英文保险资讯.doc

RSA plans 600m rights issue皇家太阳联合保险集团计划转让6亿英镑股权皇家太阳联合保险公司力求避开银行而用产权偿还债务。皇家太阳联合保险集团考虑未来两周内实施一项总额为10亿美元（6.14亿英镑）的股权转让计划，并已初步选定摩根大通集团和美林集团两家公司作为转让对象。（中文摘要为本网站翻译，以下为英文原文）Insurer urged to cut out bankers to pay off debt with equityRSA is considering a rights issue in the next two weeks of up to $1bn (614m) and has appointed JP Morgan and Merrill Lynch the Telegraph reports.The plans come after RSA announced that it intended to repay two tranches of corporate debt with a total value of 500m 439m.The Times called on RSA to underwrite its own rights issue after other insurers criticised the high cost charged by investment banks and are trying to find a away of avoiding using them.“Many of Mr Hastes peers have been making a fuss about the size of fees charged by investment banks for underwriting conventional rights issues. M&G, the Prudentials investment unit, Aviva Investors, Legal & General and Standard Life have hired Lazard and Rothschild two investment banking advisers which do not do any underwriting themselves to come up with a radical plan to bypass the investment banks,” the Times said“As one of the UKs biggest institutional investors, RSA would be the perfect candidate to pioneer the new capital-raising method”英文转载自：Insurance Times(保险时报)网站SCOR adds layer to mortality swap with JPMorgan法国再保险集团为其与美国摩根上投集团的死亡掉期交易增加保护措施法国再保险集团下属全球人寿保险公司为应对H1N1流感病毒，为其与美国摩根上投集团的死亡掉期交易增加了一项保护措施。（中文摘要为本网站翻译，以下为英文原文）PARISSCOR Global Life S.E. has added a layer of protection to its current four-year mortality swap transaction with U.S. investment bank JPMorgan Chase & Co. in New York to hedge against the H1N1 flu virus.Paris-based SCOR, a subsidiary of SCOR S.E., said Thursday that under the new extended arrangement it will be entitled to $75 million should mortality increase from Jan. 1, 2009, to Dec. 31, 2011, due to major pandemics, natural catastrophes or terrorist attacks as part of the new arrangement.SCOR said in its statement that the risk swap is indexed against a weighted combination of U.S. and European population mortality, measured over two consecutive calendar years. A payment will be triggered if at any time during the period covered the index exceeds 105%, according to SCOR. If, for instance, the index level reaches the exhaustion point of 110%, the full $75 million will be paid out, but only half would be paid out if the index level is 107.5%.The original agreement, which was signed in February 2008, provided for up to $100 million plus another $36 million in Euros at any index level between the trigger point of 115% and the exhaustion point of 125%.“As a leading global life reinsurer with strong stakes in mortality reinsurance protection, we are taking the current threat of the influenza A(H1N1) virus seriously,” Jean-Luc Besson, SCORs chief risk officer, said in a statement.“Although we currently dont expect that the influenza virus will significantly increase mortality levels, we are convinced that pandemics could constitute material tail events for the insurance industry, and may have corresponding financial repercussions on both sides of the balance sheet. With this second transaction with JPMorgan, SCOR demonstrates its stringent risk management.”英文转载自：businessinsurance 商业保险网Validus/IPC deal completeValidus集团完成收购IPCValidus控股集团周五声明，已完成对IPC集团的收购，结束了持续数月的投标战和谈判。在一次全体股东特别会议上，Validus集团股东核准Validus保险公司的普通股参与收购IPC，近87%的股东投票赞成这一收购决定。（中文摘要为本网站翻译，以下为英文原文）HAMILTON, BermudaValidus Holdings Ltd. said Friday it has completed its acquisition of IPC Holdings Ltd., bringing closure to the deal after months of bidding wars and negotiations.In a special general shareholders meeting, Validus shareholders approved the issuance of Validus common shares in connection with the acquisition of IPC, getting support from approximately 87% of the shares voted at the meeting.In a separate meeting, IPC shareholders adopted the merger agreement with Validus and approved the agreement with the support of approximately 95% of the shares voted at the meeting.Hamilton, Bermuda-based Validus purchased IPC for $1.65 billion in cash and stock on July 9. The agreement ended several months of bidding between rival Bermuda-based insurers, causing Validus to revise its bid three times and boost its cash component to the deal.IPC also received offers from Max Capital Group Ltd. and Flagstone Reinsurance Holdings Ltd. Berkshire Hathaway Inc. also reportedly made a $1.7 billion cash offer, but ultimately was rejected.Combined, IPC and Validus have roughly $3.7 billion in total capital.“With significantly increased capacity, a global platform, and leading positions in attractive insurance and reinsurance markets, Validus is well positioned to meet the evolving needs of clients and to deliver continued growth to shareholders,” said Ed Noonan, Validus chairman and chief executive officer, in a statement.英文转载自：businessinsurance 商业保险网Pilots sue to drop PBGC as US Airways plan trustee美国民航驾驶员协会起诉美国养老金收益保障公司，要求更换受托人据美联邦政府新闻报道，美国民航驾驶员协会起诉美国养老金收益保障公司，要求除去其美国民航驾驶员协会养老金计划受托人身份并将委任一临时受托人。（中文摘要为本网站翻译，以下为英文原文）WASHINGTONThe U.S. Airline Pilots Assn. is suing the Pension Benefit Guaranty Corp. to remove it as trustee of the US Airways pilots pension plan and appoint a temporary trustee, according to a news release from the union.The Charlotte, N.C.-based association claimed the PBGC breached its fiduciary duty by failing to investigate the company management of the plan, as required under Employee Retirement Income Security Act, when it took over the plan on March 31, 2003. US Airways Group Inc. terminated the plan while in Chapter 11 bankruptcy proceedings. At that time, the plan had $1.2 billion in assets to cover $3.7 billion in liabilities. The PBGC took responsibility for $726 million of the shortfall.The lawsuit was filed in U.S. District Court in Washington.“The PBGC has not fulfilled its obligation as trustee of our pilots retirement fund,” USAPA President Mike Cleary said in the news release. “Our own investigation has uncovered a number of questionable circumstances surrounding activities and investments of our retirement fund prior to its termination. Our request to the PBGC for a thorough investigation has fallen on deaf ears, so we are asking the court to appoint a trustee who will do its due diligence in this matter and investigate the management, or perhaps the mismanagement, of our pilots retirement fund.”A PBGC spokesman declined comment on the lawsuit.英文转载自：businessinsurance 商业保险网Marsh licensed to provide broking, advisory services in Egypt达信保险经纪公司被埃及政府授予提供保险经济、咨询服务的权力达信保险经纪公司已被埃及金融服务局授予在埃及提供全部保险经济和咨询服务的权力。达信保险经纪公司开罗公司将提供保险服务，达信保险埃及有限公司将提供风险咨询服务。（中文摘要为本网站翻译，以下为英文原文）CAIRO, EgyptMarsh Inc. has been granted a license by the Egyptian Financial Services Authority to provide full insurance broking and advisory services in Egypt.Marsh will provide brokerage services through its Cairo, Egypt-based Marsh for Insurance Services S.A.E. unit, while risk advisory services will be available from Marsh Egypt L.L.C.“Marsh has had a presence in Egypt for over a decade, but until now has been limited in what it could offer its clients,” said Afaf Abdel Hameed, Marshs country manager in Egypt, in a statement.“Thanks to the liberalization of the market and the progressive economic polices of the Egyptian government, we are now able to offer a wider and more sophisticated selection of products and services,” she said.英文转载自：businessinsurance 商业保险网Fitch retains negative outlook on reinsurance sector惠誉国际信用评级对再保险前景预期依旧消极惠誉国际评级在周三发表的报告中表明对国际再保险市场前景预期依旧消极，主要顾虑是在当前的环境下如果遇到大规模的巨灾损失，再保险公司补充资金的能力。（中文摘要为本网站翻译，以下为英文原文）NEW YORKFitch Ratings outlook on the global reinsurance sector remains negative because of concern about reinsurers ability to replenish capital if they suffer large catastrophe losses in the current environment, the rating agency said in a report issued Wednesday.“This represents a heightened vulnerability for the reinsurance sector that historically has not existed to the same extent,” said the report. “As a result, Fitch believes there is an elevated possibility that reinsurers could be forced to operate with weaker capital bases for a prolonged period.”The report also notes that for the first half, nonlife reinsurers included in its survey reported a 91.7% combined ratio, compared with 92.7% for the comparable period a year ago. However, net premiums written for the period declined by 9.5% to $37.7 billion.英文转载自：businessinsurance 商业保险网AIG leadership change opened door to arbitration美国国际集团领导变更，使最终达成仲裁协议据Maurice R. Greenberg的一名律师透露，美国国际集团高层领导更更使美国国际集团与前首席执行官达成仲裁协议。（中文摘要为本网站翻译，以下为英文原文）NEW YORKA change in leadership at American International Group Inc. led to the recently announced arbitration agreement between the insurer and its former chief executive officer, a lawyer for Maurice R. Greenberg said.Nicholas A. Gravante Jr., a partner with Boies, Schiller & Flexner L.L.P. who represents the former AIG chief, made the comments in an interview with Business Insurance on Tuesday.On Monday, the New York-based insurer, Mr. Greenberg and former AIG Chief Financial Officer Howard I. Smith said they had agreed to enter binding arbitration to resolve various legal disputes, suggesting the formerly contentious parties are willing to mend ties.The former executives, who left AIG in 2005 amid investigations into the companys accounting, have been involved in a string of legal battles with the insurer.The arbitration agreement coincides with recent comments made by AIGs new chief executive officer, Robert H. Benmosche, in which he told Reuters that he has been talking for months with Mr. Greenberg and that he would rely on the former executive for advice.The comments suggest relations between Mr. Greenberg and AIG have thawed, observers say, and stand in stark contrast to Mr. Greenbergs relationship with the firms former leader, Edward M. Liddy, whom he publicly criticized.In an interview with BI in July, David Boies of Boies, Schiller & Flexner said the firmacting on behalf of Mr. Greenberg and Starr International Co. Inc., the company he now controlshad made previous offers to AIG to resolve lawsuits through arbitration, but they were “all rejected.”An offer to arbitrate the most recent legal battle between Mr. Greenberg and AIG, which came to a close this week, also was rejected, Mr. Boies said.On Monday, a federal judge ruled against AIG in its battle with former sister company SICO, upholding a jury verdict that SICO did not breach a trust. AIG argued SICO violated an oral agreement to hold a special block of AIG shares solely to fund a well-known executive compensation program for AIG employees.AIG declined to comment on its plans to appeal the ruling, but some legal observers say an appeal is unlikely given the recent developments. Meanwhile, AIGs plans to pursue its state court lawsuit against Mr. Greenberg and other former executives, arguing similar claims, have been stayed under the terms of the arbitration agreement, according to Mr. Gravante.The cases immediately subject to arbitration included several shareholder derivative suits for which AIG has assumed responsibility. An arbitrator will begin hearing the cases by Oct. 15 and finish by March 31, according to a statement.In addition, the parties will consider arbitration on other AIG claims against SICO, pending rulings on motions to dismiss.英文转载自：businessinsurance 商业保险网Zurich North America Offers New Collateral Offerings苏黎世金融集团北美分公司提供新抵押方案苏黎世金融集团北美分公司向建筑行业客户提供一种新型抵押方案，可帮助后者在现有市场中减轻借贷压力。苏黎世金融集团认为这种新的抵押方案提供了信用证之外的新选择，同时使用更容易、执行更快。（中文摘要为本网站翻译，以下为英文原文）Zurich in North America is now offering its customers in the construction business a new collateral approach to help ease the strain of credit in the current market. Zurich says the new collateral alternatives also expands choices beyond the typical letter of credit, and is easier to use and quicker to execute.Called eZ Trust and eZ CD, these new products are less expensive for customers because Zurich has negotiated contractual terms and lower fees with Zurich-selected banks.Zurichs new collateral alternatives include:eZ Trust - A collateral instrument with no initial set-up fees, discounted annual fees negotiated by Zurich and a trust template that doesnt need to be negotiated. This arrangement is easier, faster and less costly than a standard trust and, in todays economic environment, typically much less costly than a letter of credit.eZ CD - A fully FDIC-insured security that is purchased in Zurichs name, with the amount of interest earned by the CD and paid by Zurich to the customer.Minimum funding for these two available alternatives is $500,000.英文转载自：insurancejournal保险期刊网Willis Exec Sees Insurance M&A Activity Increase in 2010韦莱资本市场和顾问公司首席执行官预期2010年保险行业并购增多韦莱集团所属韦莱资本市场和顾问公司首席执行官Tony Ursano预期保险行业公司并购将在2010年有所增多。（中文摘要为本网站翻译，以下为英文原文）The insurance industry will see a pickup in mergers & acquisitions (M&A) activity in 2010, according to Tony Ursano, CEO of Willis Capital Markets & Advisory, a unit of Willis Group Holdings.Ursano made his forecast at an industry event at The Willis Building in London on Sept. 3. He indicated that the soft market is fuelling the search for growth, diversification and specialization, which can be achieved through M&A.Ursano believes there are a number of factors driving companies to look for mergers and acquisitions. He cited the fact that the size and scale of insurance companies is becoming increasingly important for rating agencies, investors and clients. M&A would also satisfy the pent-up demand for liquidity from private equity owners.However, he indicated that so far in 2009, insurance M&A volume has been light, with deals completed at an average price of 1.09 times book value. This is in contrast to specialty insurance M&A transactions that took place before the financial crisis. Their average price was 2.46 times book value.As markets stabilize, valuations boost confidence and acquisition financing capacity and terms improve, we expect to see a significant increase in M&A activity in the insurance space, Ursano told 375 delegates at The Insurance Insiders Pre-Monte Carlo Rendez-Vous Executive Briefing.However, he took pains to remind his audience that, while the outlook is positive, we must bear in mind that more than 50 percent of insurance deals have failed to create shareholder value due to a number of factors, including difficulty assessing the profitability of the target, the cyclical nature of the insurance market and the volatility of the financing markets.Ursano noted that a successful M&A has to be first of all financially and strategically compelling. He cited Ace Limiteds successful M&A strategy as an example. Insurance companies looking to acquire should first ensure that the deal is accretive to earnings, return on equity and book value per share, he advised. There should be clear, defensible strategic logic behind the acquisition, transparency of loss reserves and committed financing upfront. Its also important that key management are given appropriate incentives to stay.In Ursanos opinion the soft market may be changing. We are one event away from a hard market, he stated. One of the main factors that could push the market in that direction is the ongoing pressure on profitability and returns, coupled with major investment losses and reduced investment income in the insurance world, with valuations at all-time lows.He pointed out that more than 50 insurance and reinsurance companies are trading at below their stated book value. Under these circumstances, a significant investment or catastrophic loss would catapult the industry into a hard market.Ursano also predicted an increase in sidecar and cat bond activity, and an increase in ILS fund formation in 2010 fuelled by the light catastrophe losses so far this year, which could drive strong investor returns in an attractive, uncorrelated asset class. This, coupled with financial market stability, could increase hedge fund participation.英文转载自：insurancejournal保险期刊网Lockton Opens Second Brazil Office in Rio de Janeiro诺德保险经纪公司在里约热内卢开设在巴西的第二家分公司诺德保险经纪公司在巴西里约热内卢开设最新的国际分公司，主要面向商业和再保险客户。分公司增强了诺德保险经纪公司在南美市场的活跃程度和再保险能力（中文摘要为本网站翻译，以下为英文原文）Lockton has opened its newest international office in Rio de Janeiro, Brazil for commercial and reinsurance clients. The office expands Locktons energy and reinsurance capabilities in South America.Lockton has recruited a four-person team to operate the Rio office. The Board of Trade approved the new Lockton operation August 12. The office is located at street Assembleia, number 10, suite 3.603, downtown Rio de Janeiro, telephone + 55 21 2221-2718.Paula Malafaia joins Lockton from Colemont to serve as the offices retail executive. She has 15 years experience in the insurance market, and previously held leadership positions with Miller do Brasil and JLT. Malafaia holds a bachelors degree in economics from PUC-RJ, a masters degree from Funenseg/IBMEC and received underwriting training at Lloyds in London.Antonio de Novaes Neto, who has 20 years experience in the insurance industry, has been appointed as the director for Lockton Re in Rio de Janiero. He has worked in leadership roles with Bradesco Seguros Group, reinsurance broker CatalystRe and with the IRB, Brazils state-owned reinsurer.We are excited about our new office in Rio de Janeiro, Lockton International CEO Julian James stated. Our growth in Brazil reflects the increasing demand for localized insurance and risk management expertise in South American markets. We look forward to providing exce