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Global reinsurance giant Swiss Re reported a quarterly loss on Thursday as insurers shouldered the burden of exceptionally high claims for natural disaster damage this year including Japan’s quake and tsunami.

The events in Japan on March 11, as well as the Christchurch earthquake in New Zealand on February 22 and floods in eastern Australia since January also hit profits at Europe’s biggest insurer, Allianz, as well as Zurich Financial Services.

But Swiss Re, one of the world’s biggest reinsurers, reported a second quarterly net loss running, of $665 million (447,4 million euros), in the first three months of 2011 compared to a profit of $158 million a year earlier.

“In the first quarter of 2011, we experienced exceptionally high losses from natural catastrophes,” chief executive Stefan Lippe said in a statement.

The firm’s biggest rival, Munich Re, issued a profit warning last month, saying the natural disasters would cost it 2.7 billion euros.

Swiss Re’s pre-tax costs due to natural disasters reached $2.3 billion during the first three months of 2011.

Its overall net loss was nonetheless smaller than the average $1.0 billion forecast by analysts’ polled by Swiss business news agency AWP.

Swiss Re underlined that the disasters had tested the resilience of the insurance industry as a whole.

“The accumulation of natural catastrophe events is expected to turn 2011 into a year with one of the highest historical natural catastrophe claims burdens,” the company said.

Germany’s Allianz said that its first-quarter net profit slumped 44 percent to just over 900 million euros ($1.3 billion) because of 750 million euros in expenses related to natural catastrophes.

That included some 320 million euros from insured damage caused by Japan’s magnitude 9.0 quake and resulting tsunami, which left nearly 26,000 people missing or dead.

Swiss insurer Zurich’s first-quarter net profits also slumped 32 percent to  $637 million, below analysts’ expectations, after natural disasters in the Asia-Pacific region cost it $517 million.

Nonetheless, all the insurance firms insisted that their underlying business was otherwise strong.

“Although we spent almost 200 million euros more on natural catastrophes  … we were able to keep our operating profit close to the previous year’s level,” Allianz chief executive Michael Diekmann said.

Swiss Re stood by its five-year performance targets, claiming its strengthened capital base helped underwrite large and complex risks.    “The impact of natural catastrophe losses in the first quarter creates an additional challenge but it will also accelerate the market turn we had previously expected in 2012/2013,” Lippe added.

After years of price declines, parts of the insurance industry have been pushing for increases in premiums and underwriting capacity to reflect greater disaster risks as the market expands.

Swiss Re has also estimated that the global cost of catastrophes more than tripled last year to $218 billion with the highest human toll for decades.    The risks and occurrence of disasters such as floods and storm damage from extreme weather events have grown with climate change, according to the company.

Swiss Re has also highlighted a pattern of growing losses from earthquakes due to bigger urban populations as well as rising wealth and growth in seismically active areas.

Japanese authorities have estimated that direct losses from its biggest  ever earthquake and tsunami, which also triggered the world’s worst nuclear  accident since Chernobyl 25 years ago, could reach $300 billion.

Zurich, May 5, 2011 (AFP)

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“The first quarter reflected our continued focus on improving the profitability of our operations, consistently with our priorities set out early 2010”, commented Denis Duverne, Deputy CEO of AXA.

“In Life & Savings, our ongoing initiatives to drive new business sales towards selected profitable segments that address clients’ coverage needs continued to bear fruit, notably with a 16% growth in Protection & Health sales and an 11% growth in Unit-Linked sales in Continental Europe. This, combined with a greater contribution from high growth markets and a seasonally favourable country mix effect, drove a substantial increase in new business margin to 26%.

Property & Casualty revenues increased 2% benefiting from rate increases in most countries alongside higher volumes in personal lines and selective underwriting, particularly in commercial lines.

In Asset management, revenues increased by 1%. Outflows continued in the first quarter but at a more moderate level than that of end of last year, as investment performance improved.”

Source : AXA Press Release

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The 2011 Talent Survey released by Aon Hewitt finds a significant capability gap in leaders, as most organizations focus on growth in today’s post-recession environment.

Aon Hewitt surveyed 1,328 employers nationwide and found that leaders play a vital role in meeting business goals (56 percent), meeting profitability targets (56 percent), delivering service (56 percent) and retaining talent (44 percent). However, only 12 percent of respondents say their leaders are extremely effective at meeting business goals. What’s more, just 14 percent believe their leaders are extremely effective at meeting profitability targets, 17 percent say the same holds true for delivering service and 7 percent believe their leaders are extremely effective at retaining talent.

“As we emerge from one of the worst recessions in history, company executives must develop new leadership skills in order to improve workforce productivity and stimulate engagement,” said Amy Mills, vice president with Aon Hewitt. “They also must invest in developing middle managers who can bridge the gap between leadership strategy and employee actions, and are best positioned to effect change. In fact, our survey shows a crisis in confidence that corporate leaders will be able to reposition their companies for profitable growth and create an engaging work environment.”

According to Aon Hewitt, leaders must be more creative in this post-recession environment. Other key capabilities include:

– Focus on the most valuable talent and pay for performance;

– Demonstrate speed and agility;

– Develop middle management;

– Increase employee engagement; and

– Develop leadership resiliency.

In addition, this survey revealed that 45 percent of respondents are planning to hire more employees in 2011 than they did in 2010, and only 16 percent expect to hire fewer employees this year than they did last year.  However, just 28 percent of organizations believe they are very or extremely effective at hiring quality employees. Approximately half of these employers (51 percent) say they are effective at securing quality hires and 21 percent think they are only somewhat effective or not at all effective at hiring quality workers. According to Aon Hewitt, many HR departments lack recruiting resources to process and screen the large number of candidates applying for positions.

“As employers begin ramping up the number of hires, this is a great opportunity to significantly improve the hiring process,” said Jason Krumwiede, vice president with Aon Hewitt. “We are seeing clients focus on improving the candidate experience, upgrading selection and assessment approaches that will yield increased performance from new hires, and redesigning the on-boarding process.”

Source : Aon Hewitt Press Release

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Sterling Insurance has signed up to the Aldermanbury Declaration, the practical framework for embedding professionalism within general insurance.

The move means that Sterling commits to meeting or surpassing the standards set down by the Chartered Insurance Institute (CII) in areas such as insurance qualifications, staff development and ethical conduct.

At present, 11% of Sterling’s customer-facing staff in underwriting and claims currently hold the equivalent of an ACII qualification or above. The company is also on target to ensure that 25% of all customer-facing staff hold the CII’s Certificate in Insurance or higher before the end of 2011.

David Sweeney, director of commercial and personal lines at Sterling, said: “Sterling is committed to the continual development and training of its staff and signing up to the Aldermanbury Declaration will enable us to demonstrate our ongoing commitment to staff and customers, in addition to demonstrating increased professionalism within our sector.”

Sterling has always promoted staff development through its commitment to CII examinations. Personal performance reviews are closely linked to professional development and internal training and development courses are a regular feature of Sterling’s staff personal development plans. In addition, Sterling has an active graduate recruitment plan which is now in its third successful year.

Source : Sterling Press Release

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Cathay Financial sais it will tap into China’s asset management market this year. This is the new ambition to expand in mainland China and illustrates how trade ties are warming between the two political foes.

Cathay Financial, which late in April signed MOUs with three Chinese banks including Bank of China Ltd , planned to set up a fund joint venture with a Chinese partner, President C.K. Lee told reporters.

The company also planned to seek business from qualified domestic institutional investors (QDII) to manage their investments in Taiwan stock market, he said.

Business ties across the Taiwan strait have improved to the best level in 60 years, with the signing of a landmark free-trade pact called the economic cooperation framework agreement (ECFA).

Cathay would have total assets under management of about T$370 billion ($12.8 billion), above the $10 billion minimum required by the Chinese authorities, after the firm combined those of its fund and life insurance arms, Lee said.

Cathay’s banking business in Shanghai started earning a profit shortly after opening. The firm said it expected the shanghai branch, its only one in China so far, to increase loans and deposits in the second quarter from current levels.

Cathay said it would be looking at the possibility of merging with targets if they could help accelerate expansion and earnings growth on the mainland.

“We’ll carefully evaluate if we find a target that can help us expand in the Chinese market,” said Lee.

Shares of Cathay ended up 1.37 percent on Wednesday, while the broader market was flat.

Source : Reuters

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The German reinsurance group Hannover Re cut  its 2011 profit outlook on Tuesday because of exceptional costs from  first-quarter catastrophes, notably in Japan.

The group now forecasts a 2011 net profit of about 500 million euros ($740  million), a statement said, sharply lower than its previous estimate of 650  million euros.

In the first quarter of the year, earnings were hit by major disasters and  net profit was divided by three from the same period a year earlier to 52.3  million euros.

Charges linked to natural catastrophes more than doubled meanwhile to 572  million euros.

Of that sum, 232 million resulted from the earthquake and tsunami in Japan  and 152 million from the quake in Christchurch, New Zealand.

The German reinsurance company managed to make up some of that with a  10.3-percent increase in gross premiums to 3.1 billion euros and solid  earnings from investments.

Hannover Re also benefited from the reimbursement of some taxes paid  between 1993 and 2011, the statement said.

Frankfurt, May 3, 2011 (AFP)

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Osama bin Laden was finally brought to justice on May 1, 2011.  As with all ranks of terrorists, finding him ultimately rested on contacts within his social network.  U.S. intelligence services have long attempted to track individuals who might be in his network.

Tracking a courier finally led to a compound in northwest Pakistan, where the Al Qaeda leader was found and killed.  The analytical process of identifying terrorist social network links has been successful in thwarting all but a few plots against the western alliance since 9/11, despite the high Jihadi threat level.

“In the asymmetric war with terrorists, the forces of the state have a vast superiority in the domain of communications security – except in countries such as Pakistan, where the security services are compromised,” said Gordon Woo, catastrophist at RMS. “Because the Pakistani Inter-Services Intelligence organization, ISI, has a tradition of actively supporting and encouraging the Jihad to liberate Kashmir from Indian rule, Jihadis in Pakistan are largely unconstrained in their manifold terrorist activities. Therefore, it is not surprising that Osama bin Laden should have found sanctuary amidst the Pakistan military establishment.”

Compared to Pakistan, a country that supports terrorism, the U.S. has  strict security focuses aimed at both foiling and preventing these attacks. In 2010, there were more than a thousand significant terrorist incidents in Pakistan – typically more than a hundred each month.

Over the past ten years, there have been numerous failed and foiled terrorist attempts which were identified by U.S. intelligence through social network analysis, such as the Time Square Bombing, further validating RMS’ theory of social networking analysis, which is reflected in the RMS® U.S. Probabilistic Terrorism Model.

President Obama has stated that ‘There’s no doubt that Al-Qaeda will continue to pursue attacks against us. We must – and we will – remain vigilant at home and abroad.’ Through persistent vigilance, terrorism risk in the countries of the western alliance will continue to be effectively controlled.

Source : RMS Press Release

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Aviva today launches a new social media brand campaign that gives people the opportunity to recognise and celebrate their friends’ health-related achievements.

With a strong digital and social media component the Healthy Cheer campaign will give thousands of people across the UK the chance to nominate their friends to receive a personalised message of encouragement from a team of Aviva cheerleaders.

Members of the public can have their chance to take part by nominating their friends at the Aviva Facebook page. Any health-related achievement will be considered, however big or small. Examples could include giving up smoking, taking more exercise or simply eating more fruit. Aviva will then work with selected  nominees to arrange a suitable time and place to surprise their friend and celebrate their successes.

The campaign, which is supported by online display advertising and video seeding, starts on 3 May and filming of the personalised “Aviva Cheers” will take place between May and July. These will be shared on Aviva’s Facebook site and YouTube channel.

The campaign is the first social media campaign of this scale to specifically associate the Aviva brand with good health.

Simon Arnold, customer director at Aviva UK Health, says: “We all have good intentions to get a bit fitter but we also know it can be hard to keep our motivation up. This campaign is designed to connect with people on a personal level to celebrate their efforts and encourage them to keep going. By using social media we can help to recognise people’s individual achievements, and hopefully help them to improve their health.

“Obviously not everyone can be visited by a team of Aviva cheerleaders, but we’re hoping that our campaign will encourage people to celebrate their friends’ efforts to look after their health and wellbeing and help them reach their goals – however big or small they are. Sometimes we forget that a few words of encouragement can go a long way.”

Earlier this year, Aviva’s New Year, New You research showed that 72% of people have resolved to get fit in 2011. The top five health goals are:

  1. Lose weight (71%)
  2. Exercise more (66%)
  3. Eat more healthily (59%)
  4. Manage stress (21%)
  5. Cut back on alcohol (20%).

The research also showed that in past attempts over half of people (54%) have failed to meet their goal.

For each of the first 1,000 nominations, Aviva will donate £1 to UK charity partner Railway Children, as part of its global Street to School programme; supporting initiatives that help children living and working on the streets back into education or training. This is part of a five year commitment to helping 500,000 children worldwide fulfil their potential and to raising awareness about the plight of street children who are largely unrecognised by society.

Source : Aviva Press Release

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Brit Insurance announces the appointment of Daniel Mitchell as UK Portfolio Manager, Professional Risks. Working alongside a team of portfolio managers covering all aspects of Brit Insurance’s UK business, he will report directly to Ray Cox, CEO of Brit Insurance’s UK business unit.

In his new role, Daniel will play a key part in setting strategy, determining pricing and reviewing risk appetite on an ongoing basis for this aspect of the UK portfolio. He will work closely with Brit Insurance’s underwriters in London and throughout its network of UK regional offices.

Daniel Mitchell takes up this new role after spending four years as Financial Risks Underwriting Manager for Brit Insurance’s London Region. In this position, he led a team of underwriters on the Financial Risks account, maintaining an impressive track record of profitable growth and product innovation. He also developed and held responsibility for the national Professional Indemnity (PI) e-trading portfolio and was a member of the London Region leadership team. He joined the Group after four years at HCC as a Senior Underwriter in its PI team. Prior to this, he was a Professional Indemnity Account Director at PIMS-SCA and an Account Handler at PI Direct.

Ray Cox, CEO of Brit Insurance’s UK business, commented:

“Through his leadership of our Financial Risks team in London, Daniel has maintained an impressive focus on underwriting efficiency and technical excellence while developing new channels for our products. His wide-ranging underwriting experience in Professional Risks, together with his technical skills and commercial acumen make him ideally placed to manage our Professional Risks portfolio and oversee its technical integrity.”

Source : Brit Insurance Press Release

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Business leaders across the globe identified economic risk as the greatest threat they face today, but also emphasized the need to innovate, mitigate technology failure and manage talent to compete in the future, according to the findings of Aon’s 2011 Global Risk Management Survey. The web-based biennial report was released today by Aon Risk Solutions.

As the global economy continues to recover, the threat of sustained economic trouble weighs heavily on the nearly 1,000 business professionals from 58 countries who participated in the 2011 Global Risk Management Survey. This group identified the economic slowdown as the number one risk facing organizations across all geographies, with 67 percent of respondents reporting loss of income in the last 12 months associated with this risk.

George Zsolnay, head of Aon Analytics in the U.S., stated, “The findings shared in our report underscore the undeniable interdependence among various risks as well as economies around the globe. It is more important than ever for organizations to embrace an enterprise-wide approach to managing risk, and optimize their strategy on a global basis.”

For the first time in survey history, failure to innovate/meet customer needs made the top 10 list of global risks, debuting at number six. This development reflects growing concern about the risk of losing market share to more forward-looking competitors. Technology failure/system failure also earned its first top 10 spot, ranking ninth on the list. Technology concerns lead to fears about additional risks, including business interruption and damage to brand, which are also found on the report’s top 10 list.

“Throughout the economic recession, many organizations pulled in their oars – tabling research and development projects, decreasing spend on information technology and freezing hiring,” said Constantin Beier, global head of Aon Analytics and chief commercial officer of Aon’s Center for Innovation and Analytics in Dublin. “Today, business leaders are realizing this strategy won’t work in the long term. Organizations must begin reinvesting in fundamental areas such as these if they are to survive and thrive.”

Failure to attract/retain top talent ranked at the bottom of the top 10 risks list in 2009, a time when companies were experiencing hiring freezes and layoffs. In 2011, this risk is viewed as more acute, taking the number seven spot on the list. The majority of respondents (60 percent) reported they do not have a plan in place to handle this risk, and a trivial number (4 percent) said they are seeking outside support for recruitment and retention strategies.

Aon’s 2011 Global Risk Management Survey Top 10 Risks

  1. Economic slowdown
  2. Regulatory/legislative changes
  3. Increasing competition
  4. Damage to reputation/brand
  5. Business interruption
  6. Failure to innovate/meet customer needs
  7. Failure to attract or retain top talent
  8. Commodity price risk
  9. Technology failure/system failure
  10. Cash flow/liquidity risk

Additional Findings

– Only 39 percent of respondents measured their total cost of risk, down from 44 percent in 2009. Failure to track or manage all aspects of TCOR could be detrimental to an organization in the long term. As the economy recovers and the soft market dissipates, more organizations are expected to track TCOR.

– The chief risk officer role is a growing trend. Thirty-one percent of respondents reported having a CRO, up from 25 percent in 2009. This finding represents the realized value of having risk officers in the c-suite and the emerging acceptance of risk management as a core function of business success.

– For the third straight survey, financial stability was cited as the top criterion in an organization’s choice of insurers. The desire for competitive pricing was tempered this year by an interest in dealing with carriers that have the financial capacity to pay claims.

– As companies struggle to contain cost in a post-recession era, they are more willing to sacrifice flexibility and innovation for broader coverage and better terms and conditions.

Source : Aon Press Release

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A total of five men and three women, from across the UK, have today been convicted at Leicester Crown Court for their part in a car insurance fraud scam worth tens of thousands of pounds.

Fraudulent claims were made for damage and injuries from four collisions in Leicester and Birmingham. Out of the four collisions only one was proved to have happened but still the claim made did not reflect the damage.

The investigation began in 2008 when police discovered that Hooman Jaffari, 37- years-old from Leicester, was going to be involved in one of the set up and false collisions.

Enquiries soon lead officers to a fraudulent claims company owned by Jaffari in Birmingham, Accident Experts Limited.

Leicestershire Constabulary worked with an independent collision investigator and it was then that more cracks began to appear. It was found that the damage to the vehicles involved in the four collisions did not reflect the claims made.

Jaffari acted as the intermediary between the supposed claimants and a claims company based in Lancashire, which was unaware of the fraudulent nature of the collisions. Jaffari managed to earn approximately £36,000 in commission through the scam.

In total the defendant’s, including Jaffari, gained nearly £50,000. Without the police investigation and conviction they stood to gain approximately double that.

By March 2010 all eight defendants had been arrested and charged.

Detective Constable Dave Jackson, the investigating officer, said: “This two year investigation was incredibly complex and detailed because of the large number of people involved. Without this investigation the defendants could have gained tens of thousands of pounds worth of compensation.

“Jaffari set up three of the collisions and gained the most from the scam, but all defendants had their part to play.

“I hope that the results of this trial will act as a stern warning to anyone considering taking part in such fraudulent activity, no matter how small your role is you will be caught.

“I would like to thank all officers involved in this case and would also like to thank the UK Border Agency for their help and support during the investigation, which led to today’s convictions.”

Glen Marr, Director of the Insurance Fraud Bureau comments: “This is another successful joint operation in collaboration with law enforcement. Together with the police and our insurer partners, we will continue to find, expose and pursue those criminals. It demonstrates the power of the industry collective and the ability of the industry to work with the police to bring fraudsters to justice.

“The cost of insurance fraud adds on average £44 to every policyholder’s insurance premium annually.”

Jaffari has been remanded into custody and the seven other defendants have been released on bail until sentencing in late May.

Source : IFB Press Release

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As the world focuses on the forthcoming wedding of Prince William and Kate Middleton, reported to cost £50m, new research from Halifax Savings reveals that Brits are spending £900 a year to attend a friend or family member’s big day.

A typical wedding guest spends £111 on accommodation and travel, £106 on clothes, £81 on wedding gifts, £63 during the reception, and £91 on the night of the stag or hen do.  With the total cost hitting £452 and the nation, on average, attending two weddings per year, the wedding season is an expensive time for all involved, equating to an annual cost of £904.

Sleeping and Style And Top The Polls

Spending money on accommodation and clothes is clearly a top priority for wedding guests at £111 and £106 respectively.

Whilst Victoria Beckham will undoubtedly be fashionably styled at the Royal Wedding, possibly in her own dVb designs, the research also shows that of those who do buy new attire for the big day men spend £118 compared to £98 for women. However, two fifths (39%) of men do not spend anything on new clothes compared to 17% of women.

Presents Galore

Attendees at the Royal nuptials Sir Elton John and David Furnish should also take note that weddings seem to bring out the generous or romantic side of men, because it is men who surprisingly spend the most on wedding gifts at £90, compared to £72 for women.

A Right, Royal Do

When it comes to the Royal Wedding, it is reported that the Queen is hosting an afternoon luncheon for 600 guests and Prince Charles an evening reception for 300 of William and Kate’s closest friends.

The average amount spent at a ‘right, royal do’ or reception comes in at £63.  Both Prince Charles and the Duchess of Cornwall, aged 62 and 63 respectively, fall into the highest spenders of those aged 55 to 64 year olds, at £82.

Men Spend Ritch[i]es At Wedding

Whilst celebrity guests at the Royal Wedding, such as Guy Ritchie, do not need to watch their spending, men on average spend over £120 more than women in the run up to and during the wedding; £515 of their own personal riches compared to £392.

As well as buying more generous wedding gifts, men also splash out £72 during the reception, compared to only £53 for women and £121 on accommodation and travel, compared to £102 for women.  Men also spend almost twice as much during the evening of a stag do (£114), than women do on a hen do (£67).

Scots Are The Biggest Spenders

On a regional basis Scots are the biggest spenders at £514.  They spend the most money on clothes (£128), wedding gifts (£86) and during the wedding reception (£85). Welsh wedding guests spend the most on accommodation and travel (£120) and the stag or hen do (120).

5% Of Nation Has Never Been To A Wedding

Whilst 1,900 guests have been invited to the Royal Wedding, 5% of the nation has never been to a wedding, rising to almost one in five (19%) of 18 to 24 year olds.

Whilst almost a third (29%) of  Brits have attended at least one wedding during the past 12 months, 37% have not. Three in ten (29%) have not been to a wedding in the last five years.

I Guess That’s Why They Call It The [Wedding] Blues

Over half of respondents (55%) stated that they had declined a wedding invitation in the past.  The main reason for doing so was the anticipated cost of attending a wedding abroad (6%).

Flavia Palacios, head of Halifax Savings products, said;

“The research clearly shows that wedding guests are spending money in order to be part of their friend or family member’s special day, but it can be costly when you add everything up.

“So that you can afford the wedding season in your life, it is important to have a regular, established savings habit in place not only so that you will not miss out from attending your friend and family member’s weddings, but also if you are looking financially prepare for your own big day.”

Source : Halifax Press Release

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The ABI calls for a balanced approach by the FSA on product regulation that reflects the diversity of retail financial services markets in the UK.

The FSA does not need to develop new rules and regulations or introduce further radical interventions which risk stifling the market and restrict consumer choice. As recommended in the ABI’s response to the FSA’s discussion paper on product intervention, the regulator would be better served focusing on more effective, proactive and consistent supervision and enforcement of existing rules that underpin the core principle of treating customers fairly. This will address any developing market failures and increase consumer confidence in the industry.

Otto Thoresen, the ABI’s Director General, said:

“We want to see a balanced risk based regulator which oversees a market which delivers positive outcomes that meet consumer needs and expectations. This will only be achieved by maintaining a healthy level of consumer choice and market competition. Meeting this objective requires the Government and the regulator to recognise the inter-connectivity of a series of initiatives that form part of an overall package of reforms at both the UK and EU level. Any major change should not occur in isolation, but has to fit with the whole suite of existing and planned regulatory developments.

“We do not consider that the FSA’s Discussion Paper is well placed within the wider regulatory reform context, so we urge the FSA and the Government to ensure that the forthcoming ‘vision document’ for the FCA takes a holistic view that is focussed on delivering good consumer outcomes.”

Source : ABI Press Release

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Hiscox has launched its 2011 graduate scheme for Bermudian graduates. With the application process now underway, Hiscox is searching for two Bermudians who graduated in either 2009 or 2010, or will be graduating this summer.

This year Hiscox Bermuda is specifically looking to appoint an underwriting trainee and an operations trainee, with successful applicants spending the majority of the two year programme within the UK. Operated on a rotational basis, the scheme allows graduates to work in different areas of the Hiscox business in the UK, US and Europe before returning to progress their careers in Hiscox’s Bermuda office.

Christina Herzog, Hiscox Bermuda’s HR Manager, comments: “This is the second year that we are recruiting Bermudian graduates to our graduate scheme. This year, as well as looking for an underwriting trainee, we would like to bring on an operations trainee in recognition of the long term growth plans of our business here in Bermuda.”

“We would be delighted to hear from graduates who have the necessary academic and personal qualities, as well as a genuine interest in pursuing a career in the (re)insurance sector. In return we can offer a high quality graduate scheme and real career progression.”

Graduates interested in applying should have a grade point average of 3.2 or above (out of 4.0) for US/Canadian degrees, or 2:1 for UK degrees, possess excellent interpersonal skills, have the comfort and ability to negotiate, and be confident working with numbers.

Anyone interested in applying or learning more about this programme is encouraged to contact Christina at graduates@hiscox.bm. Applications should include a CV together with a cover letter detailing what qualifies the applicant to enter the scheme. The application period runs to 30 May 2011.

Source : Hiscox Press Release

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According to catastrophe modeling firm AIR Worldwide, a severe thunderstorm outbreak producing damaging wind, up to baseball-sized hail, heavy rainfall and more than a dozen tornadoes across five states­—from Texas to Illinois—left a path of destruction over the weekend of April 23, and April 24, 2011. The storms damaged thousands of residential and commercial buildings, downed trees, and knocked out power to as many as 54,000 customers.

The storm also caused major travel delays in St. Louis, Missouri when a tornado struck a large section of the the main terminal of the Lambert-St. Louis International Airport, ripping off a portion of the roof and the airport’s C concourse. The storm prompted the governor of Missouri to declare a state of emergency in areas affected by the tornadoes. While power has been restored to thousands of residents, some 26,000 customers in Missouri and Illinois are still without power.

“The storms formed when a strong area of low pressure moved out of the Rocky Mountains and into the Central Plains earlier in the week, pulling in colder air,” explained Dr. Tim Doggett, principal scientist at AIR Worldwide. “The cold front interacted with a warm humid air mass that had moved in from the Gulf of Mexico. A strong jet stream led to increased wind shear and a change in wind direction, facilitating the formation of severe rotating thunderstorms, hail, and high winds.”

The largest tornadic storm originated in the east central region of Missouri. While several tornados touched down, the most devastating one touched down in St. Louis on Friday evening at 8 p.m. Dubbed the “Good Friday Tornado”, it left a track 22 miles long and almost a half mile wide, causing EF-4 level damage and producing wind gusts of 166 to 200 mph. It was the strongest tornado to hit St. Louis in 44 years.

Along the tornado’s path, heavy damage was reported to single and multi-family wood frame and unreinforced masonry homes. “At the level of winds produced by an EF-3 or EF-4 tornado even well-engineered buildings that are designed to survive very intense winds may sustain some damage to non-structural components such as wall cladding, windows and roofs,” said Dr. Doggett. “Tornadic winds passing over the roof act like air moving over an airplane wing: uplift is created, which tends to raise the roof vertically.” As real-time footage from the airport in St. Louis vividly illustrates, winds are then able to enter, pressurizing the building and blowing out windows—and with them, contents. Debris generated from the damaged structures (e.g., roof panels, shingles, glasses) becomes a source for damage to other properties.

According to the National Weather Services, the greatest damage occurred in the communities of Maryland Heights, Bridgeton, St. Ann, Edmundson, Lambert-St. Louis International Airport, Berkeley, and Ferguson in St. Louis County, Missouri, and in Madison County near Granite City, Illinois.

AIR continues to monitor the onset of the 2011 severe thunderstorm season and will provide updates as warranted.

Source : AIR Worldwide Press Release

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The pilots who flew over Chernobyl to limit  the danger from the destroyed reactor were aware of the risks despite huge  radiation doses and inadequate safety precautions, their commander said Monday.

In the 10 days after the world’s worst nuclear disaster on April 26, 1986,  Soviet pilots carried out 4,000 flights to dump thousands of tons of lead,  sand and clay to cover the destroyed reactor four.

In a rare interview with the Komsomolskaya Pravda daily published on the  eve of the disaster’s 25th anniversary, the then air force chief for the Kiev  district General Nikolai Antoshkin gave a chilling insight into the risks.

The pilots received potentially lethal doses of radiation that went  completely off the scale of their dosimeters while precautions were as basic  as changing uniforms, using cream and taking baths, he said.

“Of course the pilots knew (they were getting high doses) and the  consequences,” Antoshkin, who was made a Hero of the Soviet Union, the highest  award bestowed by the USSR, for his work in liquidating the disaster.

“They said ‘comrade general, this is not Afghanistan. There you are shot at  but you turn back, land and forget. But here the enemy is invisible. How will  this affect me, my children in the future?'”

“But the pilots knew that the reactor needed to be covered as quickly as  possible. You’d tell the pilot to leave but he’d come back.”

None of the estimated 600 pilots who took part are among the 28 people  confirmed to have died of radition exposure in the months after the explosion,  although two were killed in a helicopter crash over the reactor.

However the extent of the health effects on the pilots and the half million  other so-called “liquidators” remains hugely controversial, with estimates  ranging from only a few dozen other deaths attributable to Chernobyl to tens  of thousands.

Antoshkin, who was responsible for coordinating the fly-overs in the  crucial first 10 days after the explosion, said the teams took the best  precautions they could in the circumstances.

“Every day the crews changed their uniforms. They gave us iodine tablets  and some kind of nasty anti-radiation cream from Leningrad for those who flew  across the reactor.

“We used whatever they proposed. Although we knew they were weak  precautions. They forced the pilots to take baths to wash away the radioactive  dirt.”

He said the extent of the danger was clear from the very first flight to  dump sand on the reactor.

“The device for measuring radiation could not cope. It’s maximum level was  500 roentgen. I estimated that it would be 1,500 at that height.

“And then I was told ‘you deceived your pilots. It’s 3,000-3,500 roentgen.’  I said: ‘What’s the difference, whether 1,000 or 3,500, the task needs to be  fulfilled'”.

Moscow, April 25, 2011 (AFP)

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Somali pirates have freed a Greek-owned, Cyprus-flagged ship they seized in January after receiving a ransom, pirates and a piracy monitoring group said.

The pirates said they had released MV Eagle, a 52,163 deadweight tonne merchant vessel and its crew of 24 Filipinos that was seized in January about 500 miles south-west of Oman, while it was en route to India from Jordan.

Pirates said they received a $6 million ransom for the ship’s release.

“We have received our $6 million …. The ship has just started to sail away from our zone with a warship,” a pirate who gave his name as Kalif told Reuters by phone from the coastal town of El-Dhanane.

The amount could not be verified but Ecoterra, an advocacy group monitoring piracy in the Indian Ocean, confirmed a ransom was paid.

“After having received a hefty ransom for the old bulk carrier, Somali buccaneers released the Greek-owned and Cypriot-flagged MV Eagle. Vessel and crew made their way to safe waters,” it said in a statement.

Two decades of conflict in Somalia have allowed piracy to flourish off the lawless nation’s shores.

Pirates typically do not kill crews held hostage in the expectation of receiving a ransom for a vessel’s release.

Separately, Somali government officials said they were caring for 14 Iranian sailors who were released after a botched naval rescue earlier in the week in which three pirates and one Iranian seaman died. [ID:nLDE73K0DB]

It is yet to be determined which nation’s navy carried out the rescue attempt, as well as what vessel was involved. Pirates are holding around 11 Iranian fishing vessels, according to information from Ecoterra.

“We have 14 Iranian crew in Galkaayo and we want to hand them over to Iran,” Ahmed Mohamed Basto, the spokesman of Galmudug state, a regional administration in central Somalia recognised by the Transitional Federal Government.

“We are contacting Iranian embassies so that they go with them.”

Pirate gangs are making tens of millions of dollars in ransoms. Despite successful efforts to quell attacks in the Gulf of Aden, international navies have struggled to contain piracy in the Indian Ocean owing to the vast distances involved.

The economic cost of piracy has been estimated at $7 billion to $12 billion per year, with shippers facing rising insurance costs that threaten to raise commodity prices

Source : Reuters

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AIG will pay billionaire Warren Buffett’s  Berkshire Hathaway $1.65 billion to take on commitments to compensate asbestos  victims, the Security and Exchange Commission said Thursday.

The insurer will unload some $3.5 billion of potential claims still held by  its Chartis subsidiary even though it stopped insuring asbestos, a carcinogen  once widely used in building insulation, more than 20 years ago.

AIG had to set aside $1.3 billion in the fourth quarter of 2010 for  potential claims, alarming potential investors.

The insurance giant, which has been under state control since its  near-bankruptcy in 2008, said the latest transaction would result in a gain  before taxes of around $200 million in the second quarter.

The deal will further stabilize AIG’s balance sheets and make it easier for  the government — which owns 92 percent of the insurer — to unload some of  its stake in the firm.

The agreement increases Buffett’s exposure to potential asbestos losses,  but he can invest the funds before the claims come due and could also profit  if the liabilities turn out to be less than expected.

New York, April 21, 2011 (AFP)

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Merlin’s Northern Ireland division has expanded its team by 83% over the last 18 months and seen demand for its services grow exponentially, with a 262% increase in claim volumes from Q1 2010 to Q1 2011. With further growth anticipated, Merlin has invested in larger dedicated premises in Heron Wharf – Belfast, with the division moving this week.

Russell Crewe, Director Loss Adjusting Services at Merlin comments “Merlin’s move to the new Heron Wharf premises demonstrates our continued success and ambitious growth plans for Northern Ireland. The Belfast team handled the recent surge and increased claims numbers whilst delivering market leading service. This has led to further increased interest in Merlin’s offering. We look forward to supporting our existing and new clients’ needs through our increased capacity and new offices.”

Source : Merlin Press Release

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Britain is becoming a nation of ‘home hoteliers’, with 4.9 million people playing host to house guests who stayed for an average of eight weeks in the last year, according to research published by Churchill Home Insurance.

Thousands of students unable to secure employment upon graduating from university are descending back on their parents’ homes, expecting free board and lodging.  Almost 500,000 people have returned home to live with their parents in the last year, the majority of which are students leaving university or older children ‘boomeranging’ home to save money for property deposits.

However, it seems that house guests are really treating these homes like a hotel, running up huge bills for damage because they fail to treat the property with respect.   ‘Home hoteliers’ have found themselves facing bills of over £66 million after guests left a trail of devastation, including broken furniture, prized heirlooms and antiques.

House guests’ failure to treat their lodgings with care also puts a huge strain on relationships.  One in five (22 per cent) people who allowed a guest to stay in their home ended up in an argument with their partner, and 10 per cent found themselves rowing with relatives.  Nearly one in twenty people got into a fight or physical altercation with a guest staying in their household.  Another 15 per cent ended up trading insults with the home hotel guest.

Vicky Perry, spokesperson at Churchill, commented:  “More and more people are opening their homes to guests who stay for prolonged periods of time.  With graduates struggling to find jobs after university and prospective homebuyers struggling to pay rent while saving for deposit, a return to the comforts of the family home is proving increasingly attractive.  Whether it’s with friends or family, it is important to set firm ground rules and establish how long a guest is set to stay before they check in, otherwise they could find themselves adding to the 180,000 householders who have had a house guest live in their home for over two years.”

Regional findings

With soaring property and rental prices, one in three Londoners had a house guest stay in their property for a prolonged period without paying rent in last two years.  Residents of Yorkshire and Humberside were the least likely to open their houses, with less than one in ten residents having friends, a colleague or family member live rent free in their home in the last two years.

Percentage of householders whose property became a home hotel in the last two years

Region Percentage of householders that opened their home to guests in the last 12 months
London 37%
South West 24%
East 23%
North West 23%
South East 21%
Scotland 20%
Wales 16%
North East 16%
West Midlands 16%
East Midlands 16%
Northern Ireland 11%
Yorkshire & Humber 7%

Source : Churchill Press Release

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