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Lloyd’s Insurer Chaucer Opens New Office in Buenos Aires, Argentina

Chaucer Holdings Plc, the diversified insurance group which is a subsidiary of Lloyd’s of London, has recently announced the opening of a new office in Buenos Aires, the capital of Argentina. This new office will operate on behalf of Chaucer Syndicate 1084, and is aiming to get a share of the facultative property and related risks in the Latin American market.

The new office will start underwriting business effective 01 October 2010. The core of the management team is formed by Uwe Fischer, as general manager, plus Alejandro Ferrin and Guido Wolman, all three of whom formerly worked with Glacier Re, which is an established European Specialty reinsurer head-quartered and regulated in Switzerland.

Chaucer is confident in the extensive property facultative abilities of the new team to develop a high-quality and successful business in Latin America. In response to that trust, Uwe Fischer reaffirmed their confidence by saying: “As a team, we recognise the importance of being able to offer clients regional service and international underwriting excellence, underpinned by the secure financial strength of Lloyd’s.

“This initiative provides an excellent opportunity for Chaucer to develop our underwriting in Latin America.”

With the opening of this new office in Latin America, Chaucer extends the reach of its international operations.

Insurance Company mentioned:

Chaucer

Chaucer Holdings PLC is a diversified insurance group listed on the London Stock Exchange. Chaucer underwrites business at Lloyd’s, the world’s leading insurance and reinsurance market. Chaucer deploys specialist underwriters in over 28 major insurance and reinsurance classes, balancing global marine, energy, non-marine and aviation with UK motor and nuclear. Head-quartered in London, Chaucer has international operations in Copenhagen, Houston and Singapore.

Aseguradora de Lloyd’s Chaucer Abre Nueva Oficina en Buenos Aires, Argentina

Chaucer Holdings Plc, el grupo de seguros diversificados que es una subsidiaria de Lloyd’s de Londres, ha anunciado recientemente la apertura de una nueva oficina en Buenos Aires, la capital de Argentina. Esta nueva oficina funcionará a nombre de Chaucer Syndicate 1084 y tiene como objetivo el obtener una parte del mercado Latinoamericano de aseguranza de propiedad facultativa y riesgos relacionados.

La nueva oficina iniciará sus actividades de suscripción de aseguranza desde el 01 de Octubre 2010. El núcleo del equipo directivo está formado por Uwe Fischer, como director general, además de Alejandro Ferrín y Guido Wolman, anteriormente ellos tres eran parte de Glacier Re, que es una establecida especializada reaseguradora Europea con sede en y regulada por Suiza.

Chaucer confía en las extensas habilidades en propiedad facultativa del nuevo equipo para desarrollar en América Latina un negocio de alta calidad y exitoso. En respuesta a esa confianza, Uwe Fischer reafirmó su confianza diciendo: “Como equipo, reconocemos la importancia de poder ofrecer a los clientes servicios regionales y excelencia de suscripción internacional, respaldado por la segura fortaleza financiera de Lloyd’s.

“Esta iniciativa ofrece una oportunidad excelente para que Chaucer desarrolle nuestra suscripción de aseguranzas en América Latina”.

Con la apertura de esta nueva oficina en América Latina, Chaucer amplía el alcance de sus operaciones internacionales.

Compañía de Seguros mencionada:

Chaucer

Chaucer Holdings PLC es un grupo de seguros diversificados que cotiza en la Bolsa de Valores de Londres. Chaucer subscribe negocio de aseguranzas con Lloyd’s, el mercado de seguros y reaseguros más importantes del mundo. Chaucer despacha aseguradores especializados en más de 28 grandes clases importantes de seguros y reaseguros, equilibrando marina global, energía, no marinos y aviación con automitivo y nuclear del Reino Unido. Con sede en Londres, Chaucer tiene operaciones internacionales en Copenhague, Houston y Singapur.

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Chartis Unveils Two New Cancer Care Plans in the UK PMI Market

Chartis is now offering two new cancer care insurance products in the UK Private Medical Insurance (PMI) market through their voluntary benefits website; the WellWoman and CancerCare plans do not cover the medical expenses associated with cancer, but provide extra financial resources for patients.

Both the WellWoman and CancerCare plans are designed to operate alongside to private medical insurance products which would cover medical treatment of cancers. The benefits offered are a way to ameliorate financial difficulties that may arise from cancer diagnosis and treatment by offering lump sum cash payment upon diagnosis of a covered cancer of GBP 25,000 (USD 38, 282) on the standard cover and GBP 50,000 (USD 76,563) on premium cover. In some cases such as slow growing cancers or early stage cancers, Chartis may give a cash payment of GBP 1,000 (USD 1,531).

The CancerCare Plan covers Leukemia, Carcinoma in situ, Skin cancer, Hodgkin’s and non-Hodgkin’s lymphoma, and any malignant tumors that are neither pre-malignant nor non-invasive. WellWoman covers cancers affecting the reproductive organs including; one or both of the breasts, fallopian tubes and ovaries, the cervix, the uterus, the vagina, and vulva on women and one or both breasts and testes, as well as the prostate and the penis for men. Chartis places no restrictions on the spending of the lump sum cash payments, so the customer may use the money for whatever they deem necessary, whether that is paying for extra childcare, transport or household expenditures.

The Head of Broker Relationships for Chartis’ Accident and Health division, Kim Gilbert said “As employers look to reduce and control benefits costs, there is an increasing trend towards PMI plans that no longer provide cancer cover.

“By making the WellWoman and CancerCare products available through their voluntary benefits scheme, employers can help their employees to address the cancer care options available and signpost them to the cover available.

“When you consider that someone is diagnosed with cancer every two minutes in the UK, helping employees to find ways to limit the financial and emotional costs associated with such a life changing event is an invaluable service.”

Insurance Company Mentioned:

Chartis Inc.

A leading property-casualty and general insurance company, Chartis has over 40 million policyholders in 160 countries worldwide. With more than 90 years experience in the insurance industry, and a range of progressive products, Chartis aims to help clients comprehensively manage risk.

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Majority of GMAC Insurance Group to be Acquired by Maiden Holdings

Aiming to gain a sales foothold in Europe, Maiden Holdings Ltd., the Bermuda-based re-insurer has reached an agreement with British-based GMAC International Insurance Services Ltd. to buy the majority of their infrastructure, assets and liabilities. Currently, GMAC is part of Detroit-based Ally Financial, which was formerly named GMAC Financial Services Inc.

As part of the deal, Maiden also gets renewal rights on nearly US$100 million (EUR 79 million) of mostly auto re-insurance, plus unearned premiums and the assumption of more than US$100 million (EUR 79 million) in loss reserves, funded by cash and other investments.

The client base of GMAC International Insurance are retail customers buying its auto-related insurance products in the European Union and other markets.

Until the regulatory approval of the deal is obtained, GMAC will remain a part of Ally Financial. Not immune to the effects of the financial tsunami, Ally received three bailouts from the US government and has in the past been selling insurance-related assets to repay its rescuer. Last year, Ally posted a loss of more than US$ 10 billion (EUR 7.9 billion).

Maiden aims to continue building on the successful business development platform, taking advantage of the unique auto-related distribution networks, which include the sale of extended service contracts and insurance for auto dealer inventories. The underwriting portion of the portfolio is profitable and there is future fee income growth potential through the distribution networks developed by GMAC.

The deal is expected to be completed towards the end of the third quarter of this year; the financial details of the deal were not disclosed.

Companies mentioned:

GMAC

Founded in 1939 as Motors Insurance Corporation, the GMAC Insurance Group is part of GMAC Financial Services. The company provides a broad range of insurance and insurance-related products and services for individual consumers, as well as automotive dealerships and other businesses. Today, GMAC Insurance is one of the largest insurers in the nation. GMAC Insurance has offices in many different countries around the world.

Maiden

Maiden Holdings, Ltd. is a Bermuda-based holding company with insurance subsidiaries that provide specialty reinsurance products for the global property and casualty market. Their differentiated model is focused on delivering high returns and low volatility, taking a value-added approach to meeting the non-catastrophic working capital reinsurance needs of their clients. Maiden has underwriting operations in both Bermuda and the United States.

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Lloyd’s predicts Offshore Drilling Premiums will Rise

According to a recent statement by CEO Richard Ward, Lloyd’s anticipates that the premiums for insuring offshore drilling will go up “quite significantly” as a direct result of the BP oil spill in the Gulf of Mexico. Mr Ward acknowledged that in the past, rates for this type of operation in that area had fallen to a very low level, and fellow players in the industry had been questioning for quite some time the profitability of insurance in that particular region.

As a consequence of the Deepwater Horizon rig explosion back in April, insurers started to charge 50 percent more for policies covering oil rigs. Insurers of Lloyd’s are expected to pay between US$300 million (EUR 242.9 million) and US$600 million (EUR 485.8 million) in claims related to the explosion of the rig.

The rig, owned by Transocean, was insured by Lloyd’s underwriters and has coverage caps for environmental damage caused by the spill.

Insofar, BP has spent more than US$2 billion (EUR 1.6 billion) responding to the disaster and has set aside US$20 billion (EUR 16 billion) in escrow as per forecast by the US government, to settle future claims since BP didn’t buy insurance.

In a move aimed at limiting exposure, Lloyd’s underwriters have initiated legal action in the US by suing BP, asking the presiding judge to declare that they have no obligation to cover the liability related to the pollution resulting from the spill because a clause in the contract between BP and Transocean that stipulates that the rig owner would not be responsible for contamination originating below the water surface.

A pretrial conference in Houston, Texas USA has been set for 09 September.

Insurance Company mentioned:

Lloyd’s

Lloyd’s is the world’s leading specialist insurance market and occupies fifth place in terms of global reinsurance premium income, and is the second largest surplus lines insurer in the US. In 2009, 74 syndicates are underwriting insurance at Lloyd’s, covering all classes of business from more than 200 countries and territories worldwide. Lloyd’s is regulated by the Financial Service Authority.

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Willis Opens New Representative Office in Kazakhstan

The subsidiary of the UK-based global insurance brokerage Willis Group Holdings plc, Willis Limited, has received approval by the local authorities to open a new representative office in Almaty, the financial centre of Kazakhstan, the country in Central Asia with a significant market of oil and gas industries.

All major oil companies have a presence in Kazakhstan, and through this new representative office Willis will be able to issue local contracts and policies through its current network partner, the local brokerage CIS Risk Consultants, which provides a full range of insurance services.

Willis has also opened offices in Russia and Ukraine. This is the third office opened by the company in the former Soviet Union and augments its national presence, initiated the 1990s.

Kazakhstan is well-positioned to become one of the top 10 oil producers in the world, and its economy is further supported by the production of grains and uranium.

In addition to commercial insurance, the representative office in Almaty will be able to offer domestic and international clients with reinsurance solutions delivered through the local insurance market, using the global placement capabilities of Willis.

Willis has assigned Simon Aubrey-Jones, Executive Director of Willis Eastern Europe to lead this Kazakh venture. Mr Aubrey-Jones is based in London and has accumulated extensive knowledge of the region throughout his involvement since the opening of the first representative offices in Russia and Ukraine, more than two decades ago.

Insurance Company mentioned:

Willis Group Holdings plc

Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world.

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Alpha Underwriting launched by Lloyd’s underwriter

Targeting the UK broker market, underwriter Mark Allen has launched Alpha Underwriting, a new underwriting business specialising in the accident, health and travel insurance sectors, based on the underwriting capacity from Lloyd’s.

This new outfit, led by Mark Allen himself, aims to provide brokers with the quickest, yet highest-quality response to broker enquiries. Mr Allen has been an underwriter for a Lloyd’s syndicate, developing a portfolio of accident and health business, and has over 15 years experience within insurance markets, in areas covering brokerage, claims and underwriting.

The highly competitive markets in which brokers operate nowadays calls for a quality provider of competitively priced and well thought-out services, specifically targeting sectors such as business travel and personal accident. In the words of Market Allen, “The goal in establishing Alpha Underwriting is, therefore, to capitalise on the wealth of travel, accident and health insurance expertise that myself and my colleagues have, in order to provide an independent underwriting source for brokers.”

Alpha Underwriting, although recently established, has a strong network of brokers who benefit from their services, especially when looking for bespoke responses to individual risks as needed by their specialised corporate clientele.

Insurance Company mentioned:

Alpha Underwriting

Alpha Underwriting Ltd is a specialist Accident and Health Underwriting Agency providing insurance products to the UK broker market, authorised and regulated by the Financial Services Authority (FSA Reference 504604) and a member of the Financial Ombudsman Service.

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CIGNA unveils new Private Medical Insurance product, SmarterHealth

CIGNA’s UK branch, CIGNA Healthcare, has launched SmarterHealth; a new private medical insurance product targeted at mid-sized corporate clients with between 150 and 400 employees.

The new product, SmarterHealth, is based on a core list of benefits with the ability to add two coverage options to increase benefits; optional dental benefits which are split into four levels of coverage (Pearl Plan, Diamond Plan, Oral Health Plus and Oral Health Optimum), and travel insurance coverage which would cover both business and leisure travel including coverage of winter sports.

CIGNA’s SmarterHealth product also offers two options to downgrade coverage to manage costs, which are the removal of psychiatric cover as well as removal of access to CIGNA’s stress helpline. SmarterHealth also comes with four options for medical underwriting. Corporate clients can choose either full medical underwriting, medical history disregarded, moratoriums or continued previous medical exclusions for people switching from another insurer. Further options for co-insurance and excesses are also available.

Kristy Jagielko, CIGNA’s Head of Product Management said “We’re delighted by the positive response from intermediaries and companies alike on our new product.  SmarterHealth truly provides a smarter solution for employers – they get a comprehensive plan that’s not only specific to their needs but is backed by our nurse led approach. This means that we’re actively involved in managing their healthcare claims and costs. And we do this while helping employees and their families get the most appropriate treatment in the most appropriate setting.”

Insurance Company Mentioned:

CIGNA

A global health service company dedicated to helping people improve their health, well being and sense of security. CIGNA Corporation’s operating subsidiaries provide an integrated suite of medical, dental, behavioural health, pharmacy and vision care benefits, as well as group life, accident and disability insurance, to approximately 46 million people throughout the United States and around the world.

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AXA UK Life Business may be Acquired by Resolution

Resolution Plc, the company headed by insurance tycoon Clive Cowdery, has been in talks with the French group AXA for over one month, to buy most of their AXA UK business for GBP 2.8 billion (EUR 3.36 billion; USD 4.1 billion). This deal would create one of the biggest life groups in Britain.

The cash needed for this deal would be raised by a GBP 2.5 billion (EUR 3 billion; USD 3.66 billion) rights issue by Resolution, which lists already in the stock market. The embedded value of AXA UK business is estimated at GBP 3.5 billion (EUR 4.2 billion; USD 5.1 billion), a valuation of the worth of insurance companies based on the market value of net assets plus future profits from existing policies, therefore the deal would be widely considered by analysts as discounted.

Resolution intends to combine AXA UK business with Friends Provident, which was acquired last year for almost GBP 2 billion (EUR 2.4 billion; USD 2.9 billion). Even though this merger will result in one of the largest providers of protection products and group pensions services in Britain, it will bring huge cost savings, but also job losses in the form of operational redundancies.

The British operations of AXA employ 11,000 people disseminated across AXA Life, AXA Insurance, AXA PPP Healthcare and AXA Ireland. Offloading of these operations would allow AXA France to focus in fast business-growth areas such as Asia.

It is understood in financial circles that Resolution intends to create a group with GBP 10 billion (EUR 12 billion; USD 14.6 billion) of embedded value by Q1 2011, which still gives room for Resolution to close on a bigger deal than this one with AXA.

Companies mentioned:

Resolution

Resolution Operations LLP is a privately owned advisory and operating firm which provides services to Resolution Ltd. Resolution Operations LLP is part of the Resolution Group that also includes Resolution Capital Limited and Resolution Financial Markets LLP. Resolution Capital Limited facilitated the creation and initial public offering of Resolution Limited. Resolution Financial Markets LLP undertakes for Resolution Operations LLP a range of activities that include working with investors to facilitate the direct placing of equity and debt with institutions.

AXA

AXA Group is a worldwide leader in Financial Services. Headquartered in Paris, the AXA Group companies are engaged in life insurance, health insurance and asset management services among others. AXA’s operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area.

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Paying out for the World Cup

Part of the problem with helping to insure the World Cup for GBP 6.2 billion (USD 9 billion) is the fact that you might have to pay out, as Lloyd’s of London may find out.

Among the many businesses offering World Cup related deals is an electronics retail store in the UK called Curry’s. In an effort to make high-end televisions more attractive to customers, Curry’s has offered a GBP 10 (USD 14.60) refund to customers who have recently purchased a high-end TV,  for every goal Britain scores during a football match, although the deal excludes penalties and own goals.

Curry’s has taken out contingency insurance on the refund policy with Lloyd’s, according to the Financial Times. While the amount being paid out is dependent on England’s performance, some are estimating Curry’s bill to be about GBP 60 (USD 87.6) based on the England national football team’s past performances. So far, Curry’s hasn’t disclosed its total liability on the subject.

Insurance Company Mentioned:

Lloyd’s of London

Lloyd’s is the world’s leading specialist insurance market and occupies fifth place in terms of global reinsurance premium income, and is the second largest surplus lines insurer in the US. In 2009, 74 syndicates are underwriting insurance at Lloyd’s, covering all classes of business from more than 200 countries and territories worldwide. Lloyd’s is regulated by the Financial Service Authority.

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Interim successor to Groom named by AXA PPP

The departure of Nick Groom as the Distribution Director for AXA PPP healthcare after just over one year in the position, has been swiftly followed by the naming of James Freeston as his interim successor. Mr. Freeston will be reporting directly to AXA PPP CEO Keith Gibbs, and will oversee the sales and marketing activities of the company for large and small corporate customers, including the intermediary relationships that cover medical insurance, occupational health, employee assistance programmes and other support services for employee well-being provided by AXA IACS.

Mr. Freeston has over 22 years of experience performing at varied sales and marketing roles working mostly at AXA PPP in the UK medical insurance industry, making him well-suited to handle the responsibilities demanded by his interim role as distribution director. He has been a sitting member on AXA’s management committee, and will continue in this capacity in the meanwhile.

In a separate note related to fitness during the upcoming Football World Cup, Ms Lucy Wyndham-Read, a personal trainer from AXA PPP has made the suggestion that ladies remember to get kitted up and do some exercise. The suggestion goes to football fans that intend to watch televised games from home.

In particular, her advice centres against allowing the football matches to replace the normal activities of an individual, and suggests planning a swim, jog or brisk walk around the fixtures. A reminder of the options available whilst supporting their favourite team during an actual game were also highlighted by Ms Wyndham-Read, including side reaches and star jumps.

Similar to the above exercise advice during the World Cup, the Food Standards Agency is publishing a healthy-eating guidance to the public with the aim of ensuring that people don’t let themselves go too much.

It is estimated that TV football fans, affectionately known as "couch potatoes", will put on an average of almost five pounds (2.27 kilograms) during the four weeks of the World Cup, fuelled by soaring sales of junk food delivered to their doorsteps. This projection is based on an extra intake of 340 calories per World Cup match.

On average, according to research done by Men’s Health Magazine, a man will drink four cans of beer, eat three slices of pizza, half a bag of crisps and half a pot of dip, equivalent to 1,913 calories.

It is advised that a combination of lack of exercise and poor diet may even lead to death, according to a study by AXA PPP healthcare. Since men will spend an average of 38 hours watching the football, consuming up to 20,180 calories, in particular persons with an underlying coronary heart disease, the resulting obesity and increased risk of diabetes, heart disease and stroke should not be overlooked.

The message is not to discourage people from enjoying the fun and the great atmosphere the tournament brings, but to be alert of the risks of overindulging in junk food whilst remaining inactive.

Insurance Company mentioned:

AXA PPP

Originally known as PPP Insurance, the company became part of the Global AXA Group in 1999 and changed its name to AXA PPP in 2002. AXA PPP is now an international health insurance company with over 2 million customers around the world.