratings

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Fitch Ratings has affirmed Friends Provident Life and Pensions Ltd’s (FPLP), Friends Life Company Limited’s (FLC) and Friends Life Assurance Society Limited’s (FLAS) Insurer Financial Strength (IFS) ratings at ‘A+’. Fitch has also assigned a Long-term IDR of A- to Friends Life Group plc (FLG). The Outlooks are Stable. A full list of rating actions is at the end of this release.

The affirmation is driven by Fitch’s expectation that the group will achieve substantial efficiencies from the synergies between the FPLP business and the acquired AXA UK Life businesses, FLC and FLAS. Fitch recognises the risks inherent in any integration process but notes management’s previous success in integrating life funds. Fitch expects the company to achieve its planned cost savings of GBP112m a year by 2013 and to improve its new business profitability.

Fitch believes the group’s cash generation will be enhanced by the acquisition of the AXA UK Life businesses. The group’s increased operating scale is a positive rating factor. Regulatory capital surplus increased to GBP2.3bn at end-2010 from GBP1bn at end-2009, driven by the acquisition.

The low profitability of much of the business that Friends Life is writing in its core UK market remains a concern. The company is seeking to improve its profitability by reducing its costs and by developing its annuity capabilities with the aim of increasing its retention of pension savings policyholders at retirement to 50%.

An upgrade is unlikely in the near term, given the company’s current credit profile relative to peers, which Fitch considers unlikely to change rapidly. The ratings may be downgraded if Friends Life is unable to improve its profitability, achieving an annual operating return on assets in excess of 0.40% as calculated by Fitch, and a material reduction in the overall payback period for new business.

Any significant new developments in Resolution’s strategy on the ownership or structure of Friends Life would trigger a review of the ratings. In the meantime, Fitch notes that the existing capital strength of Friends Life is largely safeguarded by the group’s published capital targets, which have been agreed with the FSA, and the recently announced GBP250m share buyback is not expected to deplete capital to a level below that commensurate with the ratings.

Source : Fitch Ratings

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Aon Corporation announces the acquisition of the Westfield Financial Corporation and its subsidiary the Ward Financial Group from the Ohio Farmers Insurance Company.

Ward is a leading provider of benchmarking and best practices research studies for insurance companies in North America. Ward will be integrated with Aon’s McLagan Partners, an Aon Hewitt company and a premier performance/reward consulting and benchmarking firm for the financial services industry.

Ward has executed more than 1,500 benchmarking initiatives for approximately 350 insurance companies throughout North America, including more than half of all major U.S. Property-Casualty insurers. The firm is also known for its Ward’s 50, a distinction given to the top performing companies in property-casualty and life-health insurance.

Jeff Rieder, current president of Ward, will continue to lead the group, reporting to Michael Burke, president of McLagan Partners.

“Ward shares our focus on clients and our commitment to excellence. They will be a great fit with McLagan and Aon Hewitt,” said Burke. “During the past two decades, Ward has developed a strong brand and established a significant leadership position in the insurance sector throughout North America. We intend to build on this success by leveraging McLagan’s platform in Europe, the Middle East and Asia to better serve our clients in the global insurance industry. I welcome Jeff and his colleagues to the McLagan team.”

McLagan works with virtually every leading global financial services firm worldwide, including investment, commercial and retail banks, securities firms, investment management organizations and hedge funds. Its approach to performance/reward consulting and benchmarking enables clients to better interpret market trends and apply them to improve business results. McLagan views the insurance industry as a natural extension to its existing client base.

“This acquisition enables us to provide our leading performance/reward and benchmarking solutions to the full spectrum of financial services firms,” said Brian Dunn, chairman of McLagan. “Using Aon’s vast worldwide network, we expect to quickly become the leading pay and performance provider to the global insurance sector.”

“We are very excited to join McLagan and Aon,” said Rieder. “They have an internationally recognized reputation for innovation with a singular focus on client service, and I know Ward’s clients will benefit from access to a truly global network and all of the services and resources offered by Aon’s leading brands.”

Ward’s employees are expected to transition to McLagan and remain in Cincinnati, OH, Ward’s current headquarters.

This acquisition was made pursuant to a definitive agreement executed by a subsidiary of Aon and Ohio Farmers Insurance Company. Financial terms of the deal were not disclosed.

Source : Aon

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Aon Benfield Securities has released its latest Insurance Linked Securities (ILS) report, which examines the key trends in the ILS sector during the second quarter of the year.

The ILS Second Quarter Update 2011 reveals that five catastrophe bonds with total capital of USD741 million were issued during the period, compared with the nine issuances in Q2 2010 that raised a total of USD2.3 billion in the capital markets.

The report states that compared to the same period in 2010, the second quarter provided less volume for several reasons: sponsors and investors alike continued to evaluate the substantial model changes from RMS which in turn delayed a number of issuances pending further review by sponsors, and assessment of the natural hazards in Japan and New Zealand continued to occupy the market.

Furthermore the report adds, Japanese insurers have observed that the Muteki catastrophe bond provided the expected protection (and alternative to traditional reinsurance).  As a result, insurers have demonstrated a heightened interest in ILS and any rate hardening in the Japanese market will also increase the demand for securing earthquake coverage through the capital markets, as insurers seek to lock-in rates for an extended time.

The Aon Benfield All Bond, BB-rated Bond, and U.S. Earthquake Bond indices posted quarterly returns of 1.26 percent, 1.49 percent, and 2.20 percent, respectively, and all exceeded comparable returns for the quarter ended June 30, 2010. The performance was driven by price increases across bonds covering non-U.S. perils. For the U.S. Hurricane Bond index, which was essentially flat to the prior quarter, coupon returns were negated by seasonal adjustments heading into the U.S. Hurricane season.

Paul Schultz, President of Aon Benfield Securities, said: “Primary issuance in the second quarter of 2011 was considerably lighter than the same period in 2010, but catastrophe bond issuance from repeat issuers remained strong, highlighting the continued confidence of both sponsors and investors in capital markets capacity.  Secondary trading levels were substantially higher on a year-over-year basis, in part due to lower primary issuance.  Events in Japan and New Zealand at the beginning of the year, and the recent RMS catastrophe model changes, have caused some participants to pause for re-evaluation, but we expect ILS issuance to be strong as we move into the latter half of the year, and especially during the fourth quarter of 2011.”

Source : Aon Benfield

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According to catastrophe modeling firm AIR Worldwide, the second named storm of the 2011 Atlantic hurricane season, Tropical Storm Bret, formed off the coast of South Florida yesterday evening and is expected to strengthen to just below hurricane strength as it starts its turn toward the northeast.

As of the National Hurricane Center’s 11:00 am EDT update today, Bret’s center is located about 60 miles north of the Great Abaco Island in the Bahamas. The storm is moving slowly north-northeast at 7 miles per hour with 50 mph maximum sustained winds. A tropical storm warning has already been issued in the Grand Bahama Island and the Abaco Islands in the Northwest Bahamas.

 “On its current projected path, Bret is forecast to take a more northeastward turn over the next couple of days, and then eventually take a more eastward turn into the open waters of the Atlantic,” said Dr. Tim Doggett, principal scientist, AIR Worldwide. The NHC’s cone of uncertainty (representing 60–70% confidence in the forecast track) extends to within 20 miles of Bermuda, but the storm is expected to pass north of that island. Bret does not present a risk to the U.S.

 “The primary threat from Bret to the Bahamas is rainfall, which will be exacerbated by the slow forward speed of the storm,” continued Dr. Doggett. “Up to four inches of precipitation may accumulate in Grand Bahama and the Abaco Islands.”

According to AIR, residential construction in the Bahamas is largely masonry, while commercial properties are a mix of reinforced concrete and masonry. Both construction types should fare well against Bret’s wind speeds.

Dr. Doggett commented, “At present, it is not expected that Bret will develop into a hurricane, as the dry air to the northwest of the storm has prevented any significant strengthening of the system. Over the next few days, Bret will eventually encounter increased wind shear before weakening over colder waters.”

Source : AIR Worldwide

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Aon in the UK has demonstrated its commitment to reducing its green house gas (GHG) emissions by become the first company in the insurance industry in the world to be awarded Certified Emissions Measurement and Reduction Scheme (CEMARS) certification.

CEMARS is a carbon verification scheme that audits an organisation’s carbon footprint and certifies that they are reducing emissions year on year and taking steps to mitigate emissions in the future. It is the only scheme in the UK that offers certification to the globally recognised ISO 14064 standard for carbon management which specifies principles and requirements for the measurement and reporting of emissions and removals.

A key element of the ISO is the requirement for the design, development, management, reporting and verification of an organisation’s green house gas inventory.

Gregory Lowe, sustainability co-ordinator for Aon UK, commented: “Achieving CEMARS certification demonstrates Aon’s commitment to reducing our impact on the environment. By reducing carbon emissions, we are transforming Aon into a more sustainable organisation that will mitigate negative environmental impacts.”

Source : AON

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Zurich announced it is joining forces with the Association of Independent Financial Advisers (AIFA) as the new supporter of AIFA’s online business transition academy, FFWD. 

Available exclusively to AIFA members, the online hub contains a wealth of information designed to help advisers grow and adapt their businesses in light of the implementation of the Retail Distribution Review (RDR) in less than 539 days. Packed with hints and tips from advisers who have already embraced the challenges of the RDR, the virtual resource includes news and views from industry experts, a downloadable reference section with the latest FSA papers and AIFA guides on the key stages to developing successful business strategy.

Commenting on the new partnership with AIFA FFWD, Richard Howells, Intermediary Sales Director, Zurich UK Life said, “We’re delighted to be supporting AIFA and their online academy FFWD, at a time when more and more advisers are looking to industry bodies and providers to help them transition their business models in light of the RDR deadline.  By lending our support, we hope to create greater engagement with advisers while at the same time continue to champion the role of the adviser and influence the wider debate about the shape of financial advice in the future”.

Zurich will be providing expert comment over the coming months on key aspects of the RDR together with other topical issues, with podcasts, blogs, commentary and analysis from its RDR experts available through the FFWD microsite.

Sophie Fiori, AIFA Marketing and Membership Director said, “With over 1,500 firms already registered, FFWD is proving to be invaluable for member firms who are preparing their business for RDR. Our partnership with Zurich enables us to build on AIFA’s success to date and continue to develop this vital offering to members.”

AIFA members can access FFWD through a secure section of the AIFA website with their usual log in details.  Advisers not already members of AIFA, will need to register their details.

Source : Zurich Financial Services

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Standard & Poor’s Ratings Services lowered its long-term counterparty credit and insurer financial strength ratings on Polish non-life insurer Towarzystwo Ubezpieczen i Reasekuracji WARTA S.A. (WARTA) to ‘BBB’ from ‘A-‘. The outlook is developing.

The downgrade follows the recent announcement of WARTA’s ultimate parent company KBC Group N.V. (A-/Stable/A-2; core insurance operations rated A/Stable/–) that its revised strategy includes plans to divest its Polish bank and insurance operations to repay the state aid it received after the financial crisis in 2009. KBC published this information in a press release on July 13, 2011. This has led us to revise our assessment of WARTA’s group status to “nonstrategic” from “strategically important” and the implied group support to one notch from three notches previously.

The planned divestment of KBC’s Polish operations replaces other measures in its original strategic plan to generate funds, which was approved by the European Commission in November 2009. Approval of the revised strategic plan from the European Commission is still pending and the time frame for the potential disposal of WARTA is uncertain.

“We believe nevertheless that WARTA will no longer be a strategically important part of KBC’s bancassurance strategy in the future,” said Standard & Poor’s credit analyst Johannes Bender. “However, we still factor in one notch of implicit support into the ratings because we believe that KBC will stay committed to WARTA until the company is sold.”

Our assessment of WARTA’s stand-alone credit profile incorporates an analysis of the company’s consolidated financials, including potential financial risks arising from its major subsidiaries. In our view, WARTA’s stand-alone credit profile continues to benefit from strong capitalization and a good competitive position as a major insurer in Poland. Offsetting factors are, in our view, WARTA’s marginal operating performance, which albeit visibly improving in 2011, still needs to demonstrate a longer positive track record. In addition, we think that the company’s new management team needs to demonstrate that it can sustain the turnaround in the future.

The developing outlook reflects the uncertainties regarding a potential buyer for WARTA. According to our group rating methodology, the ratings on WARTA under a new owner could benefit from group support or be revised to reflect our assessment of WARTA’s stand-alone credit profile, depending on the financial strength of the eventual buyer, WARTA’s strategic importance for its new owner, and the degree of integration into the new parental structure.

“On a stand-alone basis, we expect WARTA to defend its good competitive position, stop market share erosion, and maintain strong capitalization in 2011,” said Mr. Bender. “We expect to see an upward trend in earnings in 2011.”

According to our group rating methodology, we could raise the ratings if WARTA’s potential owner has a financial strength that is higher than ‘BBB’ and if our criteria for group support are met. We could also raise the ratings if WARTA demonstrated a sustainable improvement of its operating performance and management continued to successfully execute the turnaround.

We could lower the ratings to those indicated by the stand-alone credit profile if the financial strength of a potential buyer is not sufficient or if our criteria for group support are not met.

We see limited downside for our assessment of WARTA’s stand-alone credit profile, owing to our assumption that WARTA’s capitalization will remain unchanged and its operating performance will keep improving.

Source : Standard & Poor’s

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Fitch Ratings will host an Emerging Markets conference with senior analysts from Fitch Ratings’ global Sovereign, Banks and Corporate teams to discuss positive growth and rating trends in emerging markets, and assess the challenges facing emerging markets from both internal dynamics and external stresses from advanced economies.

Highlights of the event will include a specific focus on China by Charlene Chu, Senior Director of Financial Institutions in Fitch Ratings’ Beijing office.
Although attendance to this event is complimentary, pre-registration is required as space is limited.

On September 8 2011 the conference will be held at Fitch Ratings Office Frankfurt:

Taunusanlage 17,
Frankfurt D-60325 Germany
September 7, 2011
9:00am – 1.00pm

The conference will also held in following cities:
PARIS: Thursday 8 September 2011       Register
 LONDON: Friday 9 September 2011       Register
NEW YORK: Tuesday 13 September 201       Register
 CHICAGO ROUNDTABLE: Wednesday 14 September 2011       Register

Featured Topics

– Rising economic power of emerging market sovereigns and risks from “Advanced Country” difficulties

– Chinese banking system and global impact of a China slowdown

– Credit growth in emerging market banking systems, risks, and regulation

– Challenges facing emerging market corporates, including impact of commodity prices

Speakers :

– Edward Parker, Head of Emerging Europe Sovereigns

– Charlene Chu, Senior Director, Financial Institutions

– James Watson, Managing Director

 – Franklin Santarelli, Managing Director

– Raymond P. Hill, Senior Director

– Daniel R. Kastholm, Managing Director

Click here to register

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As it gears up for the next phase of its push into the UK’s commercial lines market, MMA Insurance has announced a wave of new appointments and promotions to expand its commercial underwriting team.

Brian Johnston has been promoted to Senior Regional Underwriter in the Glasgow Regional Underwriting Team. Brian has demonstrated exceptional capability in developing the Scottish business, and is now in a position to accelerate growth even further.

In the Manchester Regional Underwriting Team, Sally Chamberlain has been promoted to Regional Underwriter. Sally joined MMA three years ago as Assistant Underwriter, a role in which she achieved strong new business figures and completed her Cert CII examination.

The Newcastle Regional Underwriting Team appointed Irene McFarlane with immediate effect to fill the vacant position of Senior Regional Underwriter. Irene has 15 years’ experience in the Newcastle market and was previously employed in a variety of underwriting, management and broking roles with RSA, Ecclesiastical and Towergate.

Matthew Giles joins the Reading Regional Underwriting Team with immediate effect as Senior Regional Underwriter. Matthew arrives from Axa where he has significant commercial underwriting experience in the SME and mid-corporate areas. He was previously employed with Zurich, Aviva and RSA in London and the South East of England.

In addition, Mike Clothier’s central Commercial Lines Underwriting Team in Reading has appointed Nick Dinsdale to join with immediate effect as Portfolio Underwriting Manager. Nick has worked for QBE over the last 12 years in a variety of positions, with responsibilities across both technical and team management roles. He has also worked in claims, corporate risks underwriting, property division underwriting management and most recently underwriting management of both QBE’s SME book and Evergreen.

The moves come as MMA prepares for the latest developments in its commercial lines offering due this autumn.

Paul Hodgson, Underwriting Director, Commercial, at MMA said:

 “These appointments show a commercial lines team really shifting up a gear. We’re attracting some excellent people and giving them the opportunity to build MMA’s commercial offering across the country. These moves also allow us to build real strength in depth into our regional teams.

 “It’s been three years since we launched MMA as a highly credible alternative to the other major commercial lines insurers. Right now we are reviewing the progress we’ve made and are preparing for the next phase of our drive. We’re in the middle of a major piece of research now and the results of this will feed into announcements later this year.”

Source : MMA

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The latest Friends Provident International (FPI) Investor Attitudes report released, reveals that investor confidence is at its highest level in Singapore and United Arab Emirates (UAE) since the report was launched in June 2010.

The UAE Investor Attitudes Index, which started at six points in June 2010, experienced its biggest wave on wave increase from 13 to 18 points, and Singapore’s Index, which began at 16, has risen to 21 points over the year as investors show continued positivity towards market conditions.

The optimism was reinforced by an upbeat outlook on the future, with 59% of investors in the UAE and 57% in Singapore predicting the investment markets would improve over the next six months.

Singapore has maintained the highest Index score throughout the five waves and saw 61% of investors optimistic about the current state of the market, mirroring the country’s healthy economic growth of 8.3% in the first quarter of 2011.

Despite the political and civil unrest in the Middle East and North Africa (MENA) region 70% of investors in the UAE said that they are either more positive or have an unchanged view about investing in the UAE, indicating UAE could be seen as a ‘safe haven’.

Rocco Sepe, managing director International at Friends Life, commented:
“A year on since we launched the Friends Provident International Investor Attitudes Report, we are seeing strong Index results for the UAE and Singapore and a steady return to confidence among investors. The Index is developing trend data which tracks the recovery of international markets following the global economic crisis. It continues to provide an insight into how investors feel about various investment options. The results reveal an optimistic outlook that suggests local markets are becoming increasingly attractive.”

The report findings for Hong Kong paint a different picture with the Index for the country dipping for a second time this wave to a score of 15 points. Investors demonstrated the lowest confidence in future market performance since the launch of the report, with only 52% of respondents predicting an improvement in the investment market within the next six months.

In the wake of the recent earthquake and resulting situation in Japan, Hong Kong investors were asked about their view of the Japanese investment market. Not surprisingly, over half indicated that they were at least slightly less positive about investing, or wouldn’t invest at all in the Japanese market. However, a relative amount of optimism remains for the wider Asian market, with 78% of investors in Hong Kong having an either more positive or unchanged view about investing in the Asian market now.

Reflecting growing confidence in local markets, most asset classes in UAE and Singapore increased in popularity, with money and property seeing the biggest rises in the UAE, and collectables having the biggest hike in Singapore. Conversely, low confidence in Hong Kong has contributed to a broad decline in favour across most asset classes, with property experiencing the biggest decline, followed by collectables and equities and shares. Gold however, remained the most popular asset class across all three regions.

Findings showed that in Singapore 95% of investors hold some form of protection product, with life insurance and critical illness being the most popular. The affluent, closely followed by the married are most likely to hold a range of products.

Source : Friends Provident

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