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George Stobbart

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    There has been a further fall in the number of new swine flu cases, with an estimated 5,000 in the week to August 27. However, numbers may well increase again. Read the latest official advice to help protect yourself, your family and others.

    Key messages

    If you have flu-like symptoms and are concerned that you may have swine flu:

    – You have a serious underlying illness

    – you are pregnant

    – you have a sick child under one year old

    – your condition suddenly gets much worse

    – your condition is still getting worse after seven days (or five days for a child)

    Note: The National Pandemic Flu Service is a self-care service that will asses your symptoms and, if required, provide an authorisation number which can be used to collect antiviral medication from a local collection point. For those who do not have internet access, the same service can be accessed by telephone on:

    • Telephone: 0800 1 513 100
    • Minicom: 0800 1 513 200

    For more information on the National Pandemic Flu Service go to Flu Service – Q&A

    Key actions

    Swine flu is spreading fast in the UK. Prepare now by:

    • Learning to recognise the symptoms of swine flu
    • Establishing ‘flu friends’ – friends and relatives who can help if you fall ill
    • Keeping  paracetamol-based cold remedies in the house
    • Having a thermometer available so you can check your temperature if needed

    Note: If you have elderly or vulnerable neighbours please check on them. They may need your help but be reluctant to ask for it. It is important you do what you can.

    Key reading

    Note: To order a Braille copy of the swine flu information leaflet, call the swine flu information line on 0800 1 513 513

    Good hygiene

    Preventing the spread of germs is the single most effective way to slow the spread of diseases such as swine flu. You should always:

    • Ensure everyone washes their hands regularly with soap and water
    • Clean surfaces regularly to get rid of germs
    • Use tissues to cover your mouth and nose when you cough or sneeze
    • Place used tissues in a bin as soon as possible

    Further information

    Go to Directgov for essential cross-government information on swine flu, including latest advice on travel, schools and other public services

    Go to BusinessLink for essential information to help businesses deal with the effects of swine flu

    Scotland, Wales and Northern Ireland

    If you live in Scotland, Wales or Northern Ireland go to this pandemic flu information page.  It will direct you to swine flu information and treatment advice in your area.

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    A.M. Best has raised SCOR SE’s and its rated subsidiaries rating outlook from “stable” to “positive”. According to A.M. Best the change in outlook reflects A.M. Best’s expectation that SCOR will continue to demonstrate strong resilience to the impact of the financial crisis and global economic downturn, its sound enterprise risk management, and anticipated improvement in risk adjusted capitalisation supported by profitable growth in its main lines of business.

    In their statement, A.M. Best further notes that SCOR has an excellent business profile in the European non-life and life reinsurance markets. During the January and July 2009 renewal seasons, the company was able to significantly strengthen its book of business, specifically in specialty business such as engineering, energy and agriculture.

    Denis Kessler, Chairman and Chief Executive Officer of SCOR, comments: “We are pleased to see A.M. Best adjust their outlook to ‘positive’ before the yearly contract renewals. Especially our North American clients will appreciate the fact that SCOR’s solvability and competitive situation has improved such that our Group can continue to develop our offering in their markets”.

    Today’s decision by A.M. Best to change the rating outlook from “stable” to “positive” follows the S&P decision of March 2009 to raise SCOR’s ratings for insurer financial strength and for the long-term credit of its core guaranteed subsidiaries from “A-” to “A” with a stable outlook. It also follows last year’s upgrades by Fitch to “A” and by Moody’s to “A2”.

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    British homeowners are failing to get the right level of home insurance, new figures have shown.

    Research carried out by Swinton revealed that 61 per cent of homeowners in the UK have little or no idea regarding the true value of their home’s contents.

    The study showed that some of the most common items which individuals forget to declare on their home insurance policy are floorings, gym equipment and expensive drinks, such as bottles of wine or whiskey.

    As a result, the insurer warned that individuals could not get the full value of their belongings restored to them should they be the victim of a burglary or accident around the home.

    At present, just 13 per cent of homeowners are planning some form of renovation project for their property over the next 12 months.

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    Brit Insurance Holdings PLC ,  the international general insurance and reinsurance group, confirms  that this disclosure relates to a single transaction of which notification was received under Paragraph 3.1.2 of the Disclosure and Transparency Rules.

    The ESOP  is a  HM Revenue  and Customs  approved trust  arrangement, operated  through  Equiniti   Share  Plan   Trustees  Limited   (‘the Trustees’), under which employees are able to buy ordinary shares  of 75 pence each  in the Company  (‘partnership shares’), using  monthly deductions from salary, and receive free ordinary shares of 75  pence each in the Company (‘matching shares’) on the basis of one  matching share  for  every   two  partnership  shares   purchased.  Both   the partnership shares and the matching  shares are acquired by and  held in the ESOP Trust.

    The Company has been notified that on 7 September 2009, the following executive directors and persons discharging managerial responsibility ‘PDMR’) of the  Company each  purchased 60 partnership  shares at  a price of 207.3p each and received 30 matching shares free of charge.

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    SCOR SE announces an adjustment to the rights of holders of bonds convertible and/or exchangeable into new or existing SCOR shares, coupon 4.125% maturing 2010 (“OCEANEs”).

    In accordance with the provisions of Article 2.6.7.3 (4) of the offering and listing prospectus of the OCEANEs (ISIN code FR0010098194) approved by the Autorité des Marchés Financiers on June 24, 2004 under the number 04-627 (the “Prospectus”), starting from the date of publication of the corresponding Euronext notice, the Conversion/Exchange Ratio (as defined in the Prospectus) shall be adjusted in such a manner that each OCEANE shall give entitlement, via exchange or conversion, to 0.117 SCOR shares (amounting to a conversion price of EUR 17.09 per SCOR share).

    As fractional entitlements may result from the new Conversion/Exchange Ratio, it is specified that each bondholder that exercises its conversion right, shall be entitled to the delivery of:

    • either the nearest lower whole number of shares, in which case the bondholder receives a cash payment equal to the value of the corresponding fractional entitlement, assessed on the basis of the Euronext Paris opening price of the SCOR shares on the last trading day of the calendar month in which the bondholder exercises its conversion right and during which SCOR shares are listed;

    • or the nearest higher whole number of shares, on condition of payment to the Company of an amount equal to the value of the additional fractional entitlement thereby requested, calculated on the basis set out in the preceding paragraph.

    Should the bondholder fail to state his choice of option, he/she shall receive the number of SCOR shares rounded down to the nearest whole number, plus the remainder in cash as described above.

    Additional information is available in the notice to be published by SCOR in the Bulletin des Annonces légales obligatoires on September 11, 2009.

    The new ratio, as well as the method for the settlement of any fractional entitlements concerning the OCEANEs, shall continue to apply for so long as such OCEANEs remain in circulation, unless modified by the Company.

    Bondholders are reminded that they may exercise their conversion rights at any time up until December 22, 2009 (i.e. the seventh business day prior to the normal redemption date set at January 1st, 2010) subject notably to the potential application of the provisions set out in the Prospectus in relation to the suspension of the conversion/exchange right or the early redemption of OCEANEs). Bondholders must file any requests for exchange or conversion with BNP Paribas Securities Services.

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      The Willis Research Network (WRN), part of Willis Group Holdings Limited (NYSE:WSH), the global insurance broker, has strengthened its position as the world’s largest collaboration between academia and the re-insurance industry by announcing the addition of Oxford University to its roster of leading academic institutions. In keeping with its focus on groundbreaking, industry-relevant research into catastrophe risk, the WRN will sponsor the creation of a Centre of Catastrophe Risk Financing and Public Policy at Oxford University’s Smith School of Enterprise and the Environment.

      The first of its kind, the centre will examine ways in which the costs of catastrophic events can be shared across society, equitably and sustainably, via catastrophe risk financing and sound public policy on a local and global basis.

      Commenting on the rationale behind the centre’s creation, Rowan Douglas, Managing Director, Willis Re and Chairman of the WRN, said, “Governments worldwide are struggling to share the costs of natural catastrophes across populations at local and global levels via public and private mechanisms. Climate change and expected increases in extreme events make this an acute concern in developed and emerging economies. And yet, until now, no academic centre existed to provide governments and others with the science, support and solutions to confront these issues.”

      The new Smith School of Enterprise and the Environment at the University of Oxford, led by former UK Government Chief Scientific Adviser, Professor Sir David King, provided the ideal platform to create such a centre, which fosters collaboration among leading environmental science, economics, quantitative finance, legal and business experts to confront these challenges.

      Professor Sir David King said, “This exciting initiative by Willis Re and the Smith School of Enterprise and the Environment could not be more timely and to the point. It is a prime example of how decision-makers in public and private enterprise can be supported in building the knowledge and understanding so necessary to managing issues such as climate change and extreme events. We are very grateful for the opportunity given by Willis Re to build this centre as one of the leading sources of information for public policy on catastrophe risk management.”

      The WRN-sponsored Oxford-based research programme will explore ways of employing new environmental data, models and techniques to stimulate greater confidence in catastrophe risk transactions and public policy interventions.

      The centre will be led by Dr. Patrick McSharry, who is currently a member of the Oxford Centre for Industrial and Applied Mathematics and also heads the System Analysis, Modelling and Prediction Group at the University’s Department of Engineering Science. His work combines research in environmental and weather modelling with applications for financial and industrial sectors. He is appointed Senior Academic within the WRN.

      Dr. Cameron Hepburn, Senior Research Fellow at the Smith School and Visiting Fellow at the Grantham Institute, LSE, will also join the centre and be appointed WRN Senior Academic. Dr. Hepburn is an environmental economist specialising in climate policy and long-term decision-making.
      The WRN will sponsor a research fellowship at Smith School’s new Centre of Catastrophe Risk Financing and Public Policy. The first Willis Research Fellow, who will be appointed from October 2009 following a period of nomination and selection, will report to Dr. McSharry.
      “With growing human and economic losses from extreme events, we need to confront the challenges of frequency and uneven patterns across the developed and developing world,” said Dr. McSharry. “Our role will be to provide traders and policy makers with new tools and instruments to support populations in exposed regions.”

      The Oxford team will be fully integrated with Willis Re, Willis Capital Markets and Advisory, and the other members of the WRN around the world.

      “This is a natural and exciting extension of the WRN, from modelling natural perils to determining ways in which this work can be translated into enhanced risk sharing,” said Mr. Douglas. “We are proud to be supporting the new Smith School of Enterprise and the Environment under Professor Sir David King’s leadership. The School will make major contributions to getting the private sector more deeply involved with developing global environmental solutions.”

      Francis Ghesquiere, Lead Disaster Risk Management Specialist at The World Bank in Washington, DC, commented, “We are delighted that the Smith School of Enterprise and the Environment at Oxford University has decided to create the centre to help governments and populations better cope with disaster risk. It will provide a new and important source of focussed academic expertise on these key issues.”

      Further support for the centre came from the World Forum of Catastrophe Programmes. David Middleton, Chief Executive of the New Zealand Earthquake Commission and Chairman of the World Forum of Catastrophe Programmes, said, “Oxford University’s decision to form the centre is further evidence of the importance of catastrophe risk management as a vital area of multidisciplinary applied research. We are delighted that the centre will stimulate further science and developments for our community, and we look forward to world-class outputs.”

      Dr. Rui Pinho, Secretary General, Global Earthquake Model (GEM) at the EUCENTRE in Pavia, Italy, said, “The establishment at the Smith School, Oxford of a centre dedicated to research on how advances in cat modelling can provide public and private stakeholders with tools and guidance to share the costs of natural disasters could not come at a more timely moment. This fits perfectly with and feeds into the global earthquake risk model development endeavour of the GEM Foundation.”

      The Willis Research Network (WRN) is the world’s largest partnership between academia and the insurance industry. Willis has teamed up more than 20 leading institutions across a full range of disciplines from atmospheric science and climate statistics, to geography, hydrology and seismology, to evaluate the impacts on the environment via engineering, exposure analysis and Geographic Information Systems. Additional information can be found at www.willisresearchnetwork.com

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        Today, Massachusetts Attorney General Martha Coakley’s Office announced that American International Group (AIG) has paid an additional $900, 000 to the Central Artery Tunnel (CA/T) Project. The payment is part of an ongoing reconciliation of premiums and residual market payouts stemming from the insurer’s settlement of Big Dig workers compensation insurance premium issues with the Attorney General’s Office. AIG serves as the workers’ compensation carrier for the Central Artery Tunnel (CA/T) Project.

        Under a May 2007 settlement, AIG agreed to pay $58.5 million to the Commonwealth after a review by the Attorney General’s Office uncovered that the company failed to pay the surplus money as required under its contract. AIG also agreed to pay $26 million in losses to the state plus interest. The recovered money, which represents 15 years of unpaid surplus funds, was returned to the Big Dig, minus $40,000 in attorneys’ fees and costs.

        Last August, after discussions with the Attorney General’s Office, AIG paid an additional $200,000 to the Commonwealth for reconciliations of premiums not yet paid out. This year, per the ongoing reconciliation arrangement, AIG has made a further payment of $900,000.

        The worker’s compensation insurance system in Massachusetts is a “residual market system.” This allows high risk employers such as roofing and construction companies to obtain insurance from a common pool of funding drawn from all insurers in the market place. As part of the final contract between AIG and the Commonwealth, there was a caveat which stipulated that years when the insurance pool loses money, the Commonwealth is required to pass that money back to AIG. Similarly, years when AIG experienced an additional pool share, that money should have been passed back to the Central Artery Tunnel Project. The Attorney General’s 2007 review showed that AIG failed to both charge the State and pass along surplus monies as agreed in the contract.

        Workers’ compensation insurance pays employees lost wages, compensation for permanent injuries, and medical costs when they are injured on the job. Employers are required by law to carry workers compensation insurance.

        This matter was handled by Attorney General Coakley’s Insurance and Financial Services Division.

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          The British Insurance Brokers’ Association (BIBA), The Law Society and The Association of British Insurers (ABI) have launched a guide to buying professional indemnity (PI) insurance for solicitors.

          The solicitors PI Insurance market is complicated and unique with a specific policy wording and a single common renewal date. This is the first time that brokers, insurers and solicitors have issued guidance on the renewal process.

          The guide explains how to choose a broker and insurer, the workings of the PI market, completing the proposal form, difficulties in obtaining PI and gives information about rights and responsibilities in the renewal process, including how to make a complaint.

          Desmond Hudson, Law Society Chief Executive, said: “We want to thank BIBA and the ABI for their input in producing this helpful guide for our members.  We hope it will alleviate some of the pressures experienced in the renewal process and provide solicitors with a point of reference for their dealings with brokers and insurers.”

          Eric Galbraith, BIBA Chief Executive, added: “The BIBA team, including a number of our members, has worked closely with the Law Society and the ABI to create this guide. This guide takes into account the requirements of all three – solicitors, brokers and insurers with the aim of facilitating the renewal process.”

          Nick Starling, Director of General Insurance and Health at the ABI, commented: “Insurers are working to give customers the right cover at a price that reflects the risk.   This guidance, with its emphasis on how solicitors can get the right information to brokers and insurers, will help build a more robust, competitive and sustainable market for professional indemnity insurance.”

          The Buyers guide is available here

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            Sergio Balbinot: “Vietnam is strategic in order to strengthen Generali in a region with high growth potential”

            Generali announces it has been granted a license from the Ministry of Finance of Vietnam to open a representative office in the capital, Hanoi. The operating license is expected to be issued during 2010 in favour of a specific subsidiary. The venture is part of the Group’s expansion strategy aimed at strengthening its presence in markets with the highest growth potential. With the addition of Vietnam, Generali’s operational markets in Asia will soon become eight following China, Hong Kong, India, the Philippines, Indonesia, Thailand and Japan.

            Vietnam, with a population of some 85 million inhabitants, recorded the highest economic growth rate in Asia after China. In fact, over the past five years, its average GDP growth was more than 8% and the growth rate is expected to increase by an average of 6% over the next 10 years.

            At the ceremony in Hanoi for the handing over of the license to open a representative office, in the presence of the local authorities, Sergio Balbinot, Chief Executive of Generali Group, declared: “The Vietnamese economy has followed a virtuous path to date that the governmental authorities have committed to pursue in the future, by creating interesting development opportunities for life and non-life insurance industry, which can benefit in the future from the overall process of economic modernization, within a framework characterized by a very young population and a high propensity to save”.

            In fact, by 2012, the government intends to raise the per capita insurance spending from the current 15 US$ to 43 US$ and the penetration of insurance premiums of GDP from the current 1.4% to 4.2%, on the basis of the significant growth in consumption, the ongoing urbanization process and demographic data that report 67.9% of the population aged between 15 and 64.

            “We therefore view the efforts of the Vietnamese government very favorably”, concluded Mr. Balbinot, ”which, after entering the WTO, is reforming insurance law with the clear intent of increasing the levels of insurance distribution in the country. I believe that these are all favorable conditions for Vietnam to become one of the strategic growth markets for Generali’s development in Asia. The experience gained in developing our activities in China and in Southeast Asia will be extremely valuable for the future launch of our activities in Vietnam”.

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            The Rendez-Vous de Septembre in Monte-Carlo brings together the leading players in the world Reinsurance market: reinsurers, insurers and brokers, along with a large number of lawyers, financial advisors and merchant bankers, and the international press. It enjoys increasing success: 462 participants representing 24 countries gathered for the first edition in 1957, 1,300 people from 66 countries took part in 1973.

            The Organising Committee

            FRANCE

            Mr Jean-Philippe THIERRY
            Chairman
            AGF (ASSURANCES GÉNÉRALES DE FRANCE)


            Mr Daniel FORTUIT
            Corporate Secretary
            AGF (ASSURANCES GÉNÉRALES DE FRANCE)

            AUSTRIA

            Mr Konstantin KLIEN
            Chief Executive Officer
            UNIQA VERSICHERUNGEN AG

            BELGIUM

            Mr Jozef De MEY
            Chairman of the Board
            FORTIS Holding

            BERMUDA

            Mr Jacques Q. BONNEAU
            Chief Executive Officer
            ACE TEMPEST RE

            DENMARK

            Mme Stine BOSSE
            Chief Executive Officer
            TRYG VESTA GROUP A/S
            GERMANY

            Mr Torsten JEWORREK
            Member of the Board of Management
            MÜNCHENER RÜCK

            ITALY

            Mr Sergio BALBINOT
            Managing Director
            ASSICURAZIONI GENERALI S.P.A.

            JAPAN

            Mr Hiroshi FUKUSHIMA
            President and Chief Executive
            THE TOA REINSURANCE COMPANY, Limited

            POLAND

            Mr Piotr SLIWICKI
            President
            STU ERGO HESTIA SA

            SPAIN

            Mr José RUIZ

            Chairman
            NACIONAL DE REASEGUROS, SA

            SWEDEN

            Mr Torbjörn MAGNUSSON
            President & Chief Executive Officer
            IF GROUP

            SWITZERLAND

            Mr Michel LIÈS
            Member of the Executive Board
            SWISS RE

            UNITED KINGDOM

            Lord Peter LEVENE OF PORTSOKEN
            Chairman
            LLOYD’S

            UNITED STATES

            Mr Franklin MONTROSS
            President & Chief Underwriting Officer
            GEN RE

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            An international business crossroads that brings together the leading players in the world Reinsurance market

            The Rendez-Vous de Septembre in Monte-Carlo brings together the leading players in the world Reinsurance market: reinsurers, insurers and brokers, along with a large number of lawyers, financial advisors and merchant bankers, and the international press. It enjoys increasing success: 462 participants representing 24 countries gathered for the first edition in 1957, 1,300 people from 66 countries took part in 1973.

            Since 1990, some 2,500 specialists from almost 80 countries have regularly made the Rendez-Vous de Septembre the international business crossroads for the insurance and reinsurance industries. Consisting essentially of informal meetings between ceding companies and their reinsurers, the Rendez-Vous de Septembre marks the start of the period of negotiation of conditions for the renewal of reinsurance treaties, most of which expire on 1 January. With its unity of time and space, the Rendez-Vous de Septembre also provides opportunities for high-level contacts, which may lead to strategic agreements. Finally it allows players and observers to take stock of the situation of world reinsurance, and to see how natural disasters, industrial claims, markets and rates have evolved over the previous year.

            The Rendez-Vous de Septembre is managed by an Organizing Committee composed of 14 members, each from a different country. Europe, the United States and Asia are all represented. As the task of presiding over the RVS is traditionally entrusted to the President of AGF, Jean-Philippe Thierry will chair the Rendez-Vous de Septembre 2009 Press Conference on Tuesday 8 September at 8.00 a.m. at the Salon Debussy, Hôtel de Paris, Place du Casino.

            This year the lecture-debate, on Tuesday 8 September, will be chaired by Michel Liès, Member of the Executive Board of Swiss Re, and will be devoted to the topic: “A crisis, what’s the use, what’s the purpose?”. Participants will be Gillian Tett, Financial Times and Raj Singh, Chief Risk Officer, Swiss Re. It will take place from 9.30 a.m. to 11.30 a.m. in the Sporting d’Hiver, Place du Casino.

            Conference

            • Tuesday September 8th, from 09:30am to 11:30am

            SPORTING D’HIVER – Salle François Blanc
            Presentation-debate under the Chairmanship of Michel Liès, Swiss Re.
            Topic: “A crisis, what’s the use, what’s the purpose?”

            Panel of Speakers:

            • Michel Liès, Member of the Executive Board, Swiss Re
            • Gillian Tett, Financial Times
            • Raj Singh, Chief Risk Officer, Swiss Re

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            The insurance industry will see a pick up in mergers & acquisitions (M&A) activity in 2010, according to Tony Ursano, Chief Executive Officer of Willis Capital Markets & Advisory, a unit of Willis Group Holdings (NYSE:WSH), the global insurance broker. Speaking at an industry event at The Willis Building in London yesterday, Ursano said that the soft market is fuelling the search for growth, diversification and specialisation that can be achieved through M&A.

            Citing the factors likely to drive future M&A activity, Ursano said that the size and scale of insurance companies was becoming increasingly important for rating agencies, investors and clients, and that M&A would satisfy the pent-up demand for liquidity from private equity owners. So far in 2009, insurance M&A volume has been light, with deals completed at an average price of 1.09 times book value. This is in contrast, he said, to specialty insurance M&A transactions that took place before the financial crisis in which the average price was 2.46 times book value.

            “As markets stabilize, valuations boost confidence and acquisition financing capacity and terms improve, we expect to see a significant increase in M&A activity in the insurance space,” Ursano told 375 delegates at The Insurance Insider’s Pre-Monte Carlo Rendez-Vous Executive Briefing. “While the outlook is positive, we must bear in mind that more than 50 percent of insurance deals have failed to create shareholder value due to a number of factors, including difficulty assessing the profitability of the target, the cyclical nature of the insurance market and the volatility of the financing markets.

            “In order for an M&A deal to be successful, it needs to be financially and strategically compelling,” he said, citing Ace Limited’s successful M&A strategy as an example. “Insurance companies looking to acquire should first ensure that the deal is accretive to earnings, return on equity and book value per share. There should be clear, defensible strategic logic behind the acquisition, transparency of loss reserves and committed financing upfront. It’s also important that key management are given appropriate incentives to stay,” he said.

            Commenting on the illusive hard market, Ursano said, “We are one event away from a hard market. Profitability and returns are under tremendous pressure and there have been major investment losses and reduced investment income in the insurance world, with valuations at all-time lows; more than 50 insurance and reinsurance companies are trading at below their stated book value. Under these circumstances, a significant investment or catastrophic loss would catapult the industry into a hard market.”

            Ursano also predicted an increase in sidecar and cat bond activity, and an increase in ILS fund formation in 2010 fuelled by the light catastrophe losses so far this year, which could drive strong investor returns in an attractive, uncorrelated asset class. This, coupled with financial market stability, could increase hedge fund participation, he said.

            Ursano was one of five speakers at the event, which focused on the reinsurance landscape one year after the start of the financial meltdown. The other speakers included Ulrich Wallin, CEO, Hannover RE; Dominic Christian, CEO – International, Aon Benfield; Peter Rogan, Partner, Ince & Co, and Mark E Watson, President & CEO, Argo Group International.

            Established in March 2009, Willis Capital Markets & Advisory expands on Willis’ already existing capital markets capability and is focused on advising insurance and reinsurance companies and clients on a broad array of capital markets products and mergers and acquisitions.

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            Increased limits, additional extensions and embedded engineering cover are just some of the new improvements insurer Travelers has unveiled to Automotive, its motor trade insurance product.

            Its motor trade insurance policies in the UK, will also now provide legal expenses cover, underwritten by DAS Legal Expenses, plus protection against loss of MOT licence.

            Amongst the wide range of enhancements there is also extensive improvement to the business interruption cover; new-for-old replacement of damaged vehicles under nine months’ old; and free seasonal increase.

            John Hemmings, Travelers’ Senior Industries Manager and Head of Automotive, said:

            “Travelers’ Automotive product, backed up with experienced underwriters and claims handlers, has found great favour with brokers and we feel it’s important to continue to reflect the changing needs of the market. Our brokers have told us what they want; we’ve listened and responded.”

            “This product refresh meets our customer’s changing needs and is reflective of our desire to expand our pool of brokers who share our specialist approach to the motor trade sector,” Hemmings continued.

            Intended for businesses with annual premiums of £10,000 or more, Travelers’ Automotive provides specialist property, liability and road risks cover for motor trade businesses principally involved in sales, service, repair, conversion and recovery. It also has the capacity to provide insurance to many other businesses requiring a trader’s policy.

            The policy changes take effect from 1 October 2009.

            Travelers also provides protection for smaller motor businesses under the AutoXpress trademark which is distributed via a select panel of brokers.

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            Aon Benfield’s Reinsurance Market Outlook reveals the reinsurance market as an outstanding performer throughout the credit and liquidity crisis without assistance from governments, new capital flows or recapitalizations.

            The report, Reinsurance Market Outlook – Resilient Without Assistance, highlights that the reinsurance market stood by their insurer clients and delivered consistent value.  Core reinsurance programs globally were able to be renewed in the market at terms and conditions that remained accretive to insurer earnings and capital.  Indeed, while rates, terms and conditions held firm globally and increased mildly for U.S. hurricane, a global hard reinsurance market has not occurred as a result of the credit and liquidity crisis.

            Instead of shrinking, requiring government assistance and cancelling commitments like other significant financial institutions, reinsurers continued to provide critical coverage and liquidity to cedents.  While capital levels decreased mildly as a result of the credit and liquidity crisis, reinsurers generally retained the core economic capital necessary serve their clients.

            The Reinsurance Market Outlook, which examines industry trends in 2009 and looks ahead to 2010, forecasts that the reinsurance market will soften globally, bar any significant catastrophic events during the 1 January 2010 renewal season. With both reinsurance buyer and seller capital bases improving, expectations are for an orderly renewal of core reinsurance programs.

            Bryon Ehrhart, Chief Executive Officer of Aon Benfield Analytics, said: “Throughout the global financial turmoil, reinsurers consistently provided material and accretive capital to insurers, most of whom were suffering from the affects of the credit and liquidity crisis. While the reinsurance market firmed, it remained functional and in that manner differentiated itself nicely from other markets for insurer capital that had closed or operated at highly dilutive levels.  The price increases that occurred were focused squarely on the reinsurers’ peak aggregate risk – U.S. hurricane – and they were mild in comparison to the increases experienced following significant natural catastrophes.”

            Andrew Appel, Chief Executive Officer of Aon Benfield, said: “The fact that the reinsurance industry has required no assistance from worldwide governments throughout the worst financial crisis in a generation is testament to the sound risk management practices and conservative investment strategies of its protagonists. As we look ahead to the January 2010 renewals, the industry is in a strong position, and we at Aon Benfield will continue to recognize and address our clients’ needs in what is likely to be a changeable financial environment in the near future.”

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            The lull in Gulf of Aden pirate attacks during monsoon season means kidnap and ransom insurance rates for such risks have fallen by around 30%. Aon, the world’s leading insurance broker, is urging ship owners looking for kidnap cover to seek quotes now before an improvement in weather lures Somalian pirates back into the waters, as the increase in attacks could see premiums increase significantly.

            Clive Stoddart, head of Aon’s kidnap and ransom team, said: “We’re expecting a significant rise in piracy attacks when the south-western monsoon season ends. As such, insurance prices are likely to be on the cusp of turning upwards. Ship owners can benefit from fixing the cost of an annual or single transit kidnap and ransom policy now while rates are low. Underwriters are offering reduced premiums, up to 30%, for quick and unladen vessels – in other words, those that can more easily escape attack – but this will almost certainly be short lived.

            “Ransom payments and the total expense of releasing a vessel from pirates can leave ship owners facing substantial expenses. Recovery of such sums under existing liability or hull insurance policies is subject to much uncertainty and can prove a lengthy process. Securing more appropriate insurance cover from the kidnap and ransom market will reimburse and cover reasonable costs.”

            Aon’s kidnap and ransom and marine teams have combined expertise to offer ship owners the following additional coverage for acts of piracy that complement existing protection & indemnity, hull & machinery and war insurance:

            • Kidnap and ransom insurance, which reimburses the ransom payment and associated expenses such as the ransom drop off and specialist consultancy fees
            • Piracy loss of hire insurance for owners and charterers which indemnifies a ship owner for loss of charter income during a period of illegal seizure of the vessel
            • Cargo special protection insurance to cover loss of market value of cargo that may occur during a period of illegal seizure.

            These products are available on either an individual transit or annual basis, with any ransom sums typically reimbursed within five working days.

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            Zurich Financial Services Group (Zurich) is pleased to announce that the Group in 2009 again met one of its ongoing corporate responsibility objectives – the inclusion in the Dow Jones Sustainability Indexes (DJSI). The Group has continued to demonstrate year-on-year improvements across a wide range of sustainability indicators: its overall score rose in 2009 to 72%, up from 69% in 2008.

            A detailed analysis of the just recently announced results of the 2009 annual review for the Dow Jones Sustainability World and Dow Jones STOXX Sustainability indexes shows that Zurich’s scores are above average not only in the social, environmental and economic dimensions of the Dow Jones Sustainability Index but also in nearly all of the subcategories of these dimensions.

            Major improvement was achieved in the Group’s Customer Relationship Management score, which increased to 72% in 2009 from 61% in 2008. This result validates the success that Zurich has had in focusing on its customer relations and separates the Group from the field of analyzed companies, where the average subcategory score dropped in 2009 to 51%, down from 52% in 2008.

            The Dow Jones Sustainability Indexes follow a best-in-class approach and include sustainability leaders from each industry on a global and regional level respectively. The annual review of the DJSI family is based on a thorough analysis of corporate economic, environmental and social performance, assessing issues such as corporate governance, risk management, climate change mitigation, supply chain standards and labor practices. The results of the annual review of the DJSI family are watched closely by market participants around the world. Total assets under management in DJSI-based investment vehicles now stand at approximately USD 8 billion.

            It is Zurich’s belief that a responsible company is one which takes measures to create value for both the company and society by proactively addressing material social, environmental and governance issues. Therefore, the Group continuously strives for better integration of pertinent issues and related stakeholder expectations into its core business. Zurich’s ongoing inclusion in the DJSI and its year-on-year improvement can be valued as a direct result of these efforts.

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            President Barack Obama hopes to use a major speech next week to revitalize his push for healthcare reform — and his success or failure could help define the rest of his term and perhaps his presidency.

            When he addresses a rare joint session of Congress on Sept. 9, Obama must persuade lawmakers, and an increasingly skeptical public, that he can pay for the nearly $1 trillion plan without boosting the huge U.S. budget deficit or cutting health insurance coverage for those who already have it.

            The Democratic president must also offer specifics and overcome issues that opponents have used to exploit anti-reform sentiments — such as charges the reform plan would finance abortions, create bureaucratic “death panels” to decide who gets care or guarantee healthcare to illegal immigrants.

            Obama’s speech comes as flagging opinion poll numbers have convinced the White House it is time to find a new strategy for striking a deal.

            “In every presidency there are critical moments that become turning points and this could easily be one for Obama, because he has put so many chips on to healthcare reform, and it’s been getting away from him in a major way,” said Larry Sabato, a political science professor at the University of Virginia.

            Aides have said the administration is open to compromise, but insist the president still supports the “public option,” a proposed government-run health insurance plan as an alternative option to private insurance that is heavily supported by Obama’s liberal base.

            The insurance industry strongly opposes the public option, and has spent millions lobbying against it.

            In the quest for a middle ground, White House officials are talking to Senator Olympia Snowe, a moderate Republican from Maine, a state that backed Obama in the November 2008 presidential election.

            Snowe sought

            Snowe is seen as Obama’s best bet for winning any Republican Senate support at all for healthcare reform. The White House has said repeatedly it wants the plan to pass with support from members of both parties, although Democrats have the political power to push changes through unilaterally.

            Snowe supports a compromise plan that would not initially include a public option, but would “trigger” the creation of a government program if insurance companies failed to meet cost and quality benchmarks.

            “Conversations are taking place on her safety-net fallback option as they have throughout the debate this year, as well as other approaches to make certain people have access to affordable options,” Julia Wanzco, Snowe’s spokeswoman, said.

            Healthcare reform is one of the long list of problems on Obama’s agenda, but unlike the recession and wars in Afghanistan and Iraq, which he inherited from his Republican predecessor, George W. Bush, healthcare is a defining issue for Obama, who has made it his top domestic policy priority.

            “This is a chance to bring it back together and to make his partisans in Congress stand up and cheer. That’s really what it’s about,” Sabato said.

            Obama knows he is unlikely to win over more than the one or two moderate Republicans, so he has to unite Democrats, Sabato said. “Basically, I think his message to Democrats is, it’s me or it’s chaos,” he said, referring to 1994, when then-President Bill Clinton’s failed bid for healthcare reform helped cost the Democrats control of Congress.

            Obama injects self into debate

            A top Democrat, asking not to be identified by name, said Snowe’s plan “is our best hope” for healthcare reform. The Democrat said it could draw some Republican support and keep that of some Democrats.

            Some conservative Democrats have balked at the potential cost of reform, and expressed concern that the public option was too much government interference in the private insurance industry.

            By making the speech, Obama is injecting himself squarely into the center of the debate after months leaving it largely to members of Congress and other surrogates to formulate a strategy and sell the overhaul to the public.

            “His timing is perfect,” said Jim Kessler of Third Way, a centrist Democratic think tank. He said that after letting Congress lead the debate in the first nine months and shape the legislation, Obama can step in and push through a solution, now that lawmakers have hit some major sticking points.

            Obama has broad goals of reducing healthcare costs and bringing medical insurance to the 46 million Americans who do not have it. But opponents have used suggestions that the plan would fund abortions, provide healthcare for illegal immigrants or deny treatment to older Americans to fuel public distrust.

            Opponents also contend that the “public option” is a step toward socialism — virtually taboo in U.S. politics.

            With conservatives within the party shaping up as a formidable obstacle to the reform push, Democrats need to take their debate over the public option behind closed doors, analysts said.

            “We just need to get back to having a real discussion about healthcare. It’s not about abortion or immigration or euthanasia,” said Darrell West, director of governance studies at the Brookings Institution in Washington.

            Without those issues, “We’ll be left with the question – do people want to pay for near universal coverage? And that’s a debate worth having,” he said.

            Source : Reuters

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            HCC Life Insurance Company (HCC Life) announced today its renaming of its short term medical insurance product to HCC Life Short Term Medical (STM). Formerly known as the Amigo Short Term Medical Plan, the product is designed to provide quality healthcare coverage for individuals and families in need of medical insurance on a short-term basis.

            Now available in 38 states and the District of Columbia, HCC Life STM features the choice of deductible, co-insurance, and length of coverage needed. Clients also have the choice to purchase an HCC Life STM policy either through their professional health insurance agent or online through our direct insurance agency, HCC Medical Insurance Services, LLC, at www.hccmis.com*.

            HCC Life STM is appropriate for those in transition such as recent college graduates, unemployed individuals, new employees awaiting benefit eligibility, and those seeking an alternative to COBRA. Because not all emergencies occur Monday through Friday, 8 – 5, HCC Life provides 24/7 telephone access to customer service representatives.

            *Depending on the state where coverage is purchased, the maximum period of coverage available is 6, 11, or 12 months. In most states, HCC Life STM is available only to members of the Consumer Benefits of America Association. Membership in the association offers discounts of up to 40% on many short-term and long-term prescription drugs. When membership is required, association fees are assessed at the time of application; enrollment in the association is automatic upon payment of the correct premium and all applicable fees. New members will receive details about their membership benefits with their HCC Life STM insurance documents.

            0 1

            SCOR Global Life SE, a subsidiary of SCOR SE, has added a new layer of protection to its current four-year mortality swap transaction with the financial services firm J.P. Morgan. Under the new, extended arrangement, SCOR will be entitled to USD 75 million in the event of a rise in mortality over the course of the period from 1 January 2009 to 31 December 2011 notably due e.g. to major pandemics, natural catastrophes or terrorist attacks.

            The risk swap is indexed against a weighted combination of US and European population mortality, measured over two consecutive calendar years. According to the structure of the arrangement, a payment will be triggered if, at any time during the period covered, the index exceeds 105%. At any index level between the trigger point of 105% and the exhaustion point of 110%, J.P. Morgan will pay to SCOR a pro-rata amount of the notional swap amount of USD 75 million, so that for example at an index level of 107.5%, 50% of the total amount becomes payable, and at an index level of 110% the full amount will be paid out. The risk swap is fully collateralized and thus SCOR bears no credit risk exposure.

            The previous four-year mortality swap with J.P. Morgan, which was signed on 22 February 2008 provides for receipt of up to USD 100 million and EUR 36 million at any index level between the trigger point of 115% and the exhaustion point of 125%. Both transactions are indexed against a weighted combination of US and European population mortality, measured over two consecutive calendar years.

            Jean-Luc Besson, Chief Risk Officer of SCOR Group, comments: “As a leading global life reinsurer with strong stakes in mortality reinsurance protection, we are taking the current threat of the Influenza A(H1N1) virus seriously. Although we currently don’t expect that the influenza virus will significantly increase mortality levels, we are convinced that pandemics could constitute material tail events for the insurance industry and may have corresponding financial repercussions on both sides of the balance sheet. With this second transaction with J.P. Morgan, SCOR demonstrates its stringent risk management.”

            Comparison of SCOR’s mortality swaps with J.P. Morgan:

            Existing Mortality Swap New Mortality Swap
            Nominal Amount $100m + €36m $75m
            Risk Period 1 Jan 2008 to 31 Dec 2011 1 Jan 2009 to 31 Dec 2011
            Attachment Level 115% 105%
            Exhaustion Level 125% 110%
            Signing Date 22 February 2008 1 September 2009

            Forward-looking statements

            SCOR does not communicate “profit forecasts” in the sense of Article 2 of (EC) Regulation n°809/2004 of the European Commission. Thus, any forward-.looking statements contained in this communication should not be held as corresponding to such profit forecasts. Information in this communication may include “forward-looking statements”, including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions and include any statement which does not directly relate to a historical fact or current fact. Forward-looking statements are typically identified by words or phrases such as, without limitation, “anticipate”, “assume”, “believe”, “continue”, “estimate”, “expect”, “foresee”, “intend”, “may increase” and “may fluctuate” and similar expressions or by future or conditional verbs such as, without limitations, “will”, “should”, “would” and “could.” Undue reliance should not be placed on such statements, because, by their nature, they are subject to known and unknown risks, uncertainties and other factors, which may cause actual results, on the one hand, to differ from any results expressed or implied by the present communication, on the other hand.

            Please refer to SCOR’s document de référence filed with the AMF on 5 March 2009 under number D.09-0099 (the “Document de Référence”), for a description of certain important factors, risks and uncertainties that may affect the business of the SCOR Group. As a result of the extreme and unprecedented volatility and disruption of the current global financial crisis, SCOR is exposed to significant financial, capital market and other risks, including movements in interest rates, credit spreads, equity prices, and currency movements, changes in rating agency policies or practices, and the lowering or loss of financial strength or other ratings.

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            Highlights in the first half of 2009: initiatives reflecting the 2009 marketing strategy and new organisation

            The first half of the year has been marked by numerous initiatives in line with the 2009 marketing strategy, which is structured around three main pillars:

            • Security: the Aviva Lisséo Duo Janvier 2010 offer and the “Corporate Citizens on the Road” charter, in collaboration with the road safety association Prévention Routière;
            • Dynamism: an exclusive partnership with Union des Auto-Entrepreneurs, launches of Aviva Rebond and the Assistance Plus pack, improvement of the Santhia complementary health insurance product;
            • Sustainable development: 10% discount on car insurance for public transport season ticket holders, launch of the Vélocité deal for cyclists and the Aviva Valeurs Responsables socially responsible investment fund.

            Aviva has also implemented an internal reorganisation with the aim of achieving new performance and growth levels, to actively contribute to the “One Aviva, twice the value” strategy in France and Europe.

            Total consolidated gross sales up slightly to €3.4 billion at 30 June 2009 (2008: €3.3 billion):


            • Life sales in line with the market with 5% growth, as well as strong growth in Antarius sales (+13% to €725 million) and a 5% increase in AFER. sales to €1.3 billion, concealing at this stage two-figure month-on-month growth since the spring;
            • Gross non-life sales up slightly to €657 million (2008: €652 million).
            • New life, savings and pensions business, based on PVNBP1, up 2% to €2.7 billion at 30 June 2009.

            Tight control of operating costs (down 7% in one year), involving certain non-recurring items, and the continued implementation of the quality policy, making it possible to achieve a COR (excl. health) of 95.8%, has limited the fall in operating profit according to IFRS standards to €169 million (compared with €211 million at 30 June 2008); this figure is suffering from the effects of the drop in income from managed funds due to the depressed markets at the end of 2008 and considerable distortion of the product mix as a result of the marked resurgence of customer interest in euro funds in the life sector.

            IFRS net profit of €135 million at 30 June 2009 (2008: €67 million), in the context of the gradual recovery of the financial markets in the course of the first half-year period.

            Confirmation of the long-term consistent, high-quality management of Aviva Investors France. Over 10 years, 88% of Aviva Investors France funds have ranked in the top half of funds in their category (86% over one year). The asset manager has won several awards in 2009: 3 from French financial magazine Le Revenu and one from La Tribune/Morningstar.

            Value of managed funds up to €79.8 billion at 30 June 2009 (2008: €71.4 billion).

            Jean-Pierre Menanteau, CEO of Aviva France, said: “First of all, I must underline that the Aviva group has further increased its solvency surplus, which has risen from £2 billion at the end of 2008 to £3.2 billion at 30 June 2009. I’m also delighted with the new initiatives that the Aviva Group has undertaken, particularly the Delta Lloyd partial quotation project and the reduction of the half-year dividend in line with the fall in the operating profit, in order to strengthen the Group’s financial capacity to take advantage of opportunities for long-term profitable growth.

            “As announced by the group, the project to overhaul Aviva Europe with a view to contributing to ‘One Aviva, twice the value’ will be presented on 22 October. The French teams are fully involved in this transformation within a Europe region that accounts for more than half of the group’s business.

            “In the French market, Aviva’s balanced distribution model, which comprises life and non-life insurance as well as various distribution channels, continues to demonstrate its effectiveness. We’re delighted with the slight growth in turnover in the first half of 2009, despite the economic crisis and recession. We’re particularly pleased with the commercial efficiency of our partnerships, especially with Crédit du Nord and AFER, whose general meeting was a real highlight.

            “In a context marked by uncertain financial markets and the significant impact of storms Klaus and Quentin, not to mention some severe hail episodes, we’ve kept up our efforts to contain costs and improve the effectiveness of our processes and investments, while remaining responsive in our risk management and marketing activities, and all this throughout a major reorganisation of Aviva France.

            “Although the doubling of our net income is largely the fruit of exogenous macro-financial developments, it also reflects Aviva France’s resilience and ability to bounce back, and its management philosophy, which is traditionally prudent in the long term and active in the short term, which benefit our customers.”

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