February 2015

AN ESTABLISHED AND SUCCESSFUL FORCE in International Insurance

WORDSTM is the e-newsletter of Worldwide Risk SolutionsTM, a UK based commercial organisation which has the sole objective of facilitating global business strategies and business development in the international insurance industry. For more information, please go to www.worldwiderisksolutions.com

WORDSTM – February 2015

Comment of the MonthDuring the past few months, there have been plans announced for some pretty big mergers. Large, reasonably well-represented players on the international scene are teaming up to become global players. All of our readers are internationalists who believe that trade and travel across borders is fun and rewarding and so the question is: with these mergers, is there any fun and who gets the rewards?

You cannot say that the planned mergers are for fun: the bottom line is the ultimate focus. Adding levels of expertise, widening the target areas for profitable growth and providing shareholder value are the main motivation for these deals. But there are warnings from the agencies who monitor the financial health of these behemoths saying that such mergers will certainly not be fun for the staff and only the top management get rewarded. Inevitably, there will be streamlining when the usual job duplications are identified, redundancies where once job security was as certain as can be these days and careers cut short through no fault of the individual. As loyal as many line-managers are, there is no standing up to the corporate coward who threatens, “if you don’t get rid of that one person, I will get rid of you.” It will happen.

And so which organisation has the higher number of staff willing to go the extra mile – a mega-company where one only knows the top people from photographs in the annual report, or the nimble specialist where the boss is just as likely as the receptionist to pop out and get coffee for everyone?

Talk around the BazaarHow did Uganda get into the insurance news? How is the economy in Georgia faring? What is the latest award Guernsey has won? We keep you abreast of the latest developments with our comments and hyperlinks.

Spotlight - In international business, almost every market around the world does things in a different way. This often leads to misunderstandings and unfulfilled expectations. However, different does not need to mean difficult and knowledge of the needs and characteristics of specific geographic markets is an advantage to those who are active in the global economy. These articles help you understand different aspects of the insurance industry around the world, enabling those who do business there to feel more “at home, abroad.”

A feature in the news relating to insurance brokers, companies and reinsurers has been the fact that they can take each other over as referred to above. There are some markets where that is impossible. Although brokers and carriers have a head office, the location of that centre of the corporation can, if need be, be moved elsewhere. Captive havens like Gibraltar, Dublin and others cannot just pick up a whole city or an island and relocate. Therefore, such captive marketplaces must rely on something else to stay ahead of the pack or take someone else’s place as a market of preference. A tough call. It can take a bit of lateral thinking and Malta has done just that. Having been pipped at the post by Guernsey, as we report in the Bazaar, Malta has set out its wares in an excellent report which has appeared in Captive Review. Looking at some of the articles: “Setting the Bar Higher,” “The European PCC – Implementing Solvency II,” “Reaping the Benefits” and more, we feel our readers will want to pop on the plane and take a good look first hand. Why not? You can access the publication at http://www.captivereview.com/wp-content/uploads/2015/01/CRMalta2015-3.pdf and we are grateful to Nick Morgan of Captive Review for permission to provide this link and any questions or comments can be addressed to him at n.morgan@captivereview.com

The Presse Internationale des Assurances – “PIA”

Our eminent German PIA member, Versicherungswirtschaft, has a nice comment from Insurance Europe on Solvency II and you can find this at http://versicherungswirtschaft-heute.de/koepfe/insurance-europe-solvency-ii-however-huge-piece-regulation/

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WE ARE CURRENTLY DISCUSSING PROJECTS IN THE FOLLOWING MARKETS AND ARE REGULARLY BEING ASKED TO ATTEND THE ANNUAL CONFERENCES AND MEETINGS OF THE MAJOR NETWORKS AS WELL AS ASSIST INSURANCE ORGANISATIONS IN:

  • · Australia
  • · Canada
  • · Denmark
  • · France
  • · Italy
  • · Mexico
  • · Netherlands
  • · Spain
  • · United Kingdom
  • · USA

We continue to work with a growing number of networks to improve and expand their international capabilities.  If you have not already spoken to us about expanding your international markets, now might be the right time for us to conduct a feasibility study. For more information, please see the contact details below.

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As part of the on-going service of assistance to our friends around the globe, Worldwide Risk Solutions is ideally placed to help unlock the mysteries of the Lloyd’s and London insurance market. With new products and market entrants, there is always something new going on. In many cases the solution to your problem is around the corner. Send us an e-mail and we can start the process of finding that elusive solution

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Worldwide Risk Solutions has access to a wide client base of internationally oriented organisations. Why not utilise this knowledge and experience? We can conduct a swift appraisal of your global activities or answer any questions you may have about international developments. Call +44 (0)1444 450 919 or send us an e-mail and we will respond immediately. And should you be passing through London, please let us know.

George Worsley, Editor
WORDSTM a member of www.piassurance.eu

Telephone +44 (0)1444 450 919
E-mail words@worldwiderisksolutions.com

Website www.worldwiderisksolutions.com

Disclaimer

Information appearing in WORDSTM is checked for technical accuracy but is not intended to provide a basis of knowledge upon which advice can be given. Worldwide Risk SolutionsTM accepts no responsibility for any loss occasioned to any person acting or refraining from action as a result of the material included in this newsletter.

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