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Welcome to our Monthly Newsletter – October 2006

Talk Around the Bazaar

  • U.S. catastrophe rates went up by 76% this year – and the hurricanes have stayed away. Touch wood!
  • With the success of Bermuda in attracting new investment, the Cayman Islands are to rev up ways to copy these developments. What will be the Asian answer?
  • In the meantime, Lloyd’s is still admitting new syndicates, Sportscover and CV Starr being amongst the latest
  • With a lot of interest in China still leading to joint ventures (ING, Sumitomo and Manulife have found partners), it is not surprising that the authorities are not changing the rules. On the non-life side foreign carriers already  have 18% of the market in Shanghai and Guangzhou
  • Lloyd’s first six months figures are almost the same as a year ago – but premiums are up as is underwriting profit
  • Syria is entering the takaful insurance market and AIG does the same in Bahrain
  • Allianz and RAS are planning to merge and the new entity will not be an A.G. or an S.p.A. but an S.E. A Societas Europaea, subject to Community law in all EU member states.

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    We are currently discussing projects in the following markets:

  • Portugal
  • Belgium
  • India
  • U.S.A.
  • Sweden
  • Germany
  • Spain
  • Romania
  • Australia
  • New Zealand
  • Poland
  • France
  • United Kingdom
  • Netherlands

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    What Clients Say

    “These people are easy to work with”.

    “Worldwide Risk Solutions makes their clients aware of international issues”.

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    CONTACT US

    BY POST
    Worldwide Risk Solutions LLP
    20 Blunts Wood Road
    Haywards Heath
    West Sussex
    RH16 1NB, England

    BY TELEPHONE
    Telephone: +44 (0)1444 450 919
    Mobile: +44 (0)7968 191 511

    BY E-MAIL
    info@worldwiderisksolutions.com

     

    A New Force in International Insurance

    Worldwide Risk Solutions is a U.K. based commercial organisation facilitating global business strategies and business development in the international insurance industry. For more information about us, please go to www.worldwiderisksolutions.com. Since our formation eight months ago we have advised some of the world’s largest networks and independent brokers in four continents.

    key countries
    factors relating to geographic representation

    Having good geographic representation is a key issue facing a network because some networks have a lot of flags on the map but not much more than that. In fact many networks are not as strategically well placed as they would like to be. It is not only where but who the members are which needs to be looked at. We work in partnership with clients to identify:

    Where

  • Countries in which clients require local service – now or soon
  • Sophisticated markets with high levels of knowledge and expertise
  • Key financial centres where leading personalities mingle frequently
  • Who can imagine a network without members in France, Germany, Holland, Italy, U.K., U.S.A. to name just a few?

    • Who

  • Understands the network’s goals and objectives
  • Has an excellent reputation and unquestioned ethics
  • Is in the right credibility league along with competitors
  • Regards membership as an investment
  • Has something to offer the network
  • Can prospect and introduce business to the network (if this sort of business is in their territory)
    		•

    Representation Strategy
    how to keep members happy

    Put simply, give them what they want. Actually, this may indeed be too simple because everyone would like to join a network and then sit back and enjoy all the new business referrals coming in. Life is not like that and so members all need to buy into the aspirations of a network and these, as we have said before, need to reasonable and achievable. Therefore, members need to be told what is available and then, be given that. Here are some pointers and we are happy to advise on more:

  • Make it clear what sort of services are available
  • Be transparent about the cost of service but put the client first
  • Make communications easy and effective
  • Don’t overcharge the members
  • Make members proud to be part of the network

    • If you have questions about global developments or if you wish to discuss your own international strategic plans, just give us a call (+44 (0)1444 450 919) or send us an e-mail and we will be happy to look at some of these questions and to start providing answers.

    Can a network ever have the wrong members?

    If there are members who complain, who do not respond either quickly enough or not at all; if some people leave running the network activities to others or do nothing at conferences apart from asking “when does the tour start?” or if there are people who are generally not happy with the network’s performance, then there should be some understanding.

    Is their English good enough? Are they too shy to stand up in a conference full of confident native English speakers? Are there service guidelines outlining response times – maybe people should pick up the phone rather than sending an angry e-mail. Networks are made up of different cultures and members should not always expect others to do things their way. Therefore, it could be that the network is not right for them and with a bit of diplomacy and sorting out compliance with network criteria that can be fixed.

    We will look at your organisation and help you conclude:

  • A) do you have the right members in the right places, and
  • B) is the network right for the members?

    • In our next e-newsletter we will look at Structure of a Network.
    See our Contact Details

    George Worsley, Director
    Worldwide Risk Solutions
    Telephone +44 (0)1444 450 919
    E-mail info@worldwiderisksolutions.com
    © Worldwide Risk Solutions LLP 2006