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The Liberty Mutual Insurance (LMI) logo is set to adorn the Test Match Grounds around the UK this summer as Liberty Mutual Insurance Europe Limited (LMIE) has signed a major cricket sponsorship deal.

LMIE, part of the Global Specialty unit of Liberty Mutual Insurance Group, has become the Official Insurance Partner of the Test Match Grounds for 2013 covering all their domestic fixtures and internationals against Australia and New Zealand.

As part of the deal, the LMI logo will be displayed prominently at nine of the country’s most well-known cricket grounds in Birmingham, Cardiff, Durham, Leeds, London, Manchester, Nottingham, and Southampton.

The sponsorship also gives LMIE access to the famous Long Room at Lord’s, the use of facilities in a range of Test Match Grounds, tickets for hospitality plus branding in prominent locations.

Sean Rocks, President and Managing Director of LMIE, said: “It’s great news for both us and our broker panel that we’ve been able to sign this sponsorship deal. While we are all big cricket fans and proud to support England, from a business perspective, having the Liberty brand highly visible at the country’s top cricket grounds and in television coverage will help raise our profile considerably in the UK.”

In the UK, LMIE is a significant, multi-line products insurer split between the London Specialty Market and Commercial.   It has offices in Birmingham, Bristol, Cheltenham, Glasgow, Leeds, London and Manchester offering a wide range of mid-market Commercial products while its Specialty Division offers its products to the London market.

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Capita Insurance Services announces it has concluded a transaction to finance the start up of Cobalt Underwriting Services Limited (Cobalt), a Managing General Agent (MGA), by taking a minority equity stake in its holding company, Cobalt Insurance Holdings Ltd. As part of the transaction Capita Insurance Services will provide business outsourcing services to the MGA for a minimum 5 year period.

The transaction is the first in Capita Insurance Services’ strategy to build a portfolio of minority equity stakes in MGAs combined with business process outsourcing (BPO) contracts. The investment portfolio will provide an income stream from both the BPO contracts and potential returns from dividend income, in addition to any upside from the investments’ eventual sale or partial sale.

Cobalt offers shariah compliant commercial insurance lines of business including: selected property and casualty lines, marine and trade credit. The insurance capacity is provided by XL Group in London.  To date there has been only very limited shariah compliant commercial insurance available in London and this development marks an important step forward in providing shariah compliant insurance coverage for the Islamic market.

John Holm, Executive Director, Capita Insurance Services comments; “This is a very positive development both for the London insurance market and for Capita and we are delighted to be able to help bring to the market a unique business with a highly differentiated offering.

The MGA space is currently extremely active and there will be many more opportunities for Capita Insurance Services to invest in talented underwriting teams, allowing them the freedom to establish or grow their businesses on their own terms, while we take care of their non-core operations.”

Richard Bishop, Chief Executive Officer, Cobalt Underwriting Services Limited commented, “We are delighted to have the support of Capita, which is not only a significant investor in Cobalt but will also deliver market-leading administration and processing support. We believe what Cobalt is aiming to deliver will change the market and enhance access to shariah compliant insurance and reinsurance capacity.”

Aon Benfield advised on the strategic planning, feasibility and licensing of Cobalt.

Terry Masters, Leader of Aon Benfield ReSolutions, said: “The London market is recognised as a global leader in its ability to provide insurance and reinsurance coverage for a full range of risks. As part of this it is of growing importance to be able to offer shariah compliant commercial insurance capacity, and this is why we are excited to have been a key partner in the structuring of Cobalt.”

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Xchanging announces it is proud to be the Diamond Sponsor at the ACORD LOMA Forum in Las Vegas on the 6-8 May. At the event, Adrian Guttridge, Executive Director, Global Insurance Services at Xchanging, will examine how companies can meet the increasing demands of the 21st century customer and the ultimate impact upon the global (re)insurance industry.

The global (re)insurance market is an increasingly complex and regulated business. Integral to the success of the market is the management of contractual performance and cash flow between brokers, including effective management across borders and currencies.

Advancements in technology and how these improvements affect the global industry will be explored during the forum as Guttridge looks at the challenges and opportunities the market faces. The key themes to be investigated are the efficiencies of automation, effective use of analytics and big data, the benefit of offshoring/outsourcing, the inevitability of telematics and mobility and shared services/utilities.

Adrian Guttridge, executive director, Global Insurance Services at Xchanging comments: “I think it’s no exaggeration to say that the world is changing at breakneck speed; providing more and more opportunity for us to transform business models in the insurance sector. The potential to shape and influence behaviour in emerging markets and growing populations where we see increasing wealth and technology enablement is truly exciting.

“The ACORD LOMA Forum is the premier event for insurance technology, business and networking and as the largest creator and processor of ACORD messages in the world, Xchanging is proud to sponsor this event.”

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Searching Facebook and other social network pages of customers has become a frequent practice on the claims side of the insurance business.

Especially in the case of fraudulent claims, social media continues to be an important tool in the fight against insurance fraud. A new report from Timetric finds that searching customers Facebook profiles is one of the first things insurance investigators do to gauge the risk profile of potential and existing customers.

For instance in the case of property, casualty and fire insurance, underwriters are using social networks to check if claims are genuine. By understanding the precise profile of the person on social networks and viewing the person’s previous records, insurance companies can get an idea of the payouts that need to be made. Since social data is still in its developmental stages, there is a long way for many insurance companies to fully integrate social media into underwriting practice.

Moreover, regulation concerning the use of social data and the debate surrounding the privacy of individual information has to be settled too. Various countries, including the US, are currently debating making their social media network related laws more stringent.

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IFIC Forensics is committed to protecting insurers by investing in the next generation of fire investigators, bridging the gap left by cutbacks in the UK’s fire and rescue services.

Continuing cutbacks within the UK fire and rescue service are leaving Insurers’ bottom lines at risk. The UK Local Government Association is anticipating spending cuts of circa 30% over the next five years, equivalent to a reduction of nearly 40% of fire and rescue services’ workforces. This, combined with a talent gap in the market of fire investigators with the technical expertise, unique skills and training required to fully investigate and determine liability in an insurance claim, represents significant business risk for insurers.

Forensic fire investigation is an invaluable tool for insurers providing evidence to repudiate fraudulent claims, recover costs or deliver a reduction in liability. IFIC Forensics is taking the vital steps needed to invest in the next generation of forensic fire investigators and ensure insurers have access to this vital expertise. Dr Jim Lygate is taking the opportunity to promote the profession and bridge the talent gap in the market through his appointment as visiting professor at the University of Edinburgh’s School of Engineering. The role will see Dr Lygate help develop a masters degree in fire investigation, to equip the insurance industry with the skills needed to tackle a growing problem.

Dr Jim Lygate of IFIC Forensics commented “Cutbacks in the fire service pose a substantial threat to insurers through their exposure to fire claims. With one in ten fires in hotels, pubs and restaurants being a result of arson, cutbacks in the fire services will see increasing numbers of fraudulent claims being paid out unnecessarily. The reduction in investigation skills also diminishes an insurer’s opportunity to limit liability and prove contributory negligence in claims where liability is disputed. Forensic investigation is a valuable tool for the insurance industry and I am delighted to have been asked to assist Edinburgh University in improving the standards of fire investigation available, at a time where they need it most.”

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    The Association of British Insurers (ABI) has produced guidance to help consumers get the most from ‘pay how you drive’ motor insurance (sometimes referred to as telematics). This insurance reflects individual driving behaviour which can mean lower premiums for lower-risk drivers.

    This insurance commonly uses small in-car computers often known as a ‘black box’ to relay to the insurer driving information such as how long, how far and at what time the vehicle being driven for, the types of road used, as well as speed, braking, and acceleration behaviour. This information is considered along with other risk factors such as the driver’s age and occupation to set premiums.

    The ABI has produced two guides, in association with the British Insurance Brokers Association (BIBA).

    The first guide is for consumers and explains:

    – What to expect from a pay how you drive policy.

    – The importance of driving behaviour in affecting the cost of motor insurance.

    – Other benefits that these policies can offer, such as tracking to help locate your vehicle if it is stolen.

    – Safeguards to ensure your recorded driving information is kept secure and your rights to access this data.

    The second guide is for the insurance industry, and defines good practice to ensure that customers buying these products continue to be treated fairly and their data is protected. The guidance set out:

    – Actions for managing and handling telematics data to ensure compliance with data protection legislation and maintain consumer confidence in the industry’s use of personal data.

    – Steps to ensure customers are treated fairly and minimise instances of customer detriment.

    Kate Carr, the ABI’s Head of Fraud and Specialist Lines, said: “‘Pay how you drive’ policies have the potential to dramatically change the motor insurance market. They have been developed to recognise and reward good driving behaviour through lower motor insurance premiums, and to encourage safer driving generally.

    “The emergence of telematics technology presents a new challenge for insurers as they design new products that best meet the needs of their customers. The guidance released today will help insurers develop products that are consumer friendly, while also helping consumers understand whether a telematics policy is right for them.”

    Steve White, CEO of BIBA, said: “We welcome any initiative that leads to greater transparency and trust, and will therefore benefit consumers. The ABI and BIBA good practice guide will ensure that customers can trust their insurer to use their telematics data responsibly, and that customers receive all the information they need to understand how their telematics policy works. That can only be a good thing.”

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    By the end of the third-quarter of 2012, the British Virgin Islands had 156 captive insurers and 34 domestic insurers. Although the British Virgin Islands is still a popular captive insurance hub, the number of captive insurers has declined from 88.8% in 2008 to 86% in 2011, following a long downward trend.

    In the 1990’s, 2,000 captive insurance companies operated on the British Virgin Islands with only 156 present in 2012. The main reason for the large number of captive insurance companies during the 1990’s was the nation’s low capitalisation requirements. Due to the emergence of other offshore and onshore insurance jurisdictions, the volume of captive companies was knocked down. Another key to the decline was the revised financial service laws, made by the British Virgin Islands to comply with international standards.

    Introduction of a new insurance law

    The Financial Services Commission (FCS) introduced the Insurance Act 2008, which was a revision of the 1994 act. The new act came into force on February 1st 2010 and was intended to provide a more transparent and cost-effective industry framework. The new act, alongside the Insurance Regulations 2009 and Regulatory Code 2009, provides more clarity than the previous system. It was formulated to meet the principles of the International Association of Insurance Supervisors (IAIS) and the EU’s Solvency II legislation.

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    Lorega has launched Lorega 10 For Homes, an affordable product that provides stricken homeowners with fast response access to independent loss adjusting experts.

    Lorega 10 For Homes has been created to provide telephone support for brokers’ policyholders with underlying premiums below £2,500.  This practical advice will cover issues such as reducing the impact of a loss, organising quotes to start remedial work and how to replace damaged possessions.

    Consistent with all Lorega products and services, Lorega 10 For Homes also aims to secure a fair settlement as quickly as possible.

    While the original Lorega Loss Recovery Insurance policy continues to provide unlimited time for one of Lorega’s expert loss adjusters to handle all aspects of a household claim on the client’s behalf, Lorega 10 For Homes delivers a fixed 10 hours of advice at a significantly lower price.  This is designed to help the client to successfully negotiate with their insurers and settle claims in excess of £5,000.

    The Lorega 10 For Homes product follows the successful launch of Lorega 10 For Businesses in October 2012 and extends the range of Lorega’s products to offer a wide range of insurance products tailored to specific needs of policyholders.

    Neill Johnstone, Managing Director of Lorega said: “The devastation caused by the long cold winter highlights the need to help policyholders at home. Having access to an expert to help you know what information will be needed and what they should say to an insurance company can really speed up the settlement process.

    Although brokers could deliver elements of this support themselves, by providing access to Lorega 10 For Homes, they are placing an expert loss adjuster in their client’s corner.  In our experience, when disaster strikes this fast response advice from an expert considerably cuts costs and reduces the time it takes for brokers, insurers and policyholders to deal with the often distressing problem.”

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    Fitch Ratings has affirmed Scottish Equitable plc’s (Scottish Equitable) GBP250m value of in-force (VIF) securitisation fixed-rate loan notes due 2023 at ‘A’. The affirmation reflects the performance of the transaction, which is in line with Fitch’s expectations.

    The transaction, referred to as ‘Zest’, is a securitisation of the future profits arising from a book of unit-linked pensions business. Scottish Equitable is the principal UK subsidiary of AEGON N.V. (AEGON; ‘A’/ Stable).

    The issued notes do not benefit from a financial guarantee insurance policy and there is no recourse to Scottish Equitable.

    Although the transaction is a contingent loan with no recourse to the sponsor, the rating of the notes has been established under Fitch’s Corporate Finance methodology. This is because in Fitch’s opinion, the transaction has no significant structured finance elements.

    KEY RATING DRIVERS

    The rating is based on analysis of the transaction documents, the volatility of underlying profit sources, and analysis of the transaction’s expected cash flows. Fitch’s rating process at the outset of the transaction included a review of the embedded value methodology, assumptions and actuarial model developed by Scottish Equitable. Tillinghast, an actuarial consulting firm of Towers Watson, independently reviewed the model and the assumptions used. These assumptions are updated on an annual basis by AEGON and reviewed by Fitch.

    The transaction currently has GBP15m of principal outstanding. As the transaction generates approximately GBP60m annually, Fitch expects the transaction to be fully repaid in 2014, unless there is an extraordinary event outside of the ‘A’ range, such as an extreme lapse shock or an extreme fall in asset values. This is in line with Fitch’s initial base case projections and expectations for the rating level. The total surplus emerging over the life of the transaction to end-2012 has been negatively affected by market performance, but boosted by tax changes and favourable lapse experience.

    Zest’s performance in 2012 was better than expected due to favourable lapse experience and investment market performance.

    RATING SENSITIVITIES

    Zest could be subject to a downgrade if, in Fitch’s opinion, future cashflows are unlikely to be sufficient to cover the repayment of the loan and interest payments under a ‘A’ stressed scenario or if the transaction underperforms by more than GBP15m in one year or GBP30m on a cumulative basis. The transaction could also be downgraded if Fitch’s opinion of Scottish Equitable’s credit quality deteriorates.

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    Jelf Employee Benefits is warning employers to fully research the healthcare system in destinations where they are looking to relocate employees. Whilst figures about ‘repatriation due to healthcare costs’ are not readily available, the company is increasingly hearing anecdotal evidence about the number of British people living abroad who are not able to afford the healthcare they require and therefore returning home. Also on the rise, are the number of cases where companies are picking up hefty costs for employee treatments, where inappropriate international PMI policies do not offer adequate cover.

    Sarah Dennis, international healthcare director said: “There are a rising number of cases where people are forced to return to Britain to receive treatment. In some cases people return immediately as they need treatment quickly or in other cases the return is delayed but eventually inevitable, as the employer is paying an unsustainable cost for healthcare.”

    Jelf Employee Benefits believes there are several factors which are leading to people finding themselves in this unfortunate situation:

    – Not keeping up with rule changes where Governments assess their own social systems and implement a new system for expat healthcare.

    – Little or no knowledge of the cost of specific treatments for either long term health issues or emergency treatment.

    – Poor financial planning – the costs of financing employees living abroad may not be as economical as expected.

    Sarah Dennis continued: “I can’t stress enough that outside of the UK there is no such thing as free healthcare. In most countries residents would contribute via taxes or have to pay to the local authorities, and if you are an expatriate you would need to obtain either a local level of healthcare cover or purchase an international healthcare policy. The benefit of the latter is that it is usually arranged prior to leaving the UK, written in compliance with UK financial standards and designed to be understood by a UK audience. By not adequately investigating local healthcare systems and properly understanding employees healthcare needs, organisations are jeopardizing their ability to successfully operate abroad.”

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    Driving convictions are taken into account in 14% of all quotes provided by 1st Central Insurance (1st Central), a leading online provider of motor insurance.  The insurer’s sophisticated underwriting capabilities make it a competitive choice for motorists with two or more convictions.  1st Central conducted a survey of 2000 motorists’ attitudes to driving convictions to gauge social acceptability in 2013, informing business thinking related to risk factors. 

    Whilst overall, drink driving remains the most socially unacceptable driving conviction, differing attitudes were apparent related to the younger and older generations.  38% of 18-24 year olds surveyed thought driving under the influence of drugs was more unacceptable than driving under the influence of alcohol.   13% of this age category also thought that drink driving was more socially acceptable than five years ago; this contrasted starkly with 60% of 45-54 year olds who saw a drink driving conviction as less socially acceptable now, than five years ago.  Despite high profile advertising campaigns related to the risks of using a mobile phone whilst driving; only 6% of those surveyed rated this as highly socially unacceptable.  Speeding convictions were seen by men and women across all age ranges as the most acceptable conviction.

    When asked about their own motoring record, 10% of all those surveyed had a driving conviction. Almost double the number of men (13%) declared a driving conviction compared to women (7%).  15% of these men were convicted of drink driving compared to 9% of the women with convictions.  When looking at age, 25 -34 year olds had the highest incidence of motoring convictions with 11% admitting to a conviction and this age group also had the highest rate of drink driving convictions at 17%.  Of the 7% of 45-54 years olds admitting to having a motoring conviction, 80% of these were for speeding.

    Peter Creed, Chief Underwriting Officer at 1st Central Insurance commented:  “Public attitude to driving convictions influences behaviour and can even act as a deterrent if a conviction is seen as a significant social stigma.  We monitor our market in a number of diverse ways to assist business strategy.  We are interested in public attitude as this can be translated into generic risk indicators and helps to inform our ongoing thinking related to different underwriting principles.”

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      The Collinson Group has announced its imminent acquisition of Aria Assistance, in an agreement that will be subject to the regulator’s approval.

      Aria Assistance will operate within The Collinson Group’s insurance division, adding to the Group’s growing portfolio of complementary businesses within the general insurance and financial services markets.

      David Evans, director of The Collinson Group, said: “Our insurance division already offers a diverse suite of products and services to the consumer and corporate markets, delivered through our award-winning retail brands, underwriting companies and recently purchased Claims and Assistance business, the One Group. We look forward to adding Aria Assistance and Aria International Health Solutions to our group as it completes a vital part of the jigsaw and significantly boosts our assistance capabilities.

      This acquisition continues The Collinson Group’s strategy of becoming a major provider of value add goods and services to corporations worldwide. The completion of this acquisition will deliver one of the most compelling product offerings of any organisation within the customer management and packaged accounts market.  These products and services include insurance, assistance, card protection, ID theft, airport lounge access, loyalty expertise as well as the technology to deliver these benefits seamlessly to end customers. The excellent servicing capability offered by Aria will further help to ensure the support our +20m customers receive remains of the highest level.”

      Aria Assistance has been at the forefront of the development of assistance services within the UK and Ireland for over 40 years. Formerly part of the Europ Assistance Group, Aria Assistance is a leading provider of roadside assistance, travel insurance services, home emergency assistance and health assistance solutions including international private medical insurance.

      With offices and contact centres in Haywards Heath and Navan, Republic of Ireland, Aria Assistance underwrites over £50 million GWP and handles over a quarter of a million claims and assistance cases each year.

      Patrick Leroy, chief executive officer of Aria Assistance said: “We are delighted to be joining a group which shares our ethos of service and innovation, and look forward to taking advantage of the new opportunities that will emerge. We have sought to become the benchmark for service and delivery, and I believe that our proven expertise in delivering assistance services and building quality networks around the world can make a significant contribution to The Collinson Group’s continuing success. ”

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      The European Insurance and Occupational Pensions Authority (EIOPA) has published its Survey of EU practice on default investment options. 

      The survey was conducted as a follow up to EIOPA advice to the European Commission on the review of the IORP Directive, which stated that: “EIOPA recognises the importance of multi-funds, default options and life-styling as essential features that help risk control and sound development of supplementary pensions when member bear the investment risks.

      EIOPA encourages the identification and diffusion of best practices in this regard”.

      An important driver for the work was the steady shift towards defined contribution pension provision, where investment risks and the responsibility for optimal asset allocation, previously managed by professionals, were increasingly passed on to scheme members who usually do not have the relevant professional knowledge.

      The survey found that:  – Multiple investment options are quite common in both occupational and personal pension schemes  – Default investment options are used only in about 50% of Member States – The use of lifestyling options is very rare  – If used, these features are mostly provided by an IORP or a pension provider voluntarily, with no specific requirement in legislation, as a result of an agreement between the provider and its customer  – Supervisors tend to get involved only where multiple investment choices or default options are a legal requirement, which means infrequently  – Although exact figures for the number of members that use default options are not available, there is a strong indication that, where default options are offered, the take up is very high.

      EIOPA believes that well designed default options and any de-risking solutions contained in them as well as supervisory involvement pitched at the right level, are crucial determinants of the adequacy and protection of members’ retirement incomes in defined contribution schemes. Therefore, EIOPA’s work in this area will continue.

      Click here to access the full text of the Survey (Link: https://eiopa.europa.eu/publications/reports/index.html )

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        EIOPA has developed a Database which is a unique resource providing a comprehensive snapshot of the European pensions’ landscape and, thus, helps to better understand pension systems in Europe. 

        The Database maps the variety of those non-public arrangements and investment vehicles which have an explicit objective of retirement provision (according to a national social and labour law or tax rules) irrespective whether they are of occupational or personal type.

        Therefore, both 1st pillar-bis pensions available in the Central and Eastern Europe (CEE) and plans/products which are defined in the legislation but not yet offered to the public (or have no members) are also included.

        The pension plans managed by the State or public entities (1st pillar pensions) and “pure” annuities (i.e. products not linked to an accumulation phase) are excluded from the Database.

        The Database has been prepared by EIOPA on a best effort basis, with contributions from national competent authorities. Adjustments and simplifications were applied both in defining characteristics of plans and products and in providing the information by the authorities.

        Therefore, the Database should not be interpreted as a fully complete, “official” list of all pension plans and products offered in the European Economic Area (EEA). Similarly, the definitions and classifications used have been established for the purpose of the Database and are not binding in any way. In addition, for some countries the information contained in the Database may not be entirely explicative of the national context.

        The Database is a living project and is aimed to be updated, checked for completeness, consistency and methodological aspects on a regular basis.  The database files can be viewed on EIOPA website (Link: https://eiopa.europa.eu/publications/database-of-pension-plans-and-products-in-the-eea/index.html ).

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        SAS is a category leader in Chartis’ Anti-Money Laundering Solutions 2013 RiskTech Quadrant report. The leader in business analytics was recognised for “completeness of offering” and “market-share potential”.

        “Successful vendors have used their deep domain expertise in financial crime and operational risk to drive innovation in their AML solutions,” said Peyman Mestchian, Managing Partner at Chartis. “As well as having greater capabilities for integrating AML solutions with enterprise fraud and operational risk systems, they have used their investments in areas such as artificial intelligence, real-time data management and analytics to improve their AML systems. SAS has demonstrated this innovation through recently announced integrated fraud and financial crimes solution suites and embedding high-performance analytics in its anti-money laundering solution.”

        The report noted the convergence of anti-money laundering and fraud which, fuelled by regulatory pressures, Chartis anticipates will only increase. It states: “The common ground between the two areas of financial crime means that detection analytics can be shared to deliver information to the investigative teams, which can remain separate, but aligned.” A common risk-based approach, says Chartis, will help organisations “focus on where they are most at risk, increasing efficiency and detection rates.”

        Sophisticated analytics technology, according to the report, will help financial institutions balance customer convenience with money-laundering detection and prevention by reducing false positives. SAS Anti-Money Laundering‘s unique predictive analytics improve alert quality while minimising false positives. This more accurately escalates alerts to be investigated, allowing investigators to focus on the most egregious risks and reducing model governance costs.

        With the continued growth of Internet and mobile banking, the volume of transactions will continue to increase. Chartis explained that “AML is fundamentally a scale-focused discipline”. To keep up, financial institutions “must upgrade their systems to ensure that transactions are well-monitored”. SAS’ detection approach automates risk classification so risk-ranks alerts are based on every customer transaction across every account, and all supporting data is available.

        The Chartis report, which lauded SAS’ risk technology growth of 23 per cent in 2012, describes the data model in SAS Anti-Money Laundering as “optimised for AML analysis”. It further highlighted the ability to combine rules-based scenarios with behavioural analytics to detect more transaction types.

        Chartis complimented the comprehensive case management in SAS Anti-Money Laundering’s investigation user interface and its ability to provide a complete audit trail through comments, attachments and automated regulatory filing.

        “SAS Anti-Money Laundering provides a cross-channel view of financial crimes risk to speed up the investigative process and generates high-quality alerts for more effective investigations,” said Ellen Joyner, Global Marketing Principal for SAS Security Intelligence.

        SAS Anti-Money Laundering is part of the SAS Financial Crimes Suite, a technology infrastructure for preventing, detecting and managing fraud and financial crimes across lines of business within today’s banks. SAS Financial Crimes Suite offers a common analytics platform and module-based solutions that provide solid protection against financial crimes by improving detection and prevention.

        In January 2013, SAS Enterprise GRC appeared in the leaders’ category of Chartis Research’s GRC Solutions 2012 report and in March, SAS OpRisk Management was a leader in Chartis Research’s Operational Risk Management Systems for Financial Services 2013  report.

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        A committee of US senators has heard from the Lloyd’s Market Association (LMA) that collaborative working between the commercial sector and the broad range of Government agencies and the military has been a significant factor in the decline in piracy attacks off the coast of Somalia.

        Speaking to the US House of Representatives’ Sub-committee on Coast Guard and Maritime Transportation in Washington DC last week, the LMA’s head of underwriting Neil Smith told senators that the lessons of governmental cooperation learned in Somalia could well be applied to other piracy hotspots – either now or in the future.

        While the use of armed guards had helped reduce the number of attacks, Mr Smith noted, it was the improvement of conditions on land, linked to wide scale efforts of governments that was most significantly ‘pushing the statistics on Somalia in the right direction’.

        Mr Smith went on to explain to the senators why Somalia had been such a challenge for the shipping and insurance community considering the market’s long history of piracy coverage. He said: “My view is that Somalian pirates introduced a different method of operation.  The traditional model took the vessel and the cargo, but the Somali game changer has been the recognition that the crew is a valuable asset for ransom.  This is a marine version of kidnap and ransom activity, rather than what we would traditionally regard as pirate activity. This leaves us with a number of longer-term questions about how the maritime community approach some of these traditional areas of cover.”

        Looking to the future, Mr Smith added: “Setting Somalia aside, there has been a recent trend of attacks on vessels moving oil offshore in the Gulf of Guinea.  These incidents look, at this stage, to be a return to the more traditional model of piracy, with organised theft of portable goods from the ships and transhipment theft of the oil cargoes.

        “The insurance sector is monitoring developments closely, and it is a further example of why, even though the situation in Somalia looks to be improving, the international maritime community cannot afford to relax its efforts to reduce the threat of piracy.”

        Mr Smith addressed a hearing entitled Update on Efforts to Combat Piracy on Wednesday 10 April in Washington DC. The subcommittee is specifically interested in the impact of piracy on US-flagged vessels and US citizens.

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        According to catastrophe modeling firm AIR Worldwide, A strong earthquake shook a largely rural region of China’s Sichuan province on April 20 at 8:02 AM local time (0:02 UTC). The USGS initially issued a preliminary moment magnitude estimate of 6.9, while Chinese authorities put the surface wave magnitude at 7.0 (note that the China Earthquake Administration uses the Beijing surface wave magnitude, which is different from the surface wave magnitude as determined by other international seismological agencies). The USGS has since revised the moment magnitude to 6.6, and the focal depth has been estimated at about 12.3 km (7.6 miles), making this a shallow event.

        The earthquake has caused numerous landslides and significant property damage in small villages in the mountainous region near the epicenter. More than 7,000 rescuers are on the ground conducting search and rescue operations, but officials indicate that some remote areas remain unreachable because of blocked roads and disrupted communications.

        According to AIR, the quake occurred about 114 km (71 miles) west-southwest of Chengdu, the provincial capital and home to more than 14 million people. It struck the same region as the powerful M7.9 Wenchuan earthquake in 2008. Residents in Chengdu felt the shaking from today’s event, but no damage has been reported there.

        According to AIR, preliminary indications suggest that today’s earthquake was a dip-slip event on the Longmenshan fault, a thrust fault that runs between the eastern edge of the Tibetan Plateau and the Sichuan Basin. The seismicity in this highly active region is dominated by the convergence between the India plate against the Eurasia plate, which move relative to each other at a rate of 40 to 50 mm/year.

        The Longmenshan fault was also the source of the M7.9 event in 2008, which occurred approximately 85 km northeast of today’s earthquake. At the time, AIR noted that the southernmost segment of the Longmenshan fault had not ruptured during or after the Wenchuan quake, leading to speculation that the probability of an earthquake occurring on this segment might be high resulting either from previous accumulation of high stress or from stress transfer from the Wenchuan rupture. The shallow depth of this quake and the dense, hard rock that underlies this region mean that seismic waves can travel quickly and efficiently.

        According to AIR, the quake occurred in a rural, mountainous region in Lushan county. The county seat and closest city, Ya’an (estimated population of 1.5 million), which is 25 km from the epicenter, appears to have avoided major damage. This is likely a result of its distance from the event and because confined masonry and reinforced concrete are more commonly used in larger towns and cities in the region.

        Small villages closer to the epicenter have not fared as well. Aerial photos taken by China’s military show extensive damage to low-rise, unreinforced masonry buildings. The village of Longmen was especially hard hit; officials reported that nearly all buildings were destroyed there.

        Electrical service and telecommunications have been disrupted and water supplies compromised. Roads have been closed to all but emergency vehicles.

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        Three months after the implementation of the Retail Distribution Review (RDR) advisers are optimistic about their future income prospects, according to the latest Adviser Barometer from Aviva.


        Almost two thirds (60%) expect to increase their income over the next 12 months, compared to 17% of advisers who believe their income will decrease. A very optimistic 16% even predict their income will increase by more than 20%.

        However, advisers are still worried about how much of that income they will be able retain as profit – and that concern is growing. More than half of advisers (52%) say they are concerned about remaining profitable, compared to 44% in the last Adviser Barometer in October 2012.

        Other leading concerns all relate to costs and income. Paying for regulatory fees and professional indemnity costs worry 44% and 42% respectively, while new rules on legacy commission (36%) and how to generate revenue and recurring income (31%) round out the top five.

        But advisers are not taking these challenges lying down – they are exploring strategies to increase income and protect profitability, including increasing the number of clients they serve. Two in five (40%) expect to increase their client base, and of this group around four in five (78%) expect to gain a similar type of client.

        Where advisers expect numbers to decrease, almost a third (31%) intend to focus on higher-net-worth clients.

        While overall advisers report that clients have reacted positively to adviser charging – regardless of the size of their firm or whether they are a member of a network / service provider – 44% of advisers are still concerned that they may lose up to one fifth of their client base as a result of charging. Advisers are most concerned about losing clients to the DIY online market (43%), other advisory firms (31%), product providers (13%) or banks / building societies (9%).

        Andy Beswick, Intermediary Director at Aviva, says: “Our latest barometer has found a mixed message, with advisers increasingly concerned about how to remain profitable, yet they’re also optimistic about their income levels over the next 12 months.

        “Their increased concerns about remaining profitable – despite adopting strategies to increase income, such as servicing more clients – may come down to worries about the impact of regulatory fees and levies and new rules on legacy commission .The Financial Conduct Authority’s increase of 13% to the financial adviser fee block can only have added to those concerns.

        “Aviva recognises that working efficiently – especially in the face of increased costs – is key to preserving profitability. We will continue to invest in order to help advisers achieve this.”

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        Bluefin Insurance has appointed Stephen King as Business Development Executive in its Bristol office, with immediate effect. Stephen will report to Ian Sandham, Branch Director of Bluefin’s Bristol office.

        Stephen has over 20 years sales management and corporate development experience, including time at Aviva, Marsh and most recently at Lockton where he worked as Senior Vice President with responsibility for developing corporate and professions business across the South West.

        Stephen King commented: “Bluefin has a strong presence in Bristol and an excellent reputation with clients. I am looking forward to working with the team, which is committed to continuing its expansion across this region.”

        Ian Sandham, Branch Director of Bluefin’s Bristol office commented:  “We are delighted that Stephen has joined our successful corporate business development team to help us grow our business in the South West. We have an attractive proposition for staff and clients alike and I look forward to working closely with Stephen.”

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        Claims specialist Thompson & Bryan has been acquired by market expert Paul Lawrence, it was announced today.

        Thompson & Bryan were established in 1867 and are widely acknowledged as being the leader in the claims industry when it comes to working with insurance brokers and their customers to ensure that claims are prepared correctly and settled in a fair and fuss- free way.

        Following a difficult trading period the business went into administration last week and the intellectual property and work in progress has been acquired by Paul. With the continued recession and soft market, many insurers have been tightening their belts and looking to minimise the amount they are prepared to pay. There has never been a greater need for the client to have a professional working on their behalf to ensure a fair outcome for all parties.

        Thompson & Bryan had established themselves as true experts, particularly in areas such as business interruption which can be a minefield for brokers and clients alike. They have a reputation for being fair and thoughtful in their dealings with insurers. For many insurers and their adjusters, Thompson

        & Bryan are seen as the acceptable face of client claim.

        Paul Lawrence has more than 30 years experience in the claims industry and is highly respected by brokers and insurers alike.

        John Sims, former CEO at Lorega Limited said ‘This is an ideal acquisition for Paul. Thompson & Bryan are highly professional and have a great brand name with brokers and Paul is simply the best in the market; I can only see the business going from strength to strength with Paul at the helm.’

        Paul Lawrence said ‘This was an opportunity I simply couldn’t turn down. This is a great business and a trusted brand that simply got into some unforeseen financial difficulties. There will need to be some changes to the structure of the business but moving forward the picture is all very positive.

        Our service charter will see us using qualified adjusters, charted accountants and other top professionals as required. I have always put the client and broker first and lived for great service, this will be our ethos. Every loss will be treated as the most important claim we have ever handled regardless of how big or small it might be. I am incredibly excited about this new dawn in the history of such a great company as Thompson & Bryan.’

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