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The European Insurance and Occupational Pensions Authority (EIOPA) today announced the members of its newly elected Management Board and the Acting Chairperson of EIOPA.

The Management Board comprises eight members, including six representatives of national supervisory authorities of European Member States, one representative of the European Commission and the Chairperson of EIOPA. The six representatives of the national supervisory authorities elected by the Board of Supervisors are Peter Braumüller, Financial Market Authority, Austria; Matthew Elderfield, Central Bank of Ireland, Ireland; Damian Jaworski, KNF – Polish Financial  Supervision Authority, Poland; Flavia Mazzarella, Italian Insurance Supervisory Authority, Italy; Jan Parner, Danish Financial Supervisory Authority, Denmark and Hector Sants, Financial Services Authority, U.K.

The representative of the European Commission will be confirmed in due course. The Management Board is an independent body that will oversee EIOPA and the execution of its missions and tasks.

Additionally, the Board of Supervisors elected Victor Rod, Director of the Commissariat aux Assurances, Luxembourg, to be EIOPA’s Acting Chairperson. Mr. Rod will carry out the functions of the Chairperson until the Chairperson is appointed by the Board of Supervisors and that appointment is confirmed by the European Parliament. Mr Rod will also be the alternate to the Chairperson is his absence.

Today’s inaugural meeting of EIOPA’s Board of Supervisors marks the formal establishment of EIOPA as the first of three new European Supervisory Authorities (ESAs). Carlos Montalvo, Acting Secretary General of EIOPA, said: “EIOPA will coordinate its work with the European national regulators intensively. At the same time, our new powers will provide much needed assistance if emergency situations in the areas of insurance or occupational pensions arise. As we carry out our tasks, the prime consideration of EIOPA will be consumer protection and stability of financial markets.”

Acknowledging the founding of EIOPA today, Dr. h.c. Petra Roth, Mayor of the City of Frankfurt/Main, said: “Establishing a common set of European regulatory rules for insurance and occupational pensions is a crucial task in order to promote insurance business in Europe and build up consumer confidence. Insurance business is an important part of Frankfurt’s financial community. Frankfurt is the seat of 2,300 financial companies with nearly 74,000 employees. Germany-wide every 11th job in the financial sector is in Frankfurt.”

“EIOPA will have an important role to play in streamlining insurance supervision in the EU. I particularly welcome the willingness of EIOPA to cooperate with the European Commission and with stakeholders in order to ensure that Solvency II will be a success. The new solvency regime should not be overly complex and should take account of the nature, the size and the complexity of the business of insurers and reinsurers. I count on EIOPA to help us in drawing the right conclusions from QIS 5,” said Karel Van Hulle, Head of Unit Insurance and Pensions, European Commission, DG Internal Market and Services.

EIOPA was established on 1st January 2011 and began its work with a staff of 28 based in Frankfurt, Germany. The Authority expects to expand its team to around 50 experts by the end of 2011.

EIOPA was established as a result of reforms to the structure of financial supervision in the European Union. These reforms were initiated by the European Commission, following the recommendations of a committee of Wise Men, chaired by Jacques de Larosière, and supported by the European Council and Parliament.

EIOPA is an independent advisory body to the European Parliament, the Council of the European Union and the European Commission. Its core objectives are to support the stability of the financial system, transparency of markets and financial products as well as the protection of insurance policyholders, pension scheme members and beneficiaries.

Source : EIOPA Press Release

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Thousands of churches across the UK will be spared some of the pain of January’s VAT increase thanks to a decision by the country’s biggest insurer of churches, Ecclesiastical.

In order to help already hard-pressed Church of England church budgets cope, Ecclesiastical has announced that with effect from 4 January 2011 the company is proposing to increase sums insured for all church buildings currently in use for worship to reflect the new level of VAT without any charge.

For the average Church of England church, Ecclesiastical’s offer will mean a saving of £30-£60 in 2011.

Ecclesiastical’s Direct Insurance Director John Coates said: “At Ecclesiastical we’re very conscious of the difficult financial position many parishes find themselves in today. Rising insurance costs triggered by the VAT increase would just add to the pressure. While we can’t make guarantees for the longer term, for 2011 Ecclesiastical can absorb that cost and not pass it on to individual churches.

“I hope this move will be of real, tangible benefit to parishes and the wider Church of England.  I would however stress that this action in no way sets a precedent should the Government make further increases in VAT or similar taxes that impact upon church insurances.”

VAT does not apply for churches in the Channel Islands. Those churches that have elected to remove VAT from the formula used for calculating the value of their insurance cover will also not experience any increase in cost.

The Government also announced that insurance premium tax will also rise from 5% to 6% on 4 January.

Source : Ecclesiastical Press Release

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The harsh winter is already bringing out a nasty rash of potholes on Britain’s crumbling roads which are set to wreak havoc on cars and lead to a corresponding rash of insurance claims.

The AA has already said that many roads are on borrowed time with a combination of potholes, snow and heavy rain producing the ‘worst imaginable driving conditions’.

Potholes develop after water seeping beneath the road surface freezes, loosening the asphalt.  Passing traffic, a thaw and rain does the rest.  Worn out roads; old repairs and around ironwork are the most likely places for potholes to develop.

Simon Douglas, director of AA Insurance says: “Our claims staff are bracing themselves for a steep rise in reports of cars damaged by potholes.

“Last winter there were three times as many claims between January and March compared with the same period in 2009.

“We expect the pothole problem to be significantly worse this year because of three successive bad winters and the growing backlog of road renewal”.

The average insurance claim for pothole damage to cars is just over £1,300*. The most costly AA claim last year topped £14,000, where the driver lost control and crashed after hitting a pothole.

Total cost to the private car insurance industry for pothole damage over the first three months of 2010 is estimated to be over £10.5m.

“We are expecting a big surge in claims once again for damage to wheels, suspension and bodywork such as wings and sills,” Mr Douglas says, and urges drivers to take extra care over coming weeks.

“Cuts in road maintenance budgets of 20% mean that local authorities face very difficult choices on the roads they prioritise for repair.  Whilst they may fix the dangerous potholes many are likely to go unrepaired.

He adds: “It’s really important that drivers keep a sharp eye out for potholes and keep their speed down, particularly on secondary roads, remembering that in wet weather deep potholes may be obscured by water.”

Mr Douglas points out that hitting a deep pothole can cause severe damage and increases the risk of losing control and hitting other vehicles or objects such as kerbs, trees or lamp-posts.  Even at low speeds damage to tyres, especially low-profile tyres, wheels and tracking is likely but the cost of repair doesn’t necessarily justify an insurance claim.

“When safe to do so it’s really important to stop and check your wheels and tyres after hitting a pothole.  Pay attention to any unusual steering or other driving characteristics – if necessary get the vehicle checked at a garage or tyre specialist.

“Damage to tyre walls for example may not be immediately obvious and could result in a later blow-out while damaged tracking will lead to excessive wear to tyres and compromise cornering and braking.”

Mr Douglas also urges motorists to report potholes to the relevant authority which may be county or local councils or for motorways, the Highways Agency.  Local authority websites will have guidance on pothole reporting and many also list known pothole sites.

He adds that it may be possible to claim for damage from the highway authority if a known pothole remains unrepaired.

Pothole alert from AA Insurance

– Keep your eyes open for potholes – take extra care especially on secondary roads and when the road is wet, which might conceal water-filled potholes.  Debris such as grit and stones on the road surface might indicate presence of a pothole

– If you hit a pothole, make a note of where it is, its approximate size and depth, take a picture with your mobile phone if safe to do so

– Report potholes to the relevant highway authority (usually county or local council)

– If you hit a pothole stop as soon as possible in a safe place for a visual check of your car, especially tyres and wheels

– Tell-tale signs of damage include ‘clonking’ sounds from the steering/suspension; a slight ‘pull’ in the steering; or the steering wheel not centring properly when the car is travelling in a straight line; braking feeling ‘uneven’

– If you are concerned about damage from hitting a pothole, get your car’s tyres, wheels and tracking professionally checked as soon as possible

– Keep all receipts from damage repair to support any subsequent claim

– Share your pothole experience and photos on the AA Zone

Source : AA Insurance

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People with the house number 243 have made more claims on their home insurance than those with any other door number, with 45 per cent having made a claim since January 2007, reveals new research from Confused.com.

The price comparison site found that seven of the door numbers in the top 10 ‘unluckiest’ are in the two hundreds, with 201, 240, 241, 221, 217 and 218 all appearing in Confused.com’s league table of house numbers most likely to make a home insurance claim.
Number 13, commonly thought to be the unluckiest, comes in at position 182 with only 18 per cent of homeowners from this number having made a claim. Number 1 came in third place.
Among the door numbers in Confused.com’s top ten list, theft accounts for almost four per cent of home insurance claims, but the majority (75 per cent) come from accidental loss and damage in the home, suggesting those with a house number in the early two hundreds could be among the most accident-prone residents in the UK.
Confused.com suggests that homeowners check their home insurance policy to ensure they are covered against accidental damage as policies can vary, and ensure they shop around when there policy is due for renewal.
“Now is a peak time for home insurance claims as there have been more people in the house over Christmas which usually means more accidents,” said Gareth Kloet, head of home insurance at Confused.com.
“Some home insurance providers estimate entertaining at home left a whopping £820 million bill last year. Judging by our numbers it looks as if 243 is a popular place for a party!”

Top door numbers for home insurance claims:

Position Door number Percentage of homes making a home insurance claim since January 2007
1 243 44.76%
2 201 36.60%
3 1 34.26%
4 190 25.80%
5 240 24.00%
6 241 22.66%
7 221 22.35%
8 217 22.04%
9 218 21.79%
10 121 21.73%
182 13 18.37%

Source : Every Investor

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American International Group Inc has agreed in principle to pay $450 million to settle a lawsuit with rival insurance companies over alleged under-reporting of premiums on workers’ compensation policies, court documents showed.

The civil lawsuit was filed in mid-2009 by two firms, Safeco Insurance Co of America and Ohio Casualty Insurance Co, on behalf of a group of insurance companies and alleged a $1 billion workers’ compensation under-reporting scheme at AIG.

However, the proposed settlement was instead reached between AIG and seven other insurers that were among those affected by AIG’s conduct in the 1980s and 1990s and excludes Safeco Insurance and Ohio Casualty, both units of Liberty Mutual Insurance LBRTLI.UL.

Insurers that agreed to settle include Hartford Financial Services Group and a unit of Travelers Cos. Liberty Mutual has opposed the settlement.

“It is unfortunate that Liberty is refusing to participate in this fair and reasonable settlement. As the seven other settling insurers have recognized in seeking to intervene in the action, Liberty’s preference to continue litigating is not in the best interests of the class members,” AIG spokesman Mark Herr said in an email to Reuters.

Hartford and Travelers did not return messages seeking comment, after regular business hours. Liberty Mutual could not be reached for comment.

Following federal and state investigations in 2005, it was disclosed that AIG had engaged in a series of longstanding false premium reporting practices to evade state insurance taxes and residual market obligations.

AIG reached a $1.6 billion settlement with New York and federal authorities in 2006, admitting to false premium reporting.

Source : Reuters

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Consumer groups have called for a common definition of floods in insurance policies as Queensland residents face the prospect of not being covered for damage to their homes.

According to lawyers and consumer advocates, water flowing from rivers, creeks, dams, lakes or reservoirs may not be covered in some insurers’ definition of a flood, leaving some insurance policy holders unknowingly unprotected to flood damage.

Choice spokesman Christopher Zinn said policies differed in whether they covered floods caused by intense local rainfall, such as storms and local run off from streets, drains and gutters, or floods caused by rain falling somewhere else and running down rivers or streams.

Mr Zinn said insurance companies did not make the distinction clear to many customers and called for a common definition of floods across all insurers.

“Many residents believe they are covered for flood and suddenly they are inundated and they find that they are not covered because of the differing definitions,” he said.

“We tested 45 policies a few months back and half of those did have comprehensive flood cover and half of them didn’t.

The Insurance Council of Australia put forward a proposal for a common definition of inland flooding in 2008, but it was denied authorisation from the Australian Competition and Consumer Commission on the basis that the proposal may actually create more confusion, rather than provide clarity for consumers.

At the time, the ACCC said the decision did not prevent the insurance industry from seeking authorisation for a revised proposal in the future and encouraged the council to put forward another definition.

Suncorp, the largest domestic insurer in the state, has a comprehensive policy which covers consumers for riverine flooding as well as localised damage, while RACQ covers for flash flooding and stormwater run-off from localised flooding. More extensive flood insurance can be purchased as an optional extra.

Allianz’s flood definition excludes “damage caused by the inundation of normally dry land by water that has been escaped or released from a natural water course”.

CBA’s standard insurance policy excludes damage caused by floods defined as water which has escaped from natural water courses as well as reservoirs, channels, canals or dams.

NRMA covers damage to customers’ homes and contents that was caused by the excessive amount of rainfall and stormwater run-off.

brisbanetimes.com.au has also attempted to obtain flood definintions from HBA and QBE.

Insurance Council of Australia spokeswoman Sandra Van Dijk said the organisation was open to discussing the issue of a standard flood definition.

She said policy buyers also needed to educate themselves on the difference in policies and make sure their policy covered everything they needed covering.

“It is important to read the product disclosure statement, that lists what’s included in the policy and what’s excluded,” she said.

The issue has been taken up by a Rockhampton lawyer who has offered free consultation for flood victims whose insurance claims have been rejected due to the definition of flood in their policy.

Maurice Blackburn Rockhampton manager Gino Andrieri said flood victims should lodge insurance claims even if they are told they are not covered for flood damage and consider challenging their insurance company’s fine print if their claim is not accepted.

“If your claim is rejected, you can appeal. Get legal advice,” he said.

Mr Andrieri said an overhaul of the insurance industry’s protection for consumers affected by storm and flood damage was overdue.

Source : The Sydney Morning Herald

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The Taiwan unit of US insurance giant AIG has been fined for punishing a union official after he spoke out on the planned sale of the company, authorities said Thursday.

Nan Shan Life was told to pay Tw$300,000 ($9,930) after it stripped the union spokesman of his title as a regional manager for “making comments that hurt the company’s image,” said the Taipei City Labour Department.

“The spokesman didn’t make the comments for his personal gains. The punishment obviously targeted his role as a union member… and constituted employment discrimination,” it said in a statement.

The spokesman, Lan Wei-ting, was said to have made “emotional” remarks on television and in newspapers last year, claiming the sale would hurt clients’ rights and lead to lay-offs, an official at the labour department said.

Nan Shan’s labour union has repeatedly voiced concerns over AIG’s plan to sell Nan Shan as it tries to pay back huge loans it received from US government to save it from collapse during the 2008 financial crisis.

AIG has reportedly received five bids so far for Nan Shan, with Taiwan’s Chinatrust Financial offering the highest bid of $3 billion, sources said.

Other bidders for the unit include Cathay Financial, Fubon Financial, Goldsun Group and Ruentex Group.

Goldsun has teamed up with other local business groups, including security firm Taiwan Secom and the Industrial Bank of Taiwan, to press for its bid for Nan Shan, according to the Economic Daily News.

It is also reportedly backed by Hong Kong-based Primus Financial Holdings, whose previous bid for Nan Shan of $2.15 billion was rejected by the Taiwan government last year.

Taiwan authorities cited concerns that the Hong Kong consortium of Primus and China Strategic Holdings lacked the experience needed to manage an insurer while it also failed to provide a long-term management commitment.

The rejection of the bid came as a blow to AIG, once the world’s largest insurer, which has been selling assets to pay back the US government.

Taipei, Jan 6, 2011 (AFP)

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Japan Post Insurance Co. and Axa lead as the world’s largest insurers, while U.S. insurers barely crack the top five, according to the latest issue of BestWeek U.S./Canada.

French insurer Axa is the world’s largest insurer ranked by net premiums, and Japan Post Insurance is largest in assets with USD1.1 trillion. AXA is ranked first then second respectively on the written premiums list and the assets list.

European companies lead the assets list with 13 companies. We can find Axa, Allianz, Assicurazion and Aviva in the top 10.  Japan is the country with the most companies present with 6 insurers such as Japan Post Insurance, Nippon Life Insurance and Dai-ichi Life Insurance. American companies are second most present with 5 companies such as AIG, MetLife and Prudential Financial.

In the written premiums list American companies have 9 listed, Japan 5 and the UK 4 companies.

China Life Insurance and Life Insurance Corporation of India are companies from emerging markets present only in the written premiums list.

You may find the complete assets table here, and the complete written premium table here.

Source : AMBest and PostOnline

World’s Largest Insurers Ranked by Net Premiums Written1. Axa SA

2. Assicurazioni Generali SpA

3. Allianz SE

4. Japan Post Insurance Co Ltd

5. United Health Group

6. American International Group Inc

7. National Mutual Insurance Federation of Agricultural Cooperatives

8. Munich Reinsurance Co

9. WellPoint Inc

10. State Farm Group

 World’s Largest Insurers Ranked by Assets1. Japan Post Insurance Co.Ltd

2. Axa SA

3. American International Group Inc

4. Allianz SE

5. Assicurazioni Generali SpA

6. Aviva plc

7. MetLife Inc

8. Prudential Financial Inc

9. Legal & General Group plc

10. Nippon Life Insurance Co

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People whose insurance companies knock back their claims for flood damage are being advised to challenge the ‘‘unfair’’ fine print in their contracts.

A lawyer in the flooded city of Rockhampton says the artificial distinction used by insurance companies to separate flood and storm damage to refuse claims is a clear example of why an overhaul of insurance protection is overdue.

Manager of Maurice Blackburn lawyers Gino Andrieri is urging flood victims to lodge claims even if their insurer tells them they’re not covered for flood damage.

‘‘These horrendous, widespread floods are having a devastating impact on many Queenslanders, and unfortunately, many may be hit again by insurance companies relying on fine print to reject claims,’’ he said in a statement. ‘‘Policy holders should consider challenging their insurance company’s fine print if their claim is not accepted.

‘‘Many people do not realise there is an important, but artificial distinction between flood and storm damage.

‘‘Storm or rain damage is covered in almost all home and contents insurance policies, but water flowing from rivers, creeks, dams, lakes or reservoirs causing flood damage may not be covered.

‘‘It is more complicated if you happen to suffer both storm and flood damage.’’

Mr Andrieri said the artificial distinction is unfair and there should be an overhaul of the insurance industry’s protection for consumers affected by storm and flood damage.

‘‘Unfortunately, some Queensland residents are likely to suffer, so it’s really important you seek legal advice if you are being mucked around by your insurer,’’ he said. ‘‘Policy holders have rights as consumers, but they may not be aware of what can be done or who they can talk to if their claim isn’t paid.

‘‘Don’t assume you’re covered for flood damage, if impacted by the floods lodge a claim with your insurer and if your claim is rejected, you can appeal – get legal advice.’’

The Insurance Council of Australia (ICA) said some insurers do specifically cover flood damage and the market is very competitive.

Suncorp said its personal home and contents policy includes automatic flood cover as standard and does not exclude people in high flood risk areas taking out insurance.

An ICA spokesperson said people should shop around for policies that suit them, and make sure they read the conditions.

The ICA has declared the floods a catastrophe and set up a 24-hour emergency hotline (1300 728 228 1300 728 228) for people who have a question about their policy or need help identifying their insurer.

Source : The Sydney Morning Herald

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American International Group’s protracted sale of its Taiwan unit was further complicated on Tuesday when a Taiwanese company proposed buying a stake in the business, an offer that may please regulators but runs counter to AIG’s plans.

AIG has been trying for 15 months to sell its Nan Shan Life unit, and actually had a deal to sell the business last year for $2.15 billion. But local regulators blocked the deal and AIG was forced to put it back up for sale.

The New York-based insurer got four offers for the business in the latest round, but on Tuesday home security company Taiwan Secom Group proposed buying a stake in Nan Shan and jointly running it with AIG. Taiwan Secom would expect to list the unit in Taiwan.

A spokesman for Taiwan Secom later told Bloomberg News that his company could also bid with partners for all of Nan Shan, rather than just part of it.

Taiwan regulators have previously suggested a Taiwan listing, but AIG has said it wants to sell the unit to another company, to increase the chances of its doing a deal quickly.

In a November letter to U.S. securities regulators that was not disclosed publicly until Tuesday, AIG said all of the bids it received for Nan Shan in the latest round were between $2.15 billion and $3 billion.

The sale of Nan Shan is part of AIG’s recapitalization plan, which is expected to close soon and will leave the U.S. Treasury with a 92.1 percent stake in the company.

AIG declined to comment. AIG Chief Executive Bob Benmosche, who is undergoing aggressive chemotherapy for cancer, personally went to Taiwan last month to discuss the sale criteria with regulators.

Analysts said any Taiwan Secom deal would likely generate fewer proceeds for AIG than the outright sale it planned.

“We see today’s news as a slight negative, as we had expected other companies to make a higher offer for the unit,” S&P insurance equity analyst Cathy Seifert said in a note.

Taiwan Secom, an affiliate of cement firm Goldsun, is setting up a holding company with Hong Kong investment firm Primus Financial to acquire a stake in Nan Shan, said Max Chu, a director of Taiwan Secom.

“We are being serious. We are not just looking around,” he said. Taiwan Secom, partly owned by Japan’s Secom, did not participate in the first round of bidding that AIG held last month, he added.

Regulators have left it up to AIG to decide what it wants to do with Nan Shan and are waiting for AIG to come up with a preferred bidder.

Regulators have set five conditions for any buyer: show fund-raising ability for future operations; show a long-term commitment to run Nan Shan; show experience in running an insurance business; promise to take care of employees and policy holders; have funding sources that meet Taiwan regulations.

A first deal to sell the AIG unit to Primus and Hong Kong-listed China Strategic was rejected after regulators said it did not meet all those conditions.

“AIG is the only one that’s making rules of the game,” said an official of one of the four Taiwanese companies that had submitted bids. “They still have not told us what is coming up next.”

Nan Shan is Taiwan’s No. 3 insurer by market share after the insurance arms of Cathay and Fubon. It has assets of T$1.7 trillion ($56.5 billion) and lost T$12.7 billion in the second quarter of this year and T$12.5 billion in the third quarter.

Taiwan Secom shares slipped 0.5 percent and Goldsun was off 1.8 percent, while the broader market was down 0.3 percent.

AIG shares were down 3.2 percent at $56.19 in afternoon trading, making AIG by far the biggest decliner among S&P insurance shares .GSPINSC. ($1=T$29.1)

Source : Reuters

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This is in recognition of Peter’s contribution to business, entrepreneurship and charitable causes, and recognises the work that all the people at Towergate have put in to make such an impact in the insurance industry.

Towergate has raised over £4m since 2006 for worthy causes, in particular our partner charities: Help the Hospices, Great Ormond Street Hospital, Cancer Research, ChildLine, and a variety of military charities.

In 2008, The Peter Cullum School of Entrepreneurship was created with Cass Business School Dean, Richard Gillingwater. Through this facility Peter has made £10m available as start-up funding for their alumni.

Andy Homer, Group Chief Executive commented: “Peter’s colleagues at Towergate are delighted to learn of his award. He has long been deserving of recognition for his own innovation, which has helped reshape the insurance sector. At the same time, Peter has given so much back to the community both through Towergate’s charitable culture and via his own private charitable trust to which he has donated in excess of £20m.”

Peter Cullum said: “I am very honoured and it is flattering although I regard this accolade as testimony to the talented and dedicated people we have within the Towergate family, and the brilliant things they do every day for the business and our partner charities – they really personify our heart & soul.

When people ask me why we do so much for good causes, I say it is because we can, it’s simply the right thing to do, and it is part of our corporate DNA.”

Source : Towergate Press Release

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Swiss Re has entered into a transaction with Successor X Ltd. (“Successor X”) to receive up to USD 170 million of payments in the event of natural catastrophes such as Australian earthquakes, North Atlantic hurricanes and Californian earthquakes. The transaction covers a three-year risk period, ending in December 2013. Successor X issued notes linked to these risks to the capital markets. This transaction is the third takedown of the Successor X programme, after a first bond for USD 150 million in December 2009 and a second for USD 120 million in May 2010.

Prior Successor programmes have allowed Swiss Re to obtain more than USD 1.6 billion of protection, demonstrating the company’s expertise in transferring natural catastrophe risk to the capital markets.
Martin Bisping, Swiss Re’s Head of Non-Life Risk Transformation, said: “Insurance-linked securities transform (re)insurance risks into an investor-friendly asset class. ILS are a fundamental part of our own hedging strategy, allowing us to manage catastrophe risk, lowering capital requirements and reducing earnings volatility. ILS also form part of our core offering to clients. This transaction demonstrates our ability to take on risk from a broad range of clients and transfer it to capital markets investors in a simple and standard format.”
“Swiss Re has a track record of introducing non-peak risks to the capital market,” Bisping continued. “By adding Australia earthquake to this transaction, we have created a bond that offers additional diversification for investors and have once again been able to demonstrate our capacity for innovation in this field.”

Class Notional amount Term Rating
Class R USD 65 m 3 years B-
Class S USD 50 m 3 years B-
Class T USD 55 m 3 years Not rated

Swiss Re Capital Markets acted as sole manager and book-runner on the note issuance. Risk modelling and analysis were performed by EQECAT, Inc.
The Successor X notes were sold in a private placement pursuant to Rule 144A of the US Securities Act of 1933, as amended, (the Securities Act) and have not been registered under the Securities Act or any state securities laws; they may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

Source : Swiss Re Press Release

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Commercial lines underwriting specialist Arista Insurance has hired three underwriters to provide further support to brokers in the South East and Midland regions.

Andy Gillen and Natalie Hooper-Smith have joined Arista’s Redhill office from Aviva and Travelers respectively, while Matthew Flynn joins Arista’s Birmingham office from RSA. From the Redhill office Andy and Natalie will be responsible for developing relationships with brokers in the South East while Matthew’s main focus in Birmingham will be renewals, MTAs and providing quotations.

Andy Gillen brings four years experience and worked for NIG prior to Aviva; Natalie Hooper-Smith gained her eight years experience solely at Travelers and Matthew Flynn has three years experience and was at Norwich Union before NIG.

In all three cases the appointments support Arista’s dual ambition of promoting its service offering to brokers while increasing the amount of commercial business it writes.

Commenting on the appointments head of regional operations Euros Jones said: “Providing brokers with exemplary service is the backbone of Arista’s proposition and that includes giving them access to underwriters who are empowered to make quick decisions.  We have ambitions to keep growing this business but we also want to maintain and improve service standards and to do both it is vital that we have the right number of the right people. These latest high-caliber appointments underline Arista’s commitment to providing our broker partners with the best support available in the market.”

Source : Arista Press Release

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The IFB today announced that Chris Lovett, a consultant from the LV= Financial Crime Unit, who has been with the company for three years, is being seconded to the IFB for six months from 4 January 2011.

Ursula Coulibaly, Head of Financial Crime Operations, LV= commented; “We are proud to be associated with the IFB and pleased to be able to assist with the industry fight against fraud via this secondment. We believe it’s a great opportunity for both parties to gain a deeper understanding of each others’ work and will help to shape the investigation model for the future.”

Glen Marr, Director of the IFB said “We are really looking forward to Chris joining us and it’s a great start to 2011. Chris will be very much part of the team, involved in everything from handling incoming fraud intelligence, through to exposure to live operations, interaction with the Police and regulators, and IFB projects, to include new software we are implementing for rollout in quarter one. With the IFB continuing to develop its model, Chris will also have opportunity to contribute to activities geared to enhance the IFB. Secondments such as this are beneficial for all parties and positively welcomed by the IFB”.

Source : IFB Press Release

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Specialist underwriting agency DUAL Corporate Risks has received authorisation from Lloyd’s to underwrite business domiciled in South Africa and Switzerland on a direct basis via a regulated and approved Swiss broker.

The move allows DUAL to underwrite its financial products, including PI, D&O, Bankers Blanket Bonds and Commercial Crime in these two territories.

Jennifer Martin, Dual’s Underwriting Director – Financial Lines, commented: “This is an exciting new development for DUAL as it enables us to further expand our geographical capabilities by purely using Lloyd’s capacity.  South Africa and Switzerland provide excellent opportunities for us, and members of the financial lines underwriting team already have proven experience writing business in these areas.”
DUAL will be able to write business in South Africa and Switzerland as of 1st January 2011.

Source : DUAL Press Release

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Swiss insurer Zurich Financial Services said Monday that it had agreed to pay some 37.5 million dollars (28.2 million euros) to the US state of New York to settle a dispute over insurance surcharges.

New York Attorney General Andrew Cuomo’s office said last week that Zurich was one of four insurance groups, along with ACE and US firms CNA and Pennsylvania Manufacturers, that had agreed to pay back nearly 120 million dollars in “excess funds” related to workers’ compensation insurance.

Zurich said in a statement e-mailed to AFP that it had reached an agreement “that resolves a difference of opinion as to the proper legal interpretation of laws enacted in 2009 and 2010.”

“As part of the agreement, Zurich has agreed to pay to the Workers’ Compensation Board a total of 37.5 million dollars in full satisfaction of any liability for assessments under the 2009 and 2010 legislation.”

In 2009 and 2010, changes to state legislation stopped previously accepted surcharges on premiums to cover annual fees charged by the Board, and allowed New York state to recover the excess funds that the insurance companies had collected, according to the attorney general’s office.

“These four groups of insurance companies have done the responsible thing by agreeing to resolve their disputes with the State,” Cuomo said in a statement posted online on Friday.

“Other insurers who still retain excess funds should follow their lead or they will be brought to justice,” he added.

Zurich, Jan 3, 2011 (AFP)

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Consumers may end up paying higher insurance bills as the government prepares to use a compensation fund to plug any deficit that arises as part of a deal to break up Quinn Insurance.

The sum involved is believed to be several hundred million euro.

The use of the Insurance Compensation Fund, which was previously used after the collapse of PMPA in 1983, has emerged as a key part of the sale of the insurer, which is entering its final stage. Quinn Insurance has been under the control of administrators since last March, when the Financial Regulator became concerned about the firm’s solvency.

Three bidders are in the running to acquire Quinn’s general insurance business, while at least three parties are interested only in Quinn’s health insurance division.

However, the company’s founder, Sean Quinn, will not be involved in the business in the future, having been excluded from a joint bid with Anglo Irish Bank and US insurer Liberty Mutual.

The change of ownership will not involve an outright sale of the insurance firm, but will see a new owner taking on new business and renewals, while the existing book of claims will remain under administration.

The new owner will get assurances that the Insurance Compensation Fund will meet any future shortfall in solvency at the insurer.

It is understood that a commitment of up to €400 million may be needed from the fund, which is financed through a 2 per cent levy on all insurance premiums apart from life and health insurance.

Such a move would lead to price rises for consumers over an extended period as insurers move to recoup the levy from customers.

The fund is likely to be required because some of the assets available to meet Quinn Insurance’s claims have also been offered as security to banks and bondholders in the wider Quinn group. If they have claims over the assets – which include property and wind farms – then the insurer’s solvency is diminished and the fund will have to make up the difference.

‘‘It is unlikely the fund won’t be called on at some stage. It is just a matter of what the amount involved is,” said an informed source, who indicated it would be a significant sum.

Another source said that any New owner of the Quinn Insurance business would seek some sort of government-backed underwriting of its solvency.

Speaking in the Dáil last March after the administrators were appointed to Quinn Insurance, finance minister Brian Lenihan raised the prospect of the fund being used to bolster the company’s finances.

‘‘Should the administrator subsequently need additional funds to help him with the business, there is the facility of the Insurance Compensation Fund,” he said.

Source : ThePost.ie

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XL Insurance, the global insurance operations of XL Group plc, today announced the appointment of Matthias Horntrich as Chief Underwriting Officer for International Property.

Mr. Horntrich has 15 years’ experience in property underwriting across various European countries. He re-joins XL Insurance from Allianz Global Corporate & Specialty where he was Regional Head of Property, with responsibilities for UK, Ireland, The Netherlands, Belgium and South Africa. Between 1997 and 2009, Mr. Horntrich held various underwriting roles within XL Insurance culminating in Property Underwriting Manager in Germany.

He takes over the role as Chief Underwriting Officer for International Property from Gerald Kanis who will be taking up a new senior management role within the company.

Eileen McCusker, XL Insurance’s Chief Executive for International Property & Casualty, commented: “Matthias is a well respected underwriter with an outstanding reputation and we are delighted that he is re-joining XL Insurance. Gerald’s technical and strategic capabilities will be a significant asset in the implementation and development of our business strategy.

“These appointments allow us to capitalize on the strengths of these two talented individuals and demonstrate our strategy of building on in-house talent while also seeking the best external experts to strengthen our position in the market.”

Gerald Kanis will continue in his current role until Matthias joins in July 2011.

Source : XL Insurance Press Release

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Anyone applying for a driving licence in Britain will be asked if they want to join an organ donation scheme under new proposals to boost the number of donors, it was announced on Friday.

The system to be piloted from July will make would-be drivers state if they want to sign up to the National Health Service Organ Donor Register or defer a decision until a later date.

Authorities hope it will boost the numbers of those willing to donate vital organs to help others live in the case of their own death. Some 8,000 people in Britain are waiting for a transplant.

Under the current system, applicants can miss out a question on donation when applying for a driving licence.

But the new rules will require that they opt to either register for donation, state that they have already signed up or state: “I do not want to answer this question now.”

At present, just over a quarter of British residents are registered donors, but studies have revealed that a far larger proportion are in favour of donating body parts.

Public health minister Anne Milton said: “Surveys show that a large number of people in the UK are happy to donate their organs for transplantation but haven’t got round to registering.

“We hope that by prompting people into making a decision we can encourage more people to register.

“We also need people to think and talk about organ donation with their families so people know what family members want.”

London, Dec 31, 2010 (AFP)

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    Britain’s flu death toll has risen to 39 since October, the Health Protection Agency (HPA) announced Thursday, with 36 of the fatalities due to swine flu.

    The HPA confirmed 12 more flu deaths this week, saying all except one case were under 65 years of age and four were under the age of five.

    Health Secretary Andrew Lansley urged people to be vaccinated and said he would relaunch on Saturday the “Catch it, bin it, kill it” advert about using tissues and hand-washing that has been used in previous upsurges in flu cases.

    “The first line of defence against flu is to be vaccinated — I urge everyone in an at-risk group who hasn’t been vaccinated to contact their general practitioner (doctor) and book an appointment,” he said.

    The figures come after Wednesday’s announcement that flu cases rose by more than 40 percent last week.

    The Royal College of General Practitioners reported the incidence of flu in England and Wales reached 124 per 100,000 of the population in the week ending Sunday.

    There were 86 per 100,000 cases in the previous week. So-called “seasonal” flu epidemics are annual health problems in temperate countries with the onset of winter.

    London, Dec 30, 2010 (AFP)

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