reinsuranceGuru: "R&I: Aon Wins ICL Account
Risk & Insurance Online - Story: 'Aon Wins ICL Account
By JACK ROBERTS, editor in chief of Risk & Insurance®
According to Risk & Insurance Magazine, the Aon global environmental team won the design and placement of the global environmental insurance program for ICL, Israel Chemicals Ltd., based in Tel Aviv, Israel.
Aon won the broker competition for the $100 million insurance program with its proposal for restructuring the Feb. 1 renewal of the ICL global environmental program.
ICL, a fertilizer and specialty chemical company with growing revenues, was ranked by Dun & Bradstreet as Israel's fourth largest industrial company in 2008. It posted 2007 revenues of more than $4 billion and a net profit of $570 million and for the first nine months of 2008 reported revenues in excess of $5 billion and profit in excess of $1.8 billion.
The pollution insurance program involves ICL facilities in Israel, Europe, North and South America, and Asia. The Aon Environmental Services team that won the account included CEO Peter Breitstone, managing director Kenneth Ayers and director Simon Johnson, who is based in London, as well a'"
Monday, January 19, 2009
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reinsuranceGuru
reinsuranceGuru: "Reuters: UBS to buy AIG's commodity index business
UPDATE 2-UBS agrees to buy commodity index from AIG | Industries | Financial Services & Real Estate | Reuters: 'ZURICH, Jan 19 (Reuters) - Swiss bank UBS AG (UBSN.VX) (UBS.N) has agreed to buy the commodity index of AIG (AIG.N), part of a planned overhaul of UBS' investment banking division that will see it boost its index portfolio but axe most of its global commodities business.
UBS said on Monday it will pay $15 million on closing and an additional $135 million over the following 18 months, based on future earnings at the purchased business.
'The closing is subject to a number of regulatory and other conditions. No assurances can be given that any such conditions will be satisfied,' UBS said, without disclosing more details.
UBS said the purchase, the first by the crisis-hit bank in this segment after a string of sales, would complement its own commodities index. The bank said on Friday it was selling the trading books of some commodities businesses to Barclays (BARC.L). [ID:nLG515941]
'We are downsizing the commodities business within the Fixed Income, Currencies and Commodities unit of our investment bank,' UBS spokeswoman Sabine Jaenecke said.
The commodities index business, however, 'is consumer-driven and aligned with our mandate to reprioritise our investment bank's business portfolio,' she added.
Jaenecke said UBS was acquiring the trading books and the IT platform of the AIG index, which is one of the world's leading commodities indexes.
The index business is part of the investment bank's equities unit, the unit that UBS uses to serve its customer base.
UBS, best-known for its core wealth management business, unveiled on Oct. 3 a major restructuring of its troubled investment bank, whose risky investments forced UBS to make $49 billion of writedowns. [ID:nL3249694]
The plan envisaged cutting another 2,000 jobs at the investment bank and exiting most commodities, including power and gas, agriculturals and base metals. The bank said at the time it would hold onto precious metals and index and exchange-traded commodities, which are integral to its wealth management operations. (Additional reporting by Sam Cage; Editing by David Cowell and Simon Jessop)'"
UPDATE 2-UBS agrees to buy commodity index from AIG | Industries | Financial Services & Real Estate | Reuters: 'ZURICH, Jan 19 (Reuters) - Swiss bank UBS AG (UBSN.VX) (UBS.N) has agreed to buy the commodity index of AIG (AIG.N), part of a planned overhaul of UBS' investment banking division that will see it boost its index portfolio but axe most of its global commodities business.
UBS said on Monday it will pay $15 million on closing and an additional $135 million over the following 18 months, based on future earnings at the purchased business.
'The closing is subject to a number of regulatory and other conditions. No assurances can be given that any such conditions will be satisfied,' UBS said, without disclosing more details.
UBS said the purchase, the first by the crisis-hit bank in this segment after a string of sales, would complement its own commodities index. The bank said on Friday it was selling the trading books of some commodities businesses to Barclays (BARC.L). [ID:nLG515941]
'We are downsizing the commodities business within the Fixed Income, Currencies and Commodities unit of our investment bank,' UBS spokeswoman Sabine Jaenecke said.
The commodities index business, however, 'is consumer-driven and aligned with our mandate to reprioritise our investment bank's business portfolio,' she added.
Jaenecke said UBS was acquiring the trading books and the IT platform of the AIG index, which is one of the world's leading commodities indexes.
The index business is part of the investment bank's equities unit, the unit that UBS uses to serve its customer base.
UBS, best-known for its core wealth management business, unveiled on Oct. 3 a major restructuring of its troubled investment bank, whose risky investments forced UBS to make $49 billion of writedowns. [ID:nL3249694]
The plan envisaged cutting another 2,000 jobs at the investment bank and exiting most commodities, including power and gas, agriculturals and base metals. The bank said at the time it would hold onto precious metals and index and exchange-traded commodities, which are integral to its wealth management operations. (Additional reporting by Sam Cage; Editing by David Cowell and Simon Jessop)'"
reinsuranceGuru
reinsuranceGuru: "19 January 2009
R.M. Stats on the Future of the Economy and Insurance
RIMS | RM Magazine: 'Stats on the Future of the Economy and Insurance
Friday Jan 16, 2009. According to RIMS' Risk Magazine, the following are some figures from leaders in the property/casualty insurance industry in regards to the future of both the economy and the insurance industry:
Industry Performance
66% of executives in the P&C industry expect financial woes to persist
52% of respondents do not believe there will be an improvement in personal auto insurance
55% do not expect an improvement in homeowners insurance
74% do not expect an improvement in workers compensation
62% do not expect an improvement in commercial lines
Premium Growth
50% believe that premium growth will remain flat
33% believe it will be negative
17% believe it will be positive
The Issue of Torts
63% believe that tort trends will deteriorate in 2009
32% believe they will stay the same
5% believe they will improve
Investments
59% expect another down year in the equity markets
76% expect consolidation among insurers and reinsurers
The statistics are derived from the responses of nearly 250 representatives from property and casualty insurance and reinsurance companies during the Property/Casualty Insurance Joint Industry Forum presented by the Insurance Information Institute. '"
R.M. Stats on the Future of the Economy and Insurance
RIMS | RM Magazine: 'Stats on the Future of the Economy and Insurance
Friday Jan 16, 2009. According to RIMS' Risk Magazine, the following are some figures from leaders in the property/casualty insurance industry in regards to the future of both the economy and the insurance industry:
Industry Performance
66% of executives in the P&C industry expect financial woes to persist
52% of respondents do not believe there will be an improvement in personal auto insurance
55% do not expect an improvement in homeowners insurance
74% do not expect an improvement in workers compensation
62% do not expect an improvement in commercial lines
Premium Growth
50% believe that premium growth will remain flat
33% believe it will be negative
17% believe it will be positive
The Issue of Torts
63% believe that tort trends will deteriorate in 2009
32% believe they will stay the same
5% believe they will improve
Investments
59% expect another down year in the equity markets
76% expect consolidation among insurers and reinsurers
The statistics are derived from the responses of nearly 250 representatives from property and casualty insurance and reinsurance companies during the Property/Casualty Insurance Joint Industry Forum presented by the Insurance Information Institute. '"