Europe Intelligence Wire articles from September 2004

Europe Intelligence Wire archives from September 2004

News - Police chief calls on insurers in fraud fight.
September 30, 2004... (From Post Magazine) Byline: Ralph Savage. London's leading police fraud detective has made an impassioned plea to the insurance industry to help the UK's forces fight financial crime. Speaking at Post Magazine's fraud...

News - Ex-Saga boss launches over-50s rival.
September 30, 2004... (From Post Magazine) Byline: Stephanie Denton. Saga Insurance co-founder David Holden is launching an insurance broker targeting the over 50s, and is looking for 10,000 new customers a month. Mr Holden, who also launched...

News - Broker giants mull offshore move.
September 30, 2004... (From Post Magazine) Byline: Guy Anker. Aon and Marsh have revealed initial plans to offshore UK work. If seen through, they would follow rival Willis, which began an Indian venture in 1992. Earlier this year, Marsh began a...

News - Insurers dismiss EL failure claims.
September 30, 2004... (From Post Magazine) Byline: Guy Anker. The Association of British Insurers has hit back at claims its Making the Market Work scheme is failing to reduce employers' liability premiums. The ABI, which launched the initiative a...

News - Buyer seeks Hercules control.
September 30, 2004... (From Post Magazine) The Erinaceous Group has acquired 40% of Hercules Property Services, parent of brokers Farr, Cadogan and Deacon, with a view to gaining unconditional control. Erinaceous, which already owns insurance brokers...

News - Atrium terror fears lead to capacity increases.
September 30, 2004... (From Post Magazine) Lloyd's managing agent Atrium said fears over potential terrorism losses have forced it to compensate by increasing capacity for 2005. The insurer also warned that profits before tax for the second half of the...

News - Virgin space plan may trigger demand.
September 30, 2004... (From Post Magazine) Tycoon Richard Branson's announcement this week that his company Virgin is aiming to begin commercial space flights in 2007/08 could generate extra demand within the space and satellite sector, according to a leading...

News - Scan van growth plans criticised.
September 30, 2004... (From Post Magazine) Byline: Stephanie Denton. A claims management firm using mobile 'scan vans' to target people who may have been exposed to asbestos has been criticised by the industry. Post Magazine reported this practice in...

News - Folgate warns contract breakers.
September 30, 2004... (From Post Magazine) Byline: Guy Anker. Folgate this week delivered a stern warning to companies and staff that break contractual agreements with the broker consolidator that it will take them to court. The declaration comes...

News - NHS recovery proposal attacked.
September 30, 2004... (From Post Magazine) A government consultation paper proposing the NHS be allowed to recover the cost of treating workplace injuries has drawn widespread criticism from insurers and businesses. David Bishop, spokesman for the...

News - NU to begin Fleet Telematics push.
September 30, 2004... (From Post Magazine) Byline: Ana Paula Nacif. Norwich Union is aiming to reduce occupational road risks for commercial motor customers by using technology similar to its 'pay-as-you-drive' offering. The insurer has developed...

News - Thatcham aims for 90% recovery.
September 30, 2004... (From Post Magazine) Thatcham, the insurance research centre, has introduced a security system that aims to bring the rate of recovery for stolen cars up to 90%. Thatcham Category 5 has been designed to use telematics and is a...

News - Award-winning.
September 30, 2004... (From Post Magazine) Chris Woodburn, chief executive of insurance watchdog the General Insurance Standards Council, was presented with the Achievement Award at the annual Insurance Age awards last week. Speaking at the ceremony hosted by...

News - Fitch admits Equitas worries.
September 30, 2004... (From Post Magazine) Fitch Ratings has upgraded Lloyd's' insurer financial strength rating from 'A-' to 'A', with a stable outlook, reflecting what it calls the improved capitalisation of the market. It said, however, the outlook is...

News - Admiral floats for "power to grow".
September 30, 2004... (From Post Magazine) Byline: Ralph Savage. Newly stock-market-listed personal lines insurer Admiral has hit out at suggestions it floated simply to become a takeover target in a very competitive market. Chief executive Henry...

News - Underwriters must help halt theft.
September 30, 2004... (From Post Magazine) Plant equipment underwriters have been accused of being partly responsible for the increase in plant equipment thefts as they do not require serial numbers for the hardware they insure. The claim came from the...

News - Bids for Saga reach GBP1.3bn.
September 30, 2004... (From Post Magazine) Two private equity bidders are believed to be topping the shortlist in the auction for Saga, with offers in the region of GBP1.3bn. Saga confirmed it was still running a dual-track process of sale or float, and...

News - Zurich backs fleet warning.
September 30, 2004... (From Post Magazine) Zurich has given its backing to a report by Kwik-Fit Fleet, which says businesses are heading for "disaster" if they continue to ignore fleet safety. The insurer's senior risk consultant for motor fleet, Andy...

International - Munich Re to boost presence in India.
September 30, 2004... (From Post Magazine) Byline: Ana Paula Nacif. Munich Re has launched a service company in Mumbai in order to strengthen its position in the Indian insurance market. Munich Re India Services has taken on eight specialists to...

International - Broker reports leap in profits.
September 30, 2004... (From Post Magazine) Australian insurance broker OAMPS has recorded a 36% increase in its net profit after tax to A $24.6m (GBP9.74m) for the year ending 30 June 2004. "The result is an outcome of the continued development of our...

International - Converium in last gasp share sale.
September 30, 2004... (From Post Magazine) Swiss Reinsurer Converium has won investor approval for a share issue aimed at raising $420m (GBP232m). The reinsurer offered shareholders equity at a 74% discount in a bid to raise the cash and strengthen reserves....

International - Survey conducted by Willis.
September 30, 2004... (From Post Magazine) A survey of directors' and officers' buying trends at US-based firms revealed an emphasis on cover designed to protect executives' personal assets. The survey, conducted by broker Willis, found there was an increased...

International - Fitch: US losses are worst ever.
September 30, 2004... (From Post Magazine) 2004 could become the costliest year for US hurricane losses, according to Fitch Ratings. The ratings agency made its claim as estimates for Hurricane Jeanne placed the cost between $4bn and $14bn (GBP2.21bn and...

Fraud news - Call for more positivity.
September 30, 2004... (From Post Magazine) Insurers have to make minimising opportunities for fraud their main priority and stop believing that it is a hopeless task, according to a top fraud investigator. John Freeman, national director for investigation...

Fraud news - Weekes urges industry to unite over Data Act.
September 30, 2004... (From Post Magazine) The Association of British Insurers has called for other finance industry bodies to join it in lobbying the government on fraud. In her address to the Post Magazine annual fraud conference last week, Debra...

Fraud news - Fraud proposals need careful review.
September 30, 2004... (From Post Magazine) Government proposals for an offence of fraud are unsatisfactory and need careful review, according to a legal expert. Julian Smart, partner at Berrymans Lace Mawer, said the draft Fraud Bill does not cover key...

Fraud news - Industry slammed over supply chain insurance fraud.
September 30, 2004... (From Post Magazine) Tackling supplier fraud is being largely ignored in the insurance industry, according to Joe Pendell, ISO's director of client services. Mr Pendel said insurers should take responsibility for their supply chain...

Post Events - Post Magazine Question Time date at The Globe approaches.
September 30, 2004... (From Post Magazine) Putting the industry on the spot, Post Magazine is proud to announce it will be hosting a special insurance Question Time in November, which will also be recorded live and broadcast the following day via a webcast....

Fraud news - Sharing ideas.
September 30, 2004... (From Post Magazine) The practicalities and consequences of data sharing between insurers were discussed in breakout sessions at last week's Post Magazine fraud conference. In a workshop hosted by Ordnance Survey, delegates discussed how...

Postbox - Mediation brings a less costly, stress-free approach to negotiation.
September 30, 2004... (From Post Magazine) In 1999, the restructuring of the court system led to a wider recognition of mediation. Five years on and the insurance industry has been slow to embrace its benefits. Explaining mediation to policyholders is...

Postbox - Aascent Northern Ireland move is not the first.
September 30, 2004... (From Post Magazine) I would disagree with the statement from Aascent claiming to be the first independent premium finance provider to focus on the local Northern Ireland market (see p6). In terms of IPF, there are local companies...

View from the Top - Unlocking the staff potential.
September 30, 2004... (From Post Magazine) Byline: Phil Loney, managing director, Lloyds TSB Insurance. Much senior management time is dedicated to devising or refining business strategies. What often receives less attention is the required people-focused...

Comment - Fraud: optimists needed.
September 30, 2004... (From Post Magazine) This week's plea from Detective Chief Superintendent Ken Farrow for the insurance industry to help the police in its efforts to combat fraud should hopefully spark not only more debate, but firm action (see p1). ...

Comment - Brokers get wise to offshoring possibilities.
September 30, 2004... (From Post Magazine) The topic of offshoring and outsourcing reared its head again this week. Aviva revealed plans to move another 950 jobs outside the UK next year, pushing forward a strategy to have 7000 roles offshored by the end...

Legal Comment - Editing the experts.
September 30, 2004... (From Post Magazine) Byline: Alan Dury, a partner in DLA's insurance group. Until now, it was generally believed that any written communication from an expert was sacrosanct and could not be altered without risking severe...

Guest Comment - See you in court.
September 30, 2004... (From Post Magazine) Byline: Jason Goodwin, risk and insurance manager at Westminster City The compensation culture is a subject much talked about by everyone from the Master of the Rolls, Lord Phillips, and the Shadow Home...

National Brokers: Interview - A step change in the right direction.
September 30, 2004... (From Post Magazine) Some 15 months into the job as Marsh UK chief executive, and Bruce Carnegie-Brown is still at a loss to explain some of the long-standing practices of the insurance market. He mentions that when he was a "baby...

National Brokers - Is Goliath making a comeback?
September 30, 2004... (From Post Magazine) The UK commercial lines insurance market is traditionally dominated by brokers - and according to the Association of British Insurers 2003 was no exception, with its preliminary figures revealing brokers retained an...

Regional Review - Birmingham - Birmingham booms.
September 30, 2004... (From Post Magazine) As Birmingham celebrates the first anniversary of its giant new Bull Ring shopping centre this month, it is an opportune moment to report on the city's growing economic status. From an insurance point of view,...

P&I Clubs - Moment of calm.
September 30, 2004... (From Post Magazine) Protection and indemnity clubs are mutual, non-profit organisations providing third-party liability cover to shipowners, managers and charterers. They have always formed an esoteric branch of marine insurance,...

Law Reports - Description of 'clocks' acceptable at face value.
September 30, 2004... (From Post Magazine) Wise (Underwriting Agency) v Grupo Nacional Provincial SA (Court of Appeal - 20 July 2004) Grupo Nacional Provincial SA (GNP) insured a company that sold luxury goods in Cancun, Mexico. GNP was reinsured by Wise...

Law Reports - Claim value in 'lost litigations'.
September 30, 2004... (From Post Magazine) Patricia Dixon v Clement Jones (Court of Appeal - 8 July 2004) The defendant firm of solicitors admitted breach of duty in that Mrs Dixon's claim against her accountants was struck out for failure to serve a...

Law Reports - Hazard warnings insufficient.
September 30, 2004... (From Post Magazine) Home Office v Lowles (Court of Appeal - 28 August 2004) The Home Office appealed against a decision that it was liable in negligence for personal injuries sustained by the claimant in an accident at work. ...

Law Reports - Commentary - Corporate killing: new laws needed.
September 30, 2004... (From Post Magazine) The dismissal of corporate manslaughter charges against Railtrack and three of its senior executives over the Hatfield train crash is just the latest in a series of failed prosecutions against large industrial...

Career Path - Common health problems need to be addressed.
September 30, 2004... (From Post Magazine) UNUM Provident claims that more than one in five people have taken time off since 1999 as a result of the most common non-infectious health problems, including backache, fatigue, depression and anxiety. According...

Career Path - Aviva earmarks further 950 roles to offshore.
September 30, 2004... (From Post Magazine) Byline: Ana Paula Nacif. Aviva will take another 950 jobs outside the UK next year, pushing forward the company's strategy to have 7000 roles offshored by the end of 2007. The positions are being created to...

Career Path - Winners and Losers: Post Magazine's monthly round-up of job cuts and gains.
September 30, 2004... (From Post Magazine) WINNERS RAC takes on more than 400 Axa staff at offices in Morecambe and Darlington, having acquired the renewal rights to Axa's direct personal lines book. The deal, which is expected to be completed on 11...

Career Path - Outsourcing firm recruits 250.
September 30, 2004... (From Post Magazine) HCL Technologies is recruiting up to 250 new staff in Belfast as it looks to sign up insurers considering the outsourcing, but not offshoring, of UK jobs. The IT services company is investing GBP1.9m, supported...

HR: Leeds - Northern exposure.
September 30, 2004... (From Post Magazine) In the past 10 years, Leeds has undergone something of a transformation. Once seen as a dark, northern industrial town, it is now one of the most vibrant cities in the UK - not only did it attract the first...

People - Appointment at Allianz Cornhill.
September 30, 2004... (From Post Magazine) Stephen Bottamley has been appointed key account manager at Allianz Cornhill Commercial's Milton Keynes branch. He joined the insurer in July 2004 from Munters, where he was UK business development manager. Mark...

People - Appointment at Mills and Reeve.
September 30, 2004... (From Post Magazine) Mills and Reeve has promoted 13 solicitors to associate level. Helen Bolton specialises in banking and finance issues in the PFI/projects team within the real estate group; Alison Davies is also part of the...

People - Events.
September 30, 2004... (From Post Magazine) 5 October Insurance Institute of London lunchtime lecture - Regulation and general insurance Lloyd's Old Library, London Tel: 020 7600 1343 www.iilondon.co.uk 5 October Financial Ombudsman...

Postscript - South Africa sets sights on India's offshoring crown.
September 30, 2004... (From Post Magazine) Byline: Guy Anker. South Africa is not yet ready to challenge India's domination as the primary offshore location for UK insurers, according to several experts. The forecast comes after a study published...

Postscript - Penny Black's insurance week.
September 30, 2004... (From Post Magazine) Having shaken off its collective Monte Carlo Rendez-Vous hangover, the London market was back doing what it does best last week - having a good old gossip. It appears that former Hiscox Insurance company boss Sian...

Postscript - What the papers said this week.
September 30, 2004... (From Post Magazine) THE TIMES Common riding ceremonies, the historical practice of riding town boundaries to preserve burgh rights and prevent encroachment by landowners, a feature of Scottish life for almost five centuries, are...

Top 100 UK Insurers - Welcome - Results up in general.
September 30, 2004... (From Post Magazine) The hard market has brought much-needed stronger results for many insurance companies, but as some lines soften, a future of sustained growth is far from certain. According to managing director of AM Best's...

Top 100 UK Insurers - A letter from our sponsor - The vital importance of knowing your supplier.
September 30, 2004... (From Post Magazine) After 24 years in the insurance broking industry, most recently as managing director of Alexander Forbes Risk Services UK Retail Division, I have been pitched to by countless suppliers - from insurers and premium...

CII Graduates 2003-2004 - This year's CII graduates.
September 30, 2004... (From Post Magazine) The Chartered Insurance Institute (CII) is delighted to acknowledge its members who have been elected Fellows (FCII), Associates (ACII) or Diploma holders (Dip CII) during the period 2 August 2003 to 1 August 2004....

Top 100 UK Insurers - Interview - View from the top.
September 30, 2004... (From Post Magazine) Patrick Snowball, group executive director of the largest UK general insurer, Norwich Union, has a fine view of the City from his London office - but the City's view of his business, and general insurance in...

Top 100 UK Insurers - Top 20 Spotlight - 1. Royal and Sun Alliance.
September 30, 2004... (From Post Magazine) AUGUST 2004 - Posts group profits of GBP301m on a 31% reduction in premium income for the first six months of 2004, with the loss of the Halifax Bank of Scotland household accounting for a chunk of the drop. ...

Top 100 UK Insurers - Top 20 Spotlight - 2 & 3 CGU International and Norwich Union.
September 30, 2004... (From Post Magazine) SEPTEMBER 2004 - Union Amicus conducts a survey and finds 99.9% of staff fear further job cuts as the company continues to favour offshoring. More than half of respondents (57%) in the survey claim to have dealt...

Top 100 UK Insurers - Top 20 Spotlight - 4. Zurich.
September 30, 2004... (From Post Magazine) SEPTEMBER 2004 - Zurich announces it will split its adjuster panel, which currently consists of Cunningham Lindsey and Capita, into eight claims business segments, covered by seven loss adjusters. The new panel...

Top 100 UK Insurers - Top 20 Spotlight - 5. Axa.
September 30, 2004... (From Post Magazine) SEPTEMBER 2004 - RAC agrees to buy out Axa's interest in RAC Financial Services and acquire the renewal rights of Axa Direct. RAC says the deal, which is expected to be complete by 11 October, will allow it to...

Top 100 UK Insurers - Top 20 Spotlight - 6. New Hampshire.
September 30, 2004... (From Post Magazine) AUGUST 2004 - Broker Direct adds the AIG-underwritten Young Driver to its policy range, aimed at 19 to 26-year-olds. JULY 2004 - Bryan Tedford becomes US casualty manager for AIG Europe. Based in...

Top 100 UK Insurers - Top 20 Spotlight - 7. Allianz Cornhill.
September 30, 2004... (From Post Magazine) AUGUST 2004 - Favourable weather and low catastrophe losses help it record a 2.3% increase in gross written premiums in the first half of 2004. Profits for the first half were up 13.2% to GBP92.4m. - Runs a...

Top 100 UK Insurers - Top 20 Spotlight - 8. Direct Line.
September 30, 2004... (From Post Magazine) SEPTEMBER 2004 - Direct Line's parent, Royal Bank of Scotland Insurance, reports an increase in profit of 55% to GBP395m for the first six months of 2004, its first six-month results since the acquisition of...

Top 100 UK Insurers - Top 20 Spotlight - 9. Bupa.
September 30, 2004... (From Post Magazine) AUGUST 2004 - Dean Pollard is appointed development director for Bupa International, with responsibility for the development of key business projects, strategic alliances, marketing and product development. ...

Top 100 UK Insurers - Top 20 Spotlight - 10. UK Insurance.
September 30, 2004... (From Post Magazine) AUGUST 2004 - Signs a deal to be the principle provider of motor insurance for Lloyds TSB General Insurance for the next three years. As part of the deal, Lloyds TSB will utilise UKI Partnerships' underwriting...

Top 100 UK Insurers - Top 20 Spotlight - 12. NIG.
September 30, 2004... (From Post Magazine) SEPTEMBER 2004 - Relocates its Birmingham regional office to Royal Bank of Scotland's purpose-built campus in the city in bid to capture 20% of the local commercial market. Says new premises will provide capacity...

Top 100 UK Insurers - Top 20 Spotlight - 11. Churchill.
September 30, 2004... (From Post Magazine) JULY 2004 - Opens a new call centre, employing 100 people in Glasgow, to mark the launch of its new loan offering. MAY 2004 - Removes itself from broker panels following its acquisition by Royal Bank of...

Top 100 UK Insurers - Top 20 Spotlight - 13. Great Lakes Reinsurance.
September 30, 2004... (From Post Magazine) Great Lakes is a wholly owned subsidiary of Munich Re, the world's largest reinsurance group, and enjoys the Munich Re group rating. The company operates from offices located at 1 Minster Court, Mincing Lane, London...

Top 100 UK Insurers - Top 20 Spotlight - 14. Aspen Insurance UK.
September 30, 2004... (From Post Magazine) SEPTEMBER 2004 - Announces plans to start an aviation insurance account from 2005. It will be led by Nick Bonnar, who is currently responsible for Aspen's London Market speciality lines, and will join the marine...

Top 100 UK Insurers - Top 20 Spotlight - 15. NFU Mutual.
September 30, 2004... (From Post Magazine) MARCH 2003 - At the company's annual general meeting, chairman Sir Don Curry says that good investment and underwriting results, underpinned by strong reserves, benefited customers in 2003. - Growth in the...

Top 100 UK Insurers - Top 20 Spotlight - 16. Groupama.
September 30, 2004... (From Post Magazine) SEPTEMBER 2004 - Broker Jardine Lloyd Thompson Commercial Risks selects Groupama to underwrite the National Inspection Council for Electrical Installation Contracting scheme. AUGUST 2004 - Adds a...

Top 100 UK Insurers - Top 20 Spotlight - 17. QBE.
September 30, 2004... (From Post Magazine) SEPTEMBER 2004 - In a bid to cut duplication with its European and Lloyd's operations, QBE experiences a boardroom shake-up with the prospect of further changes in coming months. European Company Operations...

Top 100 UK Insurers - Top 20 Spotlight - 18. Co-operative Insurance Society.
September 30, 2004... (From Post Magazine) JULY 2004 - Announces a major overhaul of its insurance business in a move that could mean 2500 job cuts. This follows a strategic review of the business to focus on increasing sales capabilities across new...

Top 100 UK Insurers - Top 20 Spotlight - 19. XL Insurance.
September 30, 2004... (From Post Magazine) SEPTEMBER 2004 - XL Capital marks the opening of a new office for its London operations by announcing its financial commitment to the UK charity Community Links, an East London organisation dedicated to tackling...

Top 100 UK Insurers - Top 20 Spotlight - 20. Lloyds TSB General Insurance.
September 30, 2004... (From Post Magazine) AUGUST 2004 - Royal Bank of Scotland Insurance renews its deal to be the main provider of motor insurance for Lloyds TSB for the next three years, from January 2005. The business will be labelled by RBSI...

Top 100 UK Insurers - Commentary - What is the result?
September 30, 2004... (From Post Magazine) Byline: Stuart Shipperlee, managing director, European operations for AM Best In 2003, the insurance industry saw substantial improvement in underwriting, though underlying trends are less encouraging. The data...

Top 100 UK Insurers - Power List - Power fluctuations.
September 30, 2004... (From Post Magazine) In March this year, Post Magazine published its second annual Power List of those people considered by a panel of market experts and the PM editorial team to be the most influential in the UK general insurance...

Top 100 UK Insurers - Lloyd's Overview - Sellers' market.
September 30, 2004... (From Post Magazine) There has been a marked change in Lloyd's fortunes in the past few years - the market has survived the damage to its reputation and capital caused by various Names scandals, foolhardy underwriting and the pressures...

Technology - Companies blind to security flaws.
September 30, 2004... (From Accountancy Age) Businesses are failing to safeguard against increasingly potent threats to the information they hold and finance professionals should be more proactive in encouraging technology security awareness, according to new...

Technology - News in brief.
September 30, 2004... (From Accountancy Age) Deloitte has launched a new tax compliance software product, Backbone, which it hopes will help businesses manage risk and aid reporting, while improving performance comparisons with rival businesses. The product...

Always the afterthought.
September 30, 2004... (From Accountancy Age) Byline: John Brace, ACCA president and managing partner of Harwood Hutton. The APB's proposals to force smaller companies to use different advisers for audit and advisory work are the latest in a long line of...