May 2016

Dear members and business partners, Table of Contents 

Members

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Market and Product Information

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Conferences & Events

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Editorial Team

It is a great honor for me to now take over the responsibility for our quarterly newsletter and I take pleasure in welcoming you to this edition of the unisonTimes. May has already arrived and we are approaching our 11th Independence Day Conference in Porto very quickly. We are very happy about the great interest in our conference and really look forward to a conference with a record-breaking number of participants!

With the official closure of the registration we have sent you the list of participants as well as the agenda for the upcoming event. If you wish to make appointments with fellow members during the conference, we recommend you addressing the partners in advance. In this unisonTimes edition, you will find information on current developments within our network and the international insurance markets. We would like to sincerely thank those who provided us with information and articles and kindly invite you all to continue sending us your input in order to have a variety of information from several different parts of the world and to keep the unisonTimes interesting for everyone. We also have pleasure in welcoming further members to our network, who have contributed to our growth in the 11th year since our establishment in 2005. The biggest challenge we entered in 2015 was our new strategic orientation in the USA resulting in the foundation of an independent operative entity in Chicago. While we continue developing and expanding our operations in the USA and the team in Chicago that is sparing no effort is highly motivated to lead our US subsidiary to the same success as unisonBrokers has experienced in Europe, we now also shift our focus on new markets, supported by members from India and China, who have recently joined our network. As a consequence, we pursue a new strategic orientation on markets in Africa and last but not least Iran, which promise enormous investment potential in the future. On the second day of this year’s Independence Day Conference, we will therefore look deeper into the markets in Africa. Acknowledged experts of the different African insurance markets will share some of their knowledge and experience with us, followed by a panel discussion about opportunities and strategies to establish and develop operations in Africa. Thanks to your extraordinary support, we are very confident that we will achieve our objectives and continue growing steadily. An African proverb of the Swahili people in Zanzibar describes best the unison spirit: “Umoja ni nguvu, utengano ni udhaifu” (“Unity is strength, disunity is weakness”)

Yours

Rolf H. Diekhoff

Members New members Ecuador UNISEGUROS C. A., www.uniseguros.com.ec, Contact: Mr. Robert E. Cackett, [email protected] UNISEGUROS is an insurance brokerage service company offering consulting and risk management services. It was founded on March 25, 1974 with both national and foreign capital. Due to its focus on professionalism, efficiency and innovation in managing their clients’ policies , the team of UNISEGUROS has been able to secure the privileged position they enjoy today. Their presence in Quito, Guayaquil and Cuenca allows them to service important businesses, making UNISEGUROS C. A. one of the largest brokerage firms in Ecuador and the first in service. Since March 11, 2003, UNISEGUROS has been ISO 9001 certified, which validates the quality of client service. Their constant desire to exceed their clients’ expectations encourages UNISEGUROS to continually improve their operation through international contacts, insuring that the clients receive the most current information on new innovations available in the international market.

France CAT – ROEDERER Group, www.roederer.fr Contact: Mr. Michel Schira, [email protected] The Roederer firm was founded in 1893 by Geoffroy Roederer’s great-grandfather. Today under its fourth generation of family leadership, it serves a client base of 5 500 medium-sized companies. With headquarters in Strasbourg and subsidiaries in Mulhouse, Metz, Nancy and Paris, the firm provides brokerage services for all of Eastern France. Roederer is one of the largest brokers in its area and is ranked 15th in employee benefits in France. It was the first in Eastern France to obtain ISO 9001 service quality certification. Roederer offers business insurance with special expertise in property/casualty, employee benefits and claims management as well as personal lines. It also works with pools (e. g. the French Federation of Acrobatic Workers). In addition to his responsibilities as owner and CEO of his firm, Geoffroy Roederer is President of the Syndicate of Insurance Brokers in Eastern France (CSCA Est). The Roederer name is well-known in France, as five centuries ago members of the Roederer family founded Roederer Champagne. The Roederer Group’s promise: Together, let us build the best solutions!!

United Kingdom Senior Wright Ltd., www.seniorwright.co.uk Contact: Mr. Eric Ware, [email protected] A Lloyd’s Broker established in 1983, Senior Wright has built up an enviable reputation for providing innovative solutions for its clients. The company was originally founded to serve the insurance needs of the construction industry. Whilst Senior Wright has retained this specialism, the company has also diversified into other related areas , including compulsory insurance such as EL and Motor. One of its key strengths is its independence – Senior Wright is not compromised by external influences when seeking the best deals for its clients. Its experienced staff and strong, long term relationships with Underwriters, provide its clients with the comfort of knowing that the team they are dealing with will be with them over the long term. With a nationwide network of regional offices, clients have rapid and easy access to local and London based expertise. Senior Wright is your key to Lloyd’s and the London Market!

Member information Germany SCHUNCK GROUP Yesterday, today and tomorrow – our aim stays the same: Being the leading insurance broker for the logistics industry

SCHUNCK GROUP is an international insurance broker with foreign subsidiaries in Spain, Austria and Hungary with a strong focus and comprehensive knowledge of the logistics industry. Within the scope of the “SCHUNCK/2019” restructuring project the company adapted its portfolio to be able to meet the special requirements of the logistics industry. “As a leading insurance broker for the logistics industry, we scrutinized all of our company’s departments to identify possible needs for improvements among our areas of expertise and develop the ideal standard”, explains Rainer Witzel, CEO of SCHUNCK GROUP.

Besides, the extension of this business segment, the whole service portfolio of SCHUNCK GROUP will be further developed in order to take into account the growing challenges with regards to “Logistics 4.0”. The newly established affiliate RMSecur & Consulting GmbH adds to the service portfolio by offering comprehensive consulting products for the logistics industry. Furthermore, SCHUNCK has established the basis for continued professional and service improvement. This especially applies to the 10 competence centers with a focus on special industry sectors and fields, e. g. Cyber Risks. “For our company, it is self-evident to provide our clients with the best services, innovative products and IT support in each insurance line, including claims management, now and in the future. In the recent months, we have already determined the course to improvement, to make our service faster, more flexible and more dynamically. We are already looking forward to the successful completion of our project “SCHUNCK/2019” and our 100th anniversary in 2019”, says Albert K. O. Schunck, 4th generation Managing Partner. Contact: Mr. Alexander Kraus (Schunck Group), [email protected]

90 years of insurance consulting for the mechanical and plant engineering industries VSMA celebrates its anniversary Since its foundation by the VDMA (German engineering association) in March 1926, VSMA GmbH has been active as an insurance broker and consultant for the members of the association. Being a service agency for the association, VSMA has been focusing on the insurance of complex risks of the The affiliate of VDMA still pursues its initial philosophy: comprehensive and long-term assistance of predominantly medium-sized companies of the engineering sector for the insurance of existential risks. This, combined with an extraordinary client orientation, is the key to success. Since its foundation, the number of clients has grown to 1,100 companies and is steadily increasing. The clients are serviced by 45 employees in Frankfurt and further employees in the 7 VSMA subsidiaries all over Germany, which ensures a fast and non-bureaucratic implementation of all requirements. Via unisonBrokers, VSMA guarantees worldwide insurance services adapted to the special needs of any country and culture. Also in the era of “industry 4.0” VSMA is striving to adapt its insurance portfolio to the needs of its clients, to optimise proven methods and to anticipate new challenges. Contact: Mr. Jürgen Seiring (VSMA GmbH), [email protected]

Netherlands Membership with the German-Dutch Chamber of Commerce Our Dutch member Dorens & De Waal has recently joined the DNHK, German-Dutch Chamber of Commerce. In order to obtain the membership with the DNHK, potential members have to fulfil the following conditions: the candidate is to submit a written application to the executive committee of the DNHK; the executive committee decides on the application,  the candidate must be a legal person, public entity, commercial company or similar body; individuals cannot join the network,  the DNHK reserves the right to consult an excerpt from the commercial register of the company in question, and, of course,  the candidate must have a strong and active link with Germany and the Netherlands. 

What are the reasons for joining the DNHK? “Dorens & De Waal wants to approach more potential clients. Furthermore, we get easier access to potential multinational clients. There is a database of 1200 members, which we can access. We also receive discounts of up to 20 % for several services the DNHK provides, such as marketing material, translation of documents etc.

Most important is that we will get in contact with all kinds of businesses and with the decision-makers”, says CEO Fabrice De Waal. Contact: Fabrice De Waal (Dorens & De Waal), [email protected]

Market and Product information Australia Terrorism Insurance Act The 2015 review of the Terrorism Insurance Act 2003 has resulted in an increase in the terrorism rates charged by the Australian Reinsurance Pool Corporation (ARPC). Terrorism premium rates apply to all Commercial lines with a Fire class (including Business Interruption) attached to them. The changes to rates are effective from 1 April 2016. The rate changes are outlined below:

Tier or Region Old Rate New Rate Tier A (CBD)

12 %

16 %

Tier B (Urban) 4 %

5.3 %

Tier C (Rural) 2 %

2.6 %

Contact: Sandy Ross (JMD Ross), [email protected]

France Terrorism Risk Insurance in France French GAREAT insurance pool for Terrorist Risks and CCR Unlimited Cover France provides some of the broadest Non-Life insurance cover for Terrorism of any country. Cover for losses resulting from terrorist attacks and acts of terrorism have been compulsory, in Non-Life insurance policies, since 1986. Insureds with operations in France (or French Overseas Departments and Territories) must understand that terrorism insurance is compulsory.

There are three significant factors to know when insuring French exposures: 1. 2. 3.

Compulsory (required by law) coverages must be purchased in the French market. Non-Admitted insurance is illegal in France. French property, vehicle, aircraft and marine hull exposures are insured by: a. The ‘GAREAT Terrorism Risk Pool’ – (Gestion de l’Assurance et de la Réassur ance des Risques Attentats et actes de Terrorisme); and b. The French government’s unlimited guarantee ‘CCR Unlimited Treaty’ (Caisse Centrale de Réassurance)

For more detailed information please download the full article from our uniNet platform (www.unisonbrokers.net, France Country Information) or get in touch with Mr. Jérôme Soubaigné. Contact: Mr. Jérôme Soubaigné (Groupe SATEC), [email protected]

Bulgaria New Insurance regulation in Bulgaria Effective January 1st, 2016 a New Insurance Code was adopted in Bulgaria. It made several important amendments in regards to compulsory Motor insurance in Bulgaria which require proper instructions for their implementation. The amendments are as follows: 1.

Territorial validity of the compulsory Motor Third Party Liability insurance: -

It provides a combined coverage for the territory of the Republic of Bulgaria, EU member states as per their legislation and third countries when the damages were caused to persons who are EU member states citizens and provided that there is a National Insurance Bureau, which bears responsibility for this respective EU member state. In this case the Liability under this compulsory Motor Third Party Liability insurance is covered in accordance with the legislation of the EU member state, on which territory the vehicle of the guilty driver normally resides.

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In additional to the above territorial validity the compulsory Motor Third Party Liability insurance also provides coverage for third countries whose National Insurance Bureau is a party to the Multilateral agreement as per its legislation.

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In addition to the above, it also provides coverage for third countries whose National Insurance Bureau is a member of the “Green card” system.

2. Insurance premium of the compulsory Motor Third Party Liability insurance: one single premium for all of the above territorial validity 3. It is compulsory to issue a Green Card Certificate for all compulsory Motor Third Party Liability insurance policies. This Certificate is necessary to certify that all of the above territories are covered. This additional document is free of charge and when it is issued no country should be marked on it as it provides coverage for all of the above territories 4. Limits of indemnity under the compulsory Passenger Accident insurance for the Public transportation vehicles: -

The New Insurance Code envisages increase in the minimum limit of indemnity per Passenger seat per person: from BGN 20,000 (EUR 10,226) to BGN 50,000 (EUR 25,565)

Bearing the aforementioned in mind, the Insurance Brokers are obliged to provide Green Card Certificates to all customers with compulsory Motor Third Party Liability insurance and duly consult them on the aforementioned legislation amendment in view of its compliance. Contact: Maria Veleva, (Balkan Insurance Broker)[email protected]

India Rate changes

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STFI (Storm, Tempest, Flood and Inundation) rates have been revised from the 1st of March 2016. The rates have been increased from .075 %o to .1125 %o.

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The Reserve Bank of India has Know Your Customer (KYC) guidelines, which must be complied with by any insured whose premium is Rs. 100,000 or more. Thus, new clients need to provide the insurer with a signed and stamped copy of their corporate PAN card copy and Address Proof.

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IRDAI has proposed a use and file process, from the current file and use process, from 1 April 2016.

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With effect from 1 April 2016, the Motor Third Party Liability Premium increased by up to 40 %, depending on the engine capacity. The premium for commercial vehicles also increased by 15 % - 30 %, again depending on the engine capacity.

Contact: Mr. Shamsher S. Dhupia (Prudent Insurance Brokers Pvt Pty Ltd.), [email protected]

Iran Partial abolition of sanctions against Iran – How this development affects your broker agreements with Iranian people With the fulfilment of requests in the scope of the Joint Comprehensive Plan of Action (JCPOA), commercial and financial sanctions of the EU and the USA against Iran have been lifted or rather suspended as of 16th January 2016. The general insurance prohibition is no longer valid. Therefore, the insurance organizations are again allowed to insure Iranian people, public institutions and organizations, authorities as well as Iranian companies. The provision of reinsurance coverage is also permitted. However, this new regulation does not apply in case Iranian people/institutions appear on the EU’s black list. Therefore, you should make sure in advance, before (re-)establishing business, that your business partner is not listed. T he black list is accessible at: http:// eeas.europa.eu/cfsp/sanctions/consol-list/ index_en.htm Source: Verband Deutscher Versicherungsmakler e. V. [German association of insurance brokers]

Asigest Holding desk in Teheran On the basis of the new developments in Iran, Asigest is pleased to announce that they opened an Asigest holding desk in Teheran and started cooperations with two professional local brokers focused on Energy and Construction as well as Corporate and Marine respectively. With this new unit, Asigest is prepared and full of enthusiasm to support unisonBrokers members in this new developing country.

Contact: Mr. Alessandro Geretto (I & G Brokers—Asigest Group), [email protected]

India Increase of service tax

The Service Tax increased from 12.36 % to 14 % effective from 1st of June 2015. To provide a boost to the Clean India initiative, the government of India imposed a Swachh Bharat cess of 0.5% on all services liable for service tax, effective from November 15, 2015. The total service tax is thus now 14.5 %. From 1 June 2016, the service tax will increase to 15 % due to addition of the Krishi Kalyan cess.

Regulation Changes for Corporate Agents

IRDA issued a circular on 18 November to CEOs of all general insurance companies and Chief Insurance Executives of all existing Corporate Agents, with reference to the registration of Corporate agents, which became effective on 1st April 2016. This regulation states that: 1.

A Corporate Agent can have arrangement with a maximum of three life insurers, three general insurers and three health insurers.

2.

A Corporate Agent can only solicit, procure and service clients having policy Sum Insured not exceeding INR 50 million.

Contact: Mr. Shamsher S. Dhupia (Prudent Insurance Brokers Pvt Pty Ltd.), [email protected]

Somalia Is this the return of Somali piracy?

Factors that have initially been decisive in the peak phase of piracy at the Horn of Africa seem to regain importance, the British Insurance Day news magazine reported recently. In the region of Galmudug, ruling powers are opening up to the “business model” of piracy and might soon be willing to provide places of retreat for buccaneers. Thus, they could offer the still existing pirate groups a platform for their operations. The rediscovery of piracy as a business model does not come without a good reason. A lack of perspective and economic income in this region combined with the fear of losing territorial influence has lead to this development. At the same time, commercial vessel owners are no longer willing to have their vessels guarded by armed security personnel. Currently, only 60 % of marine vessels are protected by armed guards- a downward trend is discernible. Furthermore, the head count per ship was significantly reduced. As a result, the risk of a successful hijack is increasing again. Financial capital from abroad is the basis of the operation. Therefore, the pirates’ rank and file feels an enormous pressure after a successful sea raid. By means of drugs and prostitution in the camps, the investors create a financial dependency to force their seamen into risky missions. This alarming mixture of identified risk factors revives the piracy again and again. Shipping companies and charterers are being warned against further reducing their security measures. The protection of the own crew as well as the own vessels should come first. Source: Insurance Day/Hansekontor

United Kingdom Premium Tax increase As announced in our news section, the standard rate of UK Insurance Premium Tax increased from 6 % to 9.5 % as of November 1, 2015. The higher Insurance Premium Tax remains at 20 %. For more detailed information please download the full article from our uniNet platform (www.unisonbrokers.net, UK Country Information) or get in touch with Mr. Gary Jago. Contact: Mr. Gary Jago (James Hallam Limited), [email protected]

Conferences & Events Independence Day 2016 Part 3: Gastronomy and Tradition A moderate and healthy climate, a rich fishing coast, and smooth, protected valleys. Not surprising therefore that Portugal, wealthy in olive and wine, had already been grudgingly coveted by the Romans. In the 8th century, during the Moorish occupation and thanks to the techniques of irrigation, tree and garden culture developed considerably. Early in the 15th century, the Portuguese built their first caravel and sailed away to discover Madeira, the Azores Islands and Brazil. In 1498, Vasco da Gama discovered the maritime route leading to the valuable spices up to then treasured in the The Portuguese introduced coriander, pepper, ginger, curry, saffron and paprika in Europe. Thanks to the expansion of their overseas empire, they were also actually the first European to dock in the Mollucas, in China, in Japan and in Ethiopia. They brought back with them many other exotic products up to then unknown to Europe, such as rice and tea from the Orient, coffee and peanuts from Africa, and, of course, pineapples, peppers, tomatoes and potatoes from the New World. Portugal’s cuisine is as rich and varied as its landscape. The most distinctive feature of Portuguese cuisine comes from the sea. As you enjoy a simple grilled fish, always fresh like the seafood that abounds from end to end along the coast, you can be sure that you are in Portugal. Cataplanas, bouillabaisses, octopus, squid and any other fish or seafood dish are also excellent choices. In spite of the quality and wealth of their fish market, the Portuguese love meat and they cook it according to the most varied and flavorful recipes. Portugal has excellent DOP (Protected Denomination of Origin) meats, from north to south, whether it’s beef, pork or kid. Many vegetables and fruit also preserve the taste of the old times, and some also have the DOP label, especially as many are produced organically. Come to Portugal and experience an explosion of different flavors!

Part 4: Port wine Port is a fortified, typically red and sweet wine that comes in a number of styles. It is produced in a demarcated region in the Douro Valley in northern Portugal, inland from the eponymous city of Porto. The Douro region is one of the three oldest demarcated wine regions in the world (along with Chianti and Hungarian Tokaj), and the first one with exact borders, own legislation and control.

And it soon became apparent that these fortified wines also had a vastly superior ageing potential. During the occupation of Porto by Napoleon’s army from 1809 to 1811 the port trade came to virtual standstill. Trading also suffered in the 1820s and early 1830s from political turmoil culminating in the Portuguese Civil War over the royal succession and the 1832 siege of Oporto. Having withstood these early setbacks, the port trade flourished in the latter part of the 19th century, and it is in this period that it became customary to ‘declare’ the finest vintages. Port wine is very versatile and can be paired with many different kinds of food. It is most commonly served at the end of the meal with a selection of fine cheeses, dried fruits and walnuts.

Table wine has been made in the Douro Valley since Roman times and became an important export product following the establishment of the Kingdom of Portugal in 1143. The 1386 Treaty of Windsor established close trading and diplomatic links between England and Portugal, with many English merchants settling in Portugal and exporting wines back to England from Viana do Castelo on the broad estuary of the Lima River. These light and astringent wines came from the nearby Minho region, and compared poorly to the more expensive wines of Bordeaux. Shippers sometimes added a small amount of brandy or grape spirit to stabilize the wine on its voyage to England. Over time, it became common practice to add the brandy before the wine had finished fermenting since this resulted in a fresher, sweeter, and more appealing wine.

If you have more of a sweet tooth than a savoury one, try a sumptuous chocolate tart, or dark chocolate mousse with some red berried fruit – heavenly!

Source: F. Rego - Corretores de Seguros, SA.

Editorial Team

Melinda Keller, Jenny-Annett Kubina, Olga Hoffmann

Any news, ideas, suggestions, etc. will be welcome so please send your thoughts to:

[email protected]

unisonBrokers AG Cremon 32 D - 20457 Hamburg GERMANY Tel: +49 (0)40 80 90 729 0 Fax: +49 (0)40 80 90 729 99

unisonBrokers Corp. 200 S Wacker Drive, Suite 3100 Chicago, IL 60606 USA Tel: +1 (312) 6744939 Fax: +49 (0)40 80 90 729 99

Website: www.unisonbrokers.com

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