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Unemployment has befallen around 12 percent of California residents and the state has to borrow tens of millions each day from the federal government to pay for unemployment insurance, the Los Angeles Times reported.

California already owes $8.6 billion in insurance payments and is projected to hit more than $10 billion at the end of the year.
The state is paying around $40 million a day for unemployment insurance, the report found. Interest on the debt is starting to compound and California will have to pay $362 million to the government by the end of September 2011.

The Golden State is at the top of the list of states that borrowed to pay for unemployment insurance, taking its first loan out in early 2009.
California passed Proposition 25 last week, which allows the state legislature to pass a budget with a majority rule. The deficit is going to hit $13.4 billion by next year, the Times report noted.

“The taxpayers gave and they also took away,” said Governor-Elect Jerry Brown to the San Francisco Chronicle. “On one hand, the people said by a majority, ‘Give us a budget.’ On the other hand, they said, ‘Don’t pick my pocket.’”

Source : The Epoch Times

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    In his first major interview since a mid-term electoral drubbing, US President Barack Obama conceded he had taken a bigger political hit than expected for driving his signature health reforms through Congress.

    “There’s a reason why our health care system hasn’t been reformed over the last several decades. Why every president talks about it and it never happens. Because it’s hard. It’s a huge, big complicated system,” Obama told CBS’s “60 Minutes.”

    “I made the decision to go ahead and do it and it proved as costly politically as we expected. Probably actually a little more costly than we expected, politically.”

    The president was speaking after last Tuesday’s mid-elections saw the Republicans seize control of the House of Representatives and almost wipe out the Democratic majority in the Senate.

    “I think the Republicans were able to paint my governing philosophy as a classic, traditional, big government liberal. And that’s not something that the American people want,” Obama said in an interview taped before he left for a 10-day tour of India.

    The president in March signed into law historic, sweeping reforms that give health care access to almost every American and realize the dreams of generations of past US leaders.

    The 940-billion-dollar overhaul will extend coverage to some 32 million Americans who currently have none, ensuring 95 percent of under-65 US citizens and legal residents will have health insurance.

    But Republicans took control of the narrative and portrayed Obama as forcing a “Big Government” takeover of health care on an unwilling America, repeatedly asking why he hadn’t focused instead on sky-high US unemployment.

    Obama refused to admit to the interviewer that he had been naive, but accepted he could have done more to convince the American public of the merits of his arguments, saying “we knew that it probably wasn’t great politics.

    “I think that there are times where we said let’s just get it done, instead of worrying about how we’re getting it done. And I think that’s a problem. I’m paying a political price for that.”

    Republicans have vowed to repeal Obama’s signature reforms, although realistically this will be impossible as the president still has the power to veto any such bid.

    They may have more success in the courts as judges in several states have already said they will consider challenges over the constitutionality of the reforms, which mandate all Americans to have insurance or pay a fine.

    “When you’re campaigning, I think you’re liberated to say things without thinking about, ‘Okay, how am I going to actually practically implement this,’ Obama told “60 Minutes.”

    As if to confirm this, he then sounded far more conciliatory about working with the insurance companies than he had when he was portraying them as enemy number one on the campaign trail.

    “When it comes to health care, we need to be consulting with the insurance industry, make sure they know how things are going to work,” he said.

    Washington, Nov 7, 2010 (AFP)

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    The Middle East life insurance industry is looking for a growth of around 17 per cent this year after a slowdown in 2009.

    “The industry in this part of the world still has very low levels of penetration,” said MetLife Alico Gulf general manager Mario Valdes.

    “But we have seen growth of around 20pc a year recently until the dip last year in the wake of the financial crisis.”

    He was speaking on his first visit to Bahrain since MetLife, the US’ largest life insurer, rubber stamped its acquisition of American Life Insurance Company (Alico) from AIG last week.

    That deal now gives MetLife its first footprint in the Middle East with the creation of MetLife Alico to run the former AIG subsidiary’s operations.

    “This deal brings together two well-established, international businesses with proven track records of growth,” he said.

    “The combination creates a global life insurance and employee benefits powerhouse and will give our customers across this region even more ways to protect their future.

    “We will offer a broader portfolio of products serving more people in more areas and innovative products and services.

    “MetLife is new to this region but Alico has been here for more than 50 years and there will not be any changes to existing policies based on this acquisition. But the largest organisation will be looking to further expand its regional operations.

    “At present life insurance is in its infancy in this region, accounting for less than 0.3pc of gross domestic product compared with around 8pc in the West.

    “MetLife’s acquisition of Alico will allow us to offer a wider range of products and expand our business here.”

    Source : Gulf Daily

    

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    Thousands of rescue workers sickened after the September 11 attacks in New York have until the end of Monday to accept a settlement that could near 800 million dollars.

    A settlement on Friday saw a subgroup of workers compensated 28 million dollars for exposure to debris removed and transferred from Ground Zero to Staten Island by marine transportation company Weeks Marine.

    But US District Court Judge Alvin Hellerstein said in a related order that the plaintiffs could only claim compensation for it if they backed the larger agreement for up to 712.5 million dollars.

    That settlement with New York City was reached in June and requires approval from 95 percent of the plaintiffs by 11:59 pm (0459 GMT) on Monday in order to be validated.

    The proposed funds would be used for payments to the roughly 10,000 firefighters, health workers, police and other emergency responders who sought legal remedy after falling ill from toxic dust and debris emanating from the destroyed World Trade Center nine years ago.

    Paul Napoli, who leads a legal team representing most of the plaintiffs, said he has since brokered additional agreements with other defendants, bringing the total potential compensation to 796.45 million dollars.

    And further agreements are still possible, further increasing the amount.

    Micheline Tang of Kekst and Company said proposed compensation from different defendants now totals 811.5 million dollars, but noted it could be inaccurate to aggregate the figures because different plaintiffs are suing different defendants.

    “In addition, compensation will be determined based on the severity of the injury and the strength of the claim,” she told AFP.

    Her firm represents the WTC Captive Insurance Company, which will pay the larger settlement out of a federally financed fund.

    Lawyers also reached a separate 47.5 million dollar settlement last month with the Port Authority of New York and New Jersey, which owned the World Trade Center.

    Napoli said he and his colleagues “are very happy we have reached agreements with these defendants, following extensive negotiations that lasted several years.”

    “Negotiations with remaining defendants have been going on as well and we hope that the latest settlements will encourage those defendants to take this opportunity to resolve the remaining plaintiffs’ claims against them in the near future,” he added in a statement on Saturday.

    In all cases, Hellerstein found the allocation process to be “fair and reasonable.”

    New York, Nov 7, 2010 (AFP)

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    The federal government said Friday it will cut insurance premiums by nearly 20% for people in high-risk pools, a program under the health overhaul that insures those with pre-existing health conditions.

    The program was one of the first parts of the health law passed in March to go into effect, but it has had lower-than-projected enrollment, in part because the policies are beyond the means of many people.

    The premium cuts apply to high-risk pools that the federal government operates in 23 states and the District of Columbia. Pools elsewhere are operated by state governments, and the cuts don’t apply there.

    The pools offer coverage to those who can’t otherwise get it because of a prior illness and are set to last until 2014, when the health overhaul requires insurers to accept all applicants.

    The Department of Health and Human Services said it will offer three types of plans beginning in 2011, instead of just one offered now. The existing standard plan will offer premiums almost 20% lower than this year’s plan, according to the department, with a $2,000 medical deductible and a $500 drug deductible.

    Premiums vary by state and age, and a spokeswoman did not provide a national average. In Texas, they start at $323 per month for the youngest enrollees and go up to $688 per month for the oldest.

    The agency will add a second plan with higher premiums and lower deductibles of $1,000 for medical and $250 for prescriptions. A third plan will include a tax-advantaged health savings account and carry a $2,500 deductible.

    HHS also carved out a new category of premiums for children with pre-existing conditions. Numerous private insurers have stopped offering coverage to these customers, citing new requirements in the law that compels insurers to cover all children regardless of their health status.

    Source : Wall Street Journal

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    Aon Benfield, reinsurance intermediary and capital advisor, has appointed Gareth Haslip as head of the Risk & Capital Strategy team for UK & EMEA.

    Gareth will lead technical innovations in capital modeling and support the development of ReMetrica, Aon Benfield’s dynamic financial analysis tool.  In addition, he will ensure the link with the risks embedded in the asset side of the balance sheet and the pending IFRS phase II rules.

    Gareth returns to Aon Benfield from Goldman Sachs where he was an executive director advising insurance companies on optimal investment strategies for risk and regulatory capital. He was previously with Aon Benfield for nearly four years.

    Parr Schoolman, global head of the Risk & Capital Strategy team, said: “We’re moving closer to the proposed inception of Solvency II and now is the time to develop asset/liability strategies to optimize profitability in the context of regulatory capital needs. We’re delighted that Gareth is back on the team to help achieve this for our clients.”

    Gareth will be working alongside Paul Maitland, head of ReMetrica, and Marc Beckers, head of Aon Benfield Analytics in EMEA, to develop its capabilities across the region.

    Source : Aon Benfield Press Release

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    US government-rescued insurer American International Group said Friday it lost 2.4 billion dollars in the third quarter, led by restructuring charges.

    AIG said it took 4.5 billion dollars in restructuring-related charges, including the sale of assets to raise money to pay back aid from the Federal Reserve Bank of New York (FRBNY).

    The government-controlled company had posted a net profit of 455 million dollars in the 2009 third quarter.

    AIG, once the world’s largest insurer, received more than 180 billion dollars from the government two years ago to help cover investments that disappeared amid the collapse of a US real-estate bubble.

    The Treasury Department said this week that AIG was poised to repay 36.7 billion dollars in government bailout aid after floating its Asian unit AIA and selling American Life Insurance Company.

    “We will continue with our aggressive plan to close pending transactions in order to repay the FRBNY in full, and provide for the exit of US Treasury ownership over time,” Robert Benmosche, AIG president and chief executive, said in a statement.

    New York, Nov 5, 2010 (AFP)

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    Aon Benfield, reinsurance intermediary and capital advisor, is warning that natural catastrophe calculations are ignoring 15 years of critical evolution under the currently proposed Solvency II Standard Formula, which could lead to higher capital requirements for insurers when the regulation comes into force. In response, the intermediary is offering a suite of Solvency II-friendly services to help clients make the most of the catastrophe requirements, including advice on how re/insurers can use a partial internal model to assign a more appropriate capital charge.

    Catastrophe risk is a key driver for capital under Solvency II, with the benchmark to withstand a 1-in-200 year event for natural and man-made disasters. There is a basic calculation method that insurers can use to determine their Solvency Capital Requirement. However the methodology for the standardized scenarios for natural catastrophe modeling overlooks key data features including:

    – Location granularity (CRESTA zone data is insufficient)

    – No differentiation by occupancy (residential, commercial or industrial) or construction, age and height

    – Single damage function so no differentiation between buildings, contents and business interruption cover

    – No application of limits and deductibles

    The use of CRESTA zone data in exposure calculations was common 15 years ago, but now most re/insurers (and all commercial catastrophe models) utilize far more detailed data. This means re/insurers could be relying on inaccurate data to establish their risk, resulting in higher capital requirements.

    In face of the new regulation and beyond, Aon Benfield is bringing its Impact Forecasting, catastrophe management, and actuarial capabilities together to offer support throughout the catastrophe risk process so re/insurers can better understand their risks, justify their views to regulators and reap the benefits of a partial internal model. These comprise:

    – Training on the drivers within catastrophe models

    – Model evaluation

    – Building transparent catastrophe models with Impact Forecasting

    – Data audits and benchmarking

    – ReMetrica, a dynamic financial analysis tool, to understand the impact of cat risks on capital.

    Paul Miller, head of international catastrophe management at Aon Benfield, said: “The proposed Standard Formula for catastrophe is a disappointing backward step in catastrophe modelling. For the majority, the standard approach will be inappropriate or give unreasonable results as data quality and portfolio differentiators are totally ignored. The next two years are crucial for brokers to provide catastrophe modeling support as re/insurers register internal models with the regulator and demonstrate how they are using advances in catastrophe modeling to obtain a more realistic picture of their risks.”

    Source : Aon Benfield Press Release

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    Promising to provide auto, home or life insurance within ninety seconds, Insurance90 has announced its site’s grand opening. The site offers a variety of instant insurance coverage plan quotes utilizing an online application to collect information from the consumer and then match the request with providers.

    The Insurance90.com chief executive explains; “We are a convenient conduit for consumers that want to find the most cost-effective insurers for their specific needs. Our online application serves to immediately provide the consumer with the best rates after they enter some basic information. In just seconds, they can have the best fitting life insurance, car insurance or home insurance – and even more importantly – they can get insurance that fits into their budget – so they can afford it, and it can keep them covered.”

    “Insurance90 is connected to a laundry list of insurers, with varying rates, specialties and degrees of coverage. When an application is processed through our site, our programs immediately kick in searching through our database within seconds to shoot back the most effective and cheapest life, cheapest home or cheapest car insurance for each customer.”

    Source : PR News

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    The Chairman of the Lloyd’s Market Association (LMA), Barnabas Hurst-Bannister, has told the Association of Lloyd’s Brokers (ALB) in Chicago that the Lloyd’s market is now ‘ahead’ of its competitors when it comes to its approach to process modernisation. In a wide ranging speech delivered yesterday afternoon to the ALB’s annual lunch, Hurst-Bannister also warned on the risk of bottom line losses if current pricing continues downwards.

    Modernisation

    Commenting on the London market’s approach to modernisation in which he pointed to the introduction of developments such as the Market Reform Contract, contract certainty and the increased use of technology for placing risks as well as settlement of premiums and claims processing, Hurst-Bannister, said: “Where we have not always been so exemplary is in the way in which we have administered business … this gave people the impression that London was an expensive centre to do business in. No longer can this accusation be levelled. The change that I have outlined (in process modernisation) puts us ahead of our competitors in our approach to processing.

    “We are committed to the work that will widen this advantage. As well as making us cheaper and slicker to deal with, our embracing of technology means we are a more open market with which to trade.  Business can find us without the need for a local physical base. The modern, flexible and efficient marketplace with which increasingly sophisticated clients would wish to trade in the twenty first century is being built in London.”

    Thinning underwriting margins

    Turning to the continuing softening market across most classes (offshore energy aside), Hurst-Bannister warned ALB delegates of the dangers of underwriters continuing to write below a sustainable price: “Whenever we make a profit, intruders appear, cutting prices until everyone makes a loss; then the intruders retreat, bloodied, bowed and minus their capital. We are currently just entering that phase when CFOs will begin to fear that, whilst all their quarterly bottom line numbers are growing, they will unfortunately be increasingly in brackets. The harvest which we are reaping following the good results of recent times is one of strain on pricing … by and large recent industry results show few signs of pain but we all know that that in itself will hasten that moment when ever-thinning underwriting margins and diminishing investment returns will produce bottom-line losses.

    “Every client, every broker, every capital provider, every reinsurer, every regulator and every underwriter knows that there have been too many periods in which underwriters wrote below the level of which they were capable. And everyone has paid the price. The future is about not paying that price all over again.”

    Source : LMA News Release

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      The Asian unit of troubled US insurer AIG has raised 20.5 billion US dollars in a Hong Kong share sale that was the world’s third-biggest initial public offering, a spokeswoman said Tuesday.

      Some of the cash from AIA’s huge IPO, the world’s third biggest, will go towards helping its parent pay off a 182 billion dollar bailout it received from the US taxpayer at the height of the global financial crisis.

      AIG said Monday it had also raised 16.2 billion dollars by selling unit American Life Insurance Company (ALICO) to MetLife Inc. The repayment of the huge sums handed out to troubled US companies is a priority for the embattled Obama administration, which is facing voter anger at mid-term elections Tuesday in the United States.

      AIG was forced to look at floating AIA in Hong Kong after the collapse in June of a proposed 35.5-billion US dollar sale to British insurer Prudential. AIA raised 17.8 billion dollars in the sale last month but said at the time the IPO could top 20 billion US dollars if certain options were exercised.

      The IPO “raised 20.51 billion US dollars after the exercise of the greenshoe option, which brings the total number of shares offered to about 8.08 billion,” an AIA spokeswoman told AFP on Tuesday. Peter Lai, sales director at DBS Vickers in Hong Kong, said: “Many institutional investors had to buy shares (after the IPO) as the portion of shares set aside for them was quite small.”

      In July, Agricultural Bank of China claimed title to the world’s biggest IPO with a monster 22.1 billion US dollar offering, beating the previous record set by Industrial and Commercial Bank of China, which raised 21.9 billion dollars in 2006.

      AIA shares soared 17 percent on their debut Friday, closing at 23.05 Hong Kong dollars compared with a 19.68 dollar IPO price. The shares were down 1.1 percent at 22.75 dollars by the break Tuesday. Major institutional investors, including the Kuwaiti sovereign wealth fund and several Hong Kong tycoons, snapped up the shares.

      Two girlfriends of Hong Kong tycoon Joseph Lau bought a whopping 11.2 billion Hong Kong dollars worth — half the amount of shares set aside for individual investors — the English-language Standard newspaper reported last week, citing unnamed sources.

      Lau, chairman of property developer Chinese Estates Holdings, denied that the purchases were made on his behalf. Some observers say AIA is a good bet, pointing to its reach across 15 Asian countries and healthy balance sheet. The insurer booked a net profit of 1.75 billion US dollars in 2009.

      Lai at DBS Vickers said China and India are both lucrative markets for AIA since both countries have low insurance penetration rates.

      “The social security system in those countries are sorely lacking,” he said.

      “As people in China and India become richer, the demand for insurance will rise and AIA will get a piece of that pie.”

      But others are less convinced, noting that AIA has lost market share in some countries despite being a well-known brand.

      “Investors are in Asia for growth. Today’s AIA unfortunately doesn’t measure up too well,” Patricia Cheng, analyst at Hong Kong brokerage CLSA, wrote in a report last month.

      AIA’s “influence has been declining across the board. It’s already lost the top positions in China (among foreign operations), Hong Kong and Singapore.”

      AIA traces its roots in Asia back more than 90 years and was the first foreign life insurer to operate in China.

      Hong Kong, Nov 2, 2010 (AFP)

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      If you’re planning a bonfire party at your home this coming Guy Fawkes Night, insurance experts are warning home owners to ensure they have adequate cover in place in case of any accidents.

      According to official statistics, 6,600 people are injured every year as a result of fire work related injuries, with 50% of these being aged under 16 years of age. With this in mind, it’s vital that anyone planning to hold a firework party on their property ensures they have adequate personal injury cover as part of the home insurance policy, in case the worst should happen.

      It’s advisable to check the small print on your home insurance policy to make sure the level of personal injury cover is adequate as some insurers provide personal injury cover of up to £2 million, while others are much lower.

      If a person is injured on your property, you could be liable for a personal injury claim. If your insurance doesn’t stretch to it, could be left to cover the cost of a claim. Therefore it’s highly recommended you check your home insurance policy before throwing a Guy Fawkes night party this year.

      Source : Lady Motor

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        The Royal Bank of Scotland (RBS) is preparing to sell off or float its insurance unit, which includes familiar names such as Direct Line, Churchill, Green Flag and Privilege, and has now appointed a team of advisers to oversee the process.

        The bank, which is still backed by the taxpayer after it was bailed out by the government to the tune of tens billions of pounds during the recent financial crisis, has signed up both Morgan Stanley and Goldman Sachs to undertake a strategic review of its insurance unit.

        There should be some high-profile parties interested if a sale goes ahead, including Warren Buffett. RBS, which is being pressurised by regulators in Europe to dispose of its insurance arm, values the unit at around GBP 4 billion to GBP 5 billion. Although RBS attempted to sell the business in early 2008 when it started to run into difficulties.

        However, it still seems most likely that there will be a flotation of the business on the London Stock Exchange, probably in two or three years time, according to sources near to the bank.

        It has already got rid of a number of key assets, such as the GBP 4 billion sale of 300 branches in the UK, an 80 per cent stake in the WorldPay payment processing company and much of its holding in a commodities joint venture.

        Source: Life Insurance

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          Shares in the Asian unit of troubled US insurer AIG soared 12 percent on their trading debut in Hong Kong on Friday, opening at 22.05 Hong Kong dollars (2.84 US).

          AIA shares rose well above their initial public offering price of 19.68 Hong Kong dollars, after the company raised 17.8 billion US dollars in a share sale that remains on track to be the world’s second-largest IPO this year.

          The Asian insurer’s offering may still top 20 billion US dollars if it exercises certain options.

          “This is a new beginning for AIA,” Mark Tucker, the company’s chief executive, told reporters at a listing ceremony in Hong Kong on Friday.

          “Our aim is to make sure we are the leading insurance company in Asia.”

          Hong Kong, Oct 29, 2010 (AFP)

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          Aon Corporation, global provider of risk management, insurance and reinsurance brokerage, and human capital consulting and outsourcing, today announced the appointment of Steve Betts, currently the chief information officer for Aon Benfield, as global chief information officer for Aon.

          Betts begins his new role immediately and will report to Christa Davies, Aon’s Executive Vice President and Chief Financial Officer. He also will continue in his current role at Aon Benfield until a replacement is named.

          “Steve has done a tremendous job as chief information officer for Aon Benfield,” said Davies. “With his global team, Steve will provide the leadership necessary to work with each of our business units to deliver the infrastructure and innovative technology necessary to more effectively serve our clients. In this new role he also will improve our ability to collaborate across our businesses and support the overall growth strategy of the firm.”

          Since joining Aon in 2003, Betts has held a variety of technology leadership positions across multiple divisions and geographies. Most recently, Betts led the Aon Benfield information technology integration and established a global application rationalization program within the business.

          Previously, Betts led numerous large-scale change management and technology implementations in the financial services sector and other industries, primarily as a management consultant for PricewaterhouseCoopers. Betts graduated from the University of Manchester in the United Kingdom with a BSc in Mathematics and Management Science.

          Source  : Aon Press Release

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          Zurich Financial Services AG will spend as much as $420 million to participate in the capital raising of unlisted New China Life Insurance Co., or NCI, a move aimed at maintaining the Swiss firm’s foothold in one of the world’s fastest-growing insurance markets.

          The Swiss life and nonlife insurer, which during the past two quarters had been hit by property asset write-downs and litigation costs that have dented its bottom line by about $500 million, said Wednesday that it will buy as many as 280 million new shares of China’s third-largest life insurer, allowing Zurich Financial to maintain a 20% stake in the company.

          NCI’s share issue was initiated to improve the company’s balance sheet. Like banks, insurers need to back client assets, called premiums, with capital. If an insurer is able to attract premiums quickly, capital levels need to be bolstered to make sure that claims can be paid out in case of a calamity.

          “Our decision to participate in NCI’s share issue reflects our belief that China’s fast-growing insurance sector represents an attractive investment opportunity,” Zurich Financial Chief Executive Martin Senn said.

          “The Chinese government has expressed a clear intent to further develop the country’s insurance market, and NCI is well-positioned in the life market. In addition to our investment in NCI, we continue to focus on building our own insurance business in this important growth market,” Mr. Senn said.

          Zurich Financial bought its first stake in NCI in 2000, when China’s insurance market was partially opened to foreign investors. With China’s inclusion in the World Trade Organization in 2001, markets were further liberalized and, since 2006, Zurich Financial also has had its own branch in the country through an office in Beijing.

          NCI, which was created in 1996 and is expected to go public in the next few months, had gross written premiums of nearly $10 billion and a market share of 9.3% in 2009, according to Zurich Financial.

          China and other emerging markets in Asia and Latin America are growth contributors for Zurich Financial.

          The insurance market in China has current growth rates of more than 30%, according to the China Insurance Regulatory Commission. Growth is expected to remain high as an increasing number of affluent Chinese look to protect their assets and businesses through insurance coverage.

          “The deal is good news and makes Zurich Financial one of the few European insurance companies still trying to tackle the Chinese market in a serious way,” said Kepler Capital Markets analyst Fabricio Croce, who expects the deal to have a positive effect on future earnings.

          Source : The Wall Street Journal

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          Today, upon unanimous vote, the Board of Directors of American International Group, Inc. (AIG) agreed to issue the following statement:

          “We are committed to management continuity and ensuring that we have established appropriate, orderly succession plans.

          “Bob Benmosche, President and Chief Executive Officer of AIG, had previously committed to the Board that he would remain CEO until AIG completed repayment of its taxpayer obligations, which is currently expected to be sometime in 2012. Bob feels fine, continues to work a normal schedule, and the Board continues to assume that Bob will remain CEO on this timetable.

          “Given the effectiveness of Bob’s leadership, his commitment to his role, and the strength of the AIG management team, the Board remains comfortable with its current succession planning timetable. In light of the news of Bob’s health condition, however, the Board held a meeting today to review our succession planning process. While Bob continues to perform his job very well, and we have no reason to expect otherwise going forward, we determined on the basis of prudence the following:

          – “In the event that Bob would become unwilling or unable to continue to effectively serve in his current role, our Chairman, Steve Miller, would step in as interim CEO of AIG for as long as it takes to identify and select a long-term replacement for Bob.

          – “The Board intends to review its selection criteria for the next CEO and will continue to discuss succession planning. The choice of a long term successor to the CEO will include a fair evaluation of internal candidates as well as external candidates. The process would then be concluded when, over the next two years, it is appropriate to name Bob’s eventual successor.”

          AIG is a leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services around the world. AIG common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.

          This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect AIG’s current views with respect to future events and are based on assumptions and are subject to risks and uncertainties. Except for AIG’s ongoing obligation to disclose material information as required by federal securities laws, it does not intend to provide an update concerning any future revisions to any forward-looking statements to reflect events or circumstances occurring after the date hereof.

          Source : AIG Press Release

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          The Healthcare Focus Group of the British Insurance Brokers’ Association (BIBA) has been strengthened with the appointments of Mike Izzard, former Cairman of AMII and Wayne Pointin, from Jelf Employee Benefits to the committee.

          The announcement was confirmed at the latest committee meeting on 20th October and follows the recent appointment of John Miller from Towergate who joined to represent consolidators on the committee.

          The new appointments follow the committee’s decision earlier this year to broaden its remit from private medical insurance to wider healthcare issues including income protection, critical illness and group life insurance.

          Peter Staddon, BIBA’s Head of Technical Services, said: “The new members to the Focus Group will strengthen the expertise of the group which will help us to tackle a range of health care industry issues head on.”

          Glen Smith, MD of Healthcare Partners and Chairman of the BIBA Healthcare Focus Group, added: “The stronger focus group will help us to engage with Government, especially following the announcements around the NHS in the recent comprehensive spending review.”

          Source : BIBA Press Release

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          AEGON UK has agreed the sale of its third party pension’s administration business to corporate consultants Goddard Perry.

          AEGON’s third party pensions administration business is based in Daresbury, Cheshire, and provides pensions administration and data management services to occupational defined benefit and defined contribution pension schemes, employing 82 staff.

          On 28 September 2010, AEGON announced its decision to close this business as it is no longer core to its UK development strategy. Following the announcement, Goddard Perry approached AEGON with an interest in buying the business and terms have been agreed. AEGON believes that the sale offers stability and continuity of service to customers and better long-term prospects for employees within the business.

          Goddard Perry offers a wide and diversified range of advice and products for corporate clients including actuarial, consulting and secretarial services. They also have an independent financial advisory division.

          The terms of the transaction are not disclosed.

          With immediate effect, the company will be changing its name back to HS Administrative Services Ltd and will be known as HS Admin.

          AEGON UK’s Chief Operating Officer, Adrian Grace, said:

          ‘We announced last month that the third party pensions administration business was no longer core to our UK development strategy. We have now agreed terms with Goddard Perry which make sense for AEGON, provide continuity for customers and bring brighter long-term prospects for employees at the Daresbury site.’

          Steve Goddard, of Goddard Perry, said:

          ‘We are delighted with the acquisition and are pleased to announce that HS Admin will continue as a fully operational going concern.’

          ‘We are very impressed with the quality and loyalty of the staff and the systems they have in place. Indeed HS clients themselves have been very loyal and patient and we look forward to continuing our relationship with them.’

          Source : AEGON Press Release

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          Friends Provident welcomes today’s government sponsored review into automatic enrolment and pension reform and is encouraged by the recommendation there should be no delay to automatic enrolment.

          The savings provider is particularly encouraged that auto-enrolment will apply to all employers and believes this is essential to meet the public policy objective to get more low- and middle-income people saving for their retirement.

          Friends Provident is also pleased the earnings threshold at which an individual is automatically enrolled into a workplace pension is to be increased. The provider believes the proposed optional ‘waiting period’ of up to three months before an employee needs to be automatically enrolled into a workplace pension is a welcome step in the right direction.

          Colin Williams, Distribution and Marketing Director, Friends Provident commented:

          “Today’s report is a truly helpful starting point to get everyone back to thinking in terms of pensions simplification. We are encouraged by the proposals that will make employer’s lives easier and help employees to secure their standard of living in retirement. The recommendation that NEST should go ahead as planned is welcome and we support the implementation of automatic enrolment in 2012. This will increase the level of responsibility on employers, providers and advisers. Together we need to ensure that the levels of financial education and engagement of the workforce are increased, so that people understand and value the contributions that are being made on their behalf, rather than just accepting them through inertia and ignorance.”

          Source : Friends Provident Press Reelease

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