Europe Intelligence Wire articles from July 2006

Europe Intelligence Wire archives from July 2006

Editorial - Summer fun - only joking!
July 1, 2006... (From Reinsurance) Byline: Mark Geoghegan, Editor. Dear Friend, Welcome to the first-ever July issue of Reinsurance! Normally as the major announcements start to dwindle and what we Brits call the "silly season" approaches,...

News - Japanese majors post strong 05-06 non-life results.
July 1, 2006... (From Reinsurance) Fitch Ratings has said that major Japanese non-life insurers posted strong underwriting results for the fiscal year ending March 2006 (FYE06), following a drop in earnings in FYE05 as a result of natural disasters. ...

News - Alexander Forbes' CEO resigns as sell-off talks start.
July 1, 2006... (From Reinsurance) Broker Alexander Forbes' group chief executive officer (CEO), Rael Gordon, has resigned and the firm is in discussions with potential private equity buyers, with options for its International Risk Services business that...

News - Wellington to hit target on catastrophe exposures.
July 1, 2006... (From Reinsurance) Lloyd's (re)insurer Wellington has reported accelerating average rate increases and said that it expected to have written all its targeted aggregate catastrophe exposures by 1 July. In an AGM statement it added that...

News - New natural-catastrophe programme for Swiss Re.
July 1, 2006... (From Reinsurance) Swiss Re has announced the placement of a natural-catastrophe protection programme called Successor, the follow-up vehicle to the Pioneer and Arbor programmes, which has allowed it to place $950m in protection. ...

News - Schemes challenge upheld by UK High Court.
July 1, 2006... (From Reinsurance) The English High Court has upheld a challenge to the voting process for solvent schemes of arrangement proposed by a group of 16 insurance companies that underwrote insurance and reinsurance business in pooling...

News - Equitas settles with Hartford.
July 1, 2006... (From Reinsurance) Equitas has announced that it has reached a comprehensive settlement of policies existing between the Hartford Financial Services Group and a group of underwriters at Lloyd's who were reinsured by Equitas. The settlement...

News - Lloyd's marine unit launches new ship-tracker database.
July 1, 2006... (From Reinsurance) Lloyd's Marine Intelligence Unit has launched www.lloydsmiu.com - a new marine database. The new site represents the amalgamation of five separate databases and subscription that will enable insurers to access the...

News - Repeat of 1811 New Madrid quake in South-eastern US "could cost $60bn".
July 1, 2006... (From Reinsurance) Risk Management Solutions (RMS) has announced the launch of a major update to its US and Canada earthquake models. Using the new model and insured exposure as of 2006, RMS estimates that the states east of the...

News focus - Technology - Aon boss hails progress in London electronic trading.
July 1, 2006... (From Reinsurance) The director of change strategy at Aon has recently asserted that electronic trading in the London market is no longer a 'pipe dream' now that it has passed the 100,000 mark in electronic claims files (ECFs) created. ...

News focus - London market - New Lloyd's agency born as Chaucer strikes Quanta deal.
July 1, 2006... (From Reinsurance) Lloyd's insurer Chaucer has announced that it has signed a preliminary agreement with Quanta Capital and the senior underwriting team of Syndicate 4000 to establish a new managing agency, Pembroke, to manage the...

News focus - Capital adequacy - Fitch Ratings announces new capital-model methodology.
July 1, 2006... (From Reinsurance) Fitch Ratings has released an enhanced methodology for incorporating a review of an insurer's in-house capital model into its ratings. According to the agency, such models can often promote a superior understanding of...

News focus - Acquisitions - It's official: AXA will buy Winterthur from Credit Suisse in $9.8bn deal.
July 1, 2006... (From Reinsurance) AXA has agreed to acquire Winterthur for 12.3bn Swiss francs ($9.8bn), following a period of speculation about the chances of such a deal going through. "This transaction is a unique opportunity to reinforce our...

News focus - Expansion - Willis unveils plans for five-year buying spree to boost growth.
July 1, 2006... (From Reinsurance) In a recent investor briefing designed to highlight the company's five-year strategy, the Willis group has highlighted aggressive growth targets to be fuelled both organically and by acquisition. In recent weeks the...

News focus - Swiss Re finally absorbs GE Insurance Services.
July 1, 2006... (From Reinsurance) Swiss Re has completed the acquisition of GE Insurance Solutions (GEIS), which will be integrated into Swiss Re over the next 18 months. "The acquisition of GEIS consolidates further Swiss Re's global leadership...

News focus - Technology - RI3K and Xchanging launch tech framework for London market.
July 1, 2006... (From Reinsurance) RI3K and Xchanging have introduced a new joint project called FELIX - the Framework for the Electronic London Insurance eXchange. FELIX charts the business processes, messages and enabling market-technology services...

News focus - London market - Newline sets up UK-based company.
July 1, 2006... (From Reinsurance) Following the lead of many Lloyd's-based operations, Odyssey Re's Newline Underwriting Management has set up a UK-regulated insurance company to be based in London. Formed with GBP25m in new capital, Newline...

News focus - Weather risk - RMS introduces new wind-risk modelling for Europe.
July 1, 2006... (From Reinsurance) Risk Management Solutions (RMS) has announced the launch of a new platform for quantifying wind-related risk in 12 European countries. Meteorological modelling has been extended to include a comprehensive suite of...

News Analysis - Before you get into a sidecar, make sure you know who's driving.
July 1, 2006... (From Reinsurance) "Yes - I'm giving you my pen and yes, that means you can burn me, but remember, if you do, I'll never do business with you again." A decade on and the simple analysis and thinly veiled threat of a long-serving...

Re-think - Swiss Re/GEIS merger will work.
July 1, 2006... (From Reinsurance) The uncertain season that is the British summer has arrived, bringing with it sunshades, umbrellas and doubtful glances at the sky. The only certain thing about this time of year tends to be that we will see some very...

Inside View - An Englishman in New York.
July 1, 2006... (From Reinsurance) I joined Guy Carpenter, a US-based firm, in early 2006. Since then, I have spent much of my time on the road meeting new colleagues while planning to move to New York from London. I have travelled to New York many times...

Inside tips - Essential reinsurance travel tips.
July 1, 2006... (From Reinsurance) My first travel tip is to recommend that you do your homework before you travel. Also, make sure you get a good night's sleep; if the food isn't up to scratch at your hotel, it's not a problem - it's usually quite easy...

Top 10 fantasy relocations - Wish you were here?
July 1, 2006... (From Reinsurance) Deciding on a tax haven is not easy. For a start, none of them like to be called a tax haven. Instead, they are 'low tax' or 'no-tax' jurisdictions - and they have been getting a lot of bad press recently about money...

Spending it! - Ultra luxurious.
July 1, 2006... (From Reinsurance) Now is the time of year most of you are relaxing on holiday, trying to figure out what to do with all that well-earned cash. So, Jane Cahane has done a brief survey of some of the weird and wonderful stuff out there -...

Spending it - Home and away .
July 1, 2006... (From Reinsurance) Can't iron, won't iron? Let Siemens' Pressman do it for you. Or, how about a cool TV fridge or the latest stylish home- entertainment system? Here we feature a range of innovative products to make everything in your...

Spending it - High flyers.
July 1, 2006... (From Reinsurance) For frequent travellers who demand the utmost in comfort, ease, security, pleasure and speedy access to clients, here are a few of the latest (and future) travel accessories and technology you will want to have to help...

Spending it - Just for fun!
July 1, 2006... (From Reinsurance) Having kitted yourself out with all the latest gadgets you need for business, travel and home, booked your luxury jet and delighted colleagues with extravagant gifts, here's a few extra items to consider if you still...

Re-sume - Recruitment moves.
July 1, 2006... (From Reinsurance) Aspen Insurance UK has announced the expansion of its portfolio with the appointment of an International Property Facultative team based in London and Paris, the first Aspen Re office to open in continental Europe. ...

BUSINESS WEEK : Retail sell-off may be in store for Roches.
July 1, 2006... (From Irish Independent) ROCHES Stores, one of the best-known names in Irish retailing, is rumoured to be considering selling its retail business but is understood to be keen to retain the property assets of its 11 stores. Debenhams...

MARKETMOVERS : South Wharf buoyant after Dublin Port deal.
July 1, 2006... (From Irish Independent) PROPERTY company South Wharf saw its stock rise by 20pc this week after an agreement with Dublin Port Company was reached over a contentious land issue. The company said it had reached a conditional agreement...

News In Brief.
July 1, 2006... (From Irish Independent) SSIA plea for pension saving SAVERS in line for a windfall from the Government-backed savings scheme were yesterday urged to cash in on pensions. As another tranche of SSIAs matured, Finance Minister Brian...

Downwardly mobile call for Casey as German woes dial up new setback for entrepreneur.
July 1, 2006... (From Irish Independent) NEWSMAKER OF THE WEEK: PIERCE CASEY, GETMOBILE FOUNDER PIERCE Casey, the 51-year-old Waterford-born serial entrepreneur, made the headlines for the wrong reason this week. GetMobile, the German mobile phone...

New J&J plant may create 1,000 jobs.
July 1, 2006... (From Irish Independent) JOHNSON & Johnson, the global healthcare giant, is considering a further investment in Ireland that could create up to 1,000 new jobs. Senior executives from one of its subsidiaries have visited a number of...

O'Brien eyes 10m Chinese online recruitment spend.
July 1, 2006... (From Irish Independent) DENIS O'Brien is to spend at least 10m building up an online recruitment business in China - the world's fastest-growing economy - and has just bought SHjob.cn in Shanghai. It is understood that Keyland Ltd,...

May debt was at six-year high posting 6.6bn.
July 1, 2006... (From Irish Independent) IRISH consumers became distinctly more gloomy in May as the prospect of higher interest rates increased their worries about the economic outlook. But house-buyers continue to borrow at record levels, and...

Energy sector wages soared 13pc last year.
July 1, 2006... (From Irish Independent) WAGES in the electricity & gas industry soared 13pc in the twelve months to March, and now average 1,300 a week, latest figures show. The pay bonanza in the state-dominated sector is in sharp contrast to the...

Belgians press Ryanair for return of 2.8m.
July 1, 2006... (From Irish Independent) BELGIUM is set to continue its proceedings against Ryanair for the recovery of over 2.8m provided by the Belgian authorities to the airline for services to and from Charleroi Airport. The Belgian move follows a...

Eirgrid taking over the national grid from today.
July 1, 2006... (From Irish Independent) A NEW era in the Irish electricity market will kick off today with the official launch of Eirgrid, the company set up to take over operation of the national electricity transmission system. The electricity...

CU league denies closures.
July 1, 2006... (From Irish Independent) NO credit union is threatened with closure, according to the Irish League of Credit Unions (ILCU). This comes despite reports that the financial regulator has contacted a number of credit unions over their...

Smart directors share 2.3m pay.
July 1, 2006... (From Irish Independent) THE five directors at telecommunications firm Smart Telecom shared 2.3m in remuneration for the year ended 2005, a 64pc increase on the previous year, according to Smart's annual report. The five directors,...

Brussels watchdog querying MasterCard charges.
July 1, 2006... (From Irish Independent) THE European Commission stepped up pressure on credit card company MasterCard yesterday, saying its inter-bank charge may violate EU antitrust rules. Europe's top antitrust watchdog said it had sent a...

Heroes' last resting places a disgrace.
July 1, 2006... (From Irish Independent) I come from America but I was born in Ireland and in reading 'Heroes' Last Resting Place is a Disgrace' (Letters, June 17) by Sean Gavigan of Harolds Cross I would like to say that it is a beautiful letter and that...

U.S. soldiers broke the law.
July 1, 2006... (From Irish Independent) In response to Michael Higgins (Letters, 28 June) about "arrest" of the American Soldiers, these soldiers were not arrested by An Garda Siochana they were in fact placed under citizen's arrest by an anti-war...

My day with the bullies.
July 1, 2006... (From Irish Independent) They call me a freak, they call me a fool, they even take my lunch, its a nightmare at school. It starts in the morning on my way to school, I done nothing on them, these kids are so cruel. When my break time it...

The Final Solution.
July 1, 2006... (From Irish Independent) Two of your recent correspondents mention the "final Solution" which, as we are all told, was the plan to annihilate the Jewish population in Europe. Holocaust historian Raul Hilberg wrote in the 1961 edition...

Releasing the racist genie.
July 1, 2006... (From Irish Independent) Recent reports of leading European publications describing d Northern Ireland as the "race hate capital of Europe" is a distinction the North could well do without. Already burdened with sectarianism and bigotry,...

Battling for leadership.
July 1, 2006... (From Irish Independent) Probably nothing more typifies the abysmal state of Irish politics and politicians than the situation in which two of our most demonstrably incompetent politicians are engaged in fighting for some sort of...

Second tunnel or black hole.
July 1, 2006... (From Irish Independent) The Taoiseach's admission in the Dail (Irish Independent, June 28) that a second tunnel into Dublin Port is now needed, is a damning admission that the wrong tunnel was built and is an extremely expensive...

The Somme and British identity are all a part of us.
July 1, 2006... (From Irish Independent) BRITISH history has been shaped by war. The country's power in the world was spread by battle, and sustained and extended by the use of war or the threat of war. Out of this there grew a concept of war as...

'Ethnic cleansing' in the War of Independence: myth or reality?
July 1, 2006... (From Irish Independent) LEST it be lost in the muddied waters of Kevin Myers's prose, let me reiterate the claim in my introduction to the screenplay of Ken Loach's film The Wind That Shakes the Barley that prompted his agitated...

Marching to the Somme.
July 1, 2006... (From Irish Independent) HERE we are then, an economically powerful and confident country, sufficiently grown up, we hope, to at last recognise the sacrifice our soldiers made 90 years ago, those 35,000 Irishmen in British uniform who died...

STRANGE BEDFELLOWS IN THIS B & B.
July 1, 2006... (From Irish Independent) They make an unlikely pair. The older man is the grandfatherly investment guru in a suit who trades in stock tips; the younger man sings in his trademark shades. But surprising as it may seem, Bono counts...

TOO MUCH IS NEVER ENOUGH FOR IRELAND'S SUPER-RICH.
July 1, 2006... (From Irish Independent) *Among Ireland's super-rich, there are two certainties in life - death and tax avoidance. In the week when Warren Buffett was giving away his billions, the revenue commissioners revealed how Ireland's wealthy are...

A Buffett big enough to feed the world.
July 1, 2006... (From Irish Independent) This week legendary investor Warren Buffet announced that he was giving a staggering 31 billion to charity. Kim Bielenberg reports on the largest philanthropic gesture in history He lives in the same house that...

GAA versus World Cup? No contest.
July 1, 2006... (From Irish Independent) I didn't know whether to laugh or cry when I read Martin Breheny's article 'GAA Takes On World Cup and Wins' (Irish Independent Sport, June 27). Oh dear. And I can't be sure which I found the most bizarre:...

THE final WORD : Why even the mildest violence against our children can leave a mental scar that never goes.
July 1, 2006... (From Irish Independent) Flowers decorate the storm drain where two dead little girls were found this week in Belgium. Stacy and Nathalie, half-sisters aged 10 and seven, had been abducted and murdered soon afterwards, while their adult...

Would you Adam and Eve it!
July 1, 2006... (From Irish Independent) As thisAdam and Eve piece confirms, there's a lot more to Louis le Brocquy than his iconic head portraits of the likes of Samuel Beckett, James Joyce, Seamus Heaney and, in more recent times, Bono. While his...

Short act to follow.
July 1, 2006... (From Irish Independent) HOW DRAMA IS COMING IN SMALLER AND SMALLER PACKAGES Despite the occasional Broadway or Hollywood epic and the appeal of long-running television serials, drama is coming in smaller and smaller packages. And it...

A musical journey through Germany.
July 1, 2006... (From Irish Independent) The musical legacy of the land of the current World Cup is quite remarkable. The competition began in Munich, where the composer Carl Orff first saw the light. His most famous work,Carmina Burana, the musical...

PR queens get the royal spin in irony-free zone.
July 1, 2006... (From Irish Independent) Journalism and public relations ought to be sworn enemies, but in reality they're the cosiest of bedfellows. Free holidays, free theatre seats, access all areas to rock gigs - offer journalists any such enticements...

An eerie snapshot of war.
July 1, 2006... (From Irish Independent) Like American television journalist Ed Murrow, who was the subject of George Clooney's excellent filmGood Night and Good Luck, Alistair Cooke belonged to an elite band of broadcasters, a breed which has practically...

QUOTABLES.
July 1, 2006... (From Irish Independent) "Did you or did you not have a wank thinking of Margaret Thatcher?" - BBC chatshow host Jonathan Ross, interviewing Conservative Party leader David Cameron "Mary Harney and I are completely united in where...

TRUE STORIES.
July 1, 2006... (From Irish Independent) A Beijing soccer fan refused to let the small matter of his house burning down disturb his enjoyment of a World Cup match. "When the neighbours shouted'fire!' I took my little baby and ran out in my...

BAD WEEK.
July 1, 2006... (From Irish Independent) The Health Service Okay, so we are not in the World Cup, but at least we're near the top of one league table. A survey foundthat Ireland had the second worst health service in Europe. Come on Mary. Just a few...

GOOD WEEK.
July 1, 2006... (From Irish Independent) Pat Kenny The 'Late Late Show' host was reported to be the top earner in RTE with total pay of 900,000. Begrudgers said it was too much for chatting to a few celebs and giving away cars. But who says we could...

WACKYPEDIA.
July 1, 2006... (From Irish Independent) As the World Cup enters its final stages, it is time to pay tribute to commentators, pundits and players for bringing us some choice gaffes. Here are some of the best: "Akwa is clearly the main man for Angola,...

LUAS TALK.
July 1, 2006... (From Irish Independent) England - aren't you just sick of them? I'm not anti-English or anything, but hearing about their World Cup team would be enough to drive a Mormon to drink. What a bunch of over-paid, over-hyped,...

A ceremony of innocence, dimmed with atrocious bloodshed.
July 1, 2006... (From Irish Independent) THE SOMME: 90 YEARS ON, AT THE FIRST DAY'S BATTLE... Nightfall, 90 years ago today, and 899 Belfast men, who that morning had risen from their trenches as soldiers and non-commissioned officers of the British...

THE SOMME : For God and country.
July 1, 2006... (From Irish Independent) The manufacture of consent for World War I among the British and Irish people was achieved by a judicious mixof jingoistic propaganda, pleas to religious sentiment and outright invention Long before he became...

A heavy Cross to bear.
July 1, 2006... (From Irish Independent) Thomas Hughes from Monaghan was awarded the Victoria Cross for valour during the Battle of the Somme. But this hero of the British Army was scorned and cast aside by newly independent Ireland 'Lines of grey,...

THE SOMME : For God and country.
July 1, 2006... (From Irish Independent) defend the shores of Ireland from an unlikely invasion." Not only was the war a worthy cause in itself, said Redmond, but it allowed Ireland to show it deserved to take its place amongst the grown-up nations of...

THE BOY ON THE FRONT PAGE.
July 1, 2006... (From Irish Independent) *Like most of the generation of young men who lost their lives in the Battle of the Somme, Irish-born Private Thomas Joyce arrived at the trenches with little knowledge of the outside world. A fresh-faced boy...

Moscow: from a Soviet slum to the world's dearest city.
July 1, 2006... (From Irish Independent) The Russian city, once known for queues and drab apartment blocks, has been transformed by oil money and a property boom. But change has a price, as Andrew Osborn finds out When Andrei, a Russian businessman,...

HOW PRICES HAVE CHANGED.
July 1, 2006... (From Irish Independent) *Price of a one-bedroom flat in central Moscow 1996: Less than 22,000 2006: 250,000 minimum. Property prices are now closer to those of Dublin and London because of the oil price boom, a lack of supply...

Wacko Towers: we find the ideal spot for Jacko.
July 1, 2006... (From Irish Independent) Michael Jackson is rumoured to be scouting for a getaway home in Ireland. Damian Corless goes property hunting After his acquittal on child molestation charges in California a year ago, Michael Jackson wanted...

The sick man of.
July 1, 2006... (From Irish Independent) This week Ireland came second last in a survey of European health services, with France in top place and Lithuania at the bottom. Gemma O'Doherty reports Francoise Brung is a young Parisian mother raising her...

Fair play to you, Daniel - you're human, after all!
July 1, 2006... (From Irish Independent) by Lise Hand The puns were flying when Germaine Met Danny on the telly this week. 'Sugar Coating Vanishes As Singer Seethes'; 'Dan Flips over Bitter Attack on Pancaking Skills', cheered the headlines. Could it...

LITHUANIA The prescription - a mustard plaster and a glass of vodka.
July 1, 2006... (From Irish Independent) Our national health service faced the international indignity of being branded the worst in Europe this week after Lithuania, a country where bribery, corruption and third-world levels of care are endemic features...

Europe.
July 1, 2006... (From Irish Independent) years of catching up to do because our average health spend has been way behind for so long. "You don't get the sort of chaos in France as you do here, people on trolleys and on waiting lists, because the...

Adams sale paints the art world green.
July 1, 2006... (From Irish Independent) Talk about having an 'art attack'. This morning many of the top gallerists throughout the country will be choking on their cornflakes as they come to terms with the shockwaves following the phenomenal success of...

Helena scores bull's-sye with cancer campaign.
July 1, 2006... (From Irish Independent) Dublin is certainly on the supermodel map at the moment. Pamela Anderson got a huge reception last week, I gather foodies at Ronan Ryan's Town Bar and Grill couldn't eat a crumb, they were so fixated on her digging...

5 MINS WITH Joe Deane.
July 1, 2006... (From Irish Independent) Who: Joe Deane. Cork Hurler and Man of the Match at last weekend's Munster Final. When: Last Sunday. Where: Thurles. What's new in your life, Deane? "Winning another Munster medal, this is my...

Retreat into the lap of luxury.
July 1, 2006... (From Irish Independent) Everyone seems to be searching for solitude and that perfect retreat these days. Increasingly, the Irish hoi aristoi and international jet set are discovering that you won't find it in Marbella or Cap Ferrat. ...

Good care and bad impressions.
July 1, 2006... (From Irish Independent) MY mother died in St James's hospital 15 months ago. She had been there for two months, and had seen the place at its best and at its worst as she was shuttled about for treatment between gerontology, casualty,...