SFAA elects board members

Volume 4, Issue 3, May 2009 From the Secretariat - in short ICISA Herengracht 473 1017 BS Amsterdam The Netherlands Tel: +31 (0)20 625 4115 Fax: +31...
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Volume 4, Issue 3, May 2009

From the Secretariat - in short

ICISA Herengracht 473 1017 BS Amsterdam The Netherlands Tel: +31 (0)20 625 4115 Fax: +31 (0)20 528 5176 The ICISA newsletter is published bi-monthly. Comments and contributions are welcome and may be sent to [email protected]

Inside this issue: New subsidiaries Members

2 Member results Q1

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STECIS CI seminar Solvency II postponed

3

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ICISA Member highlight 4 Half year results 4 New Spanish office QBE 5 Converium now SCOR Announcements

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The interest in the ICISA Catalogue of Credit Insurance Terminology remains high. Up to 27 May 2009, the Secretariat has distributed 4570 English catalogues, 905 French catalogues, 935 German catalogues, 473 Italian versions and 676 Spanish catalogues worldwide. For your personal copy, please forward your postal details to [email protected].

The second updated and expanded edition of ICISA’s English Catalogue of Credit Insurance Terminology will be presented to Members at ICISA’s 67th General and Associated Meetings in Jeju, which are held from 10 until 12 June 2009. If you would like to preorder your personal copy

By Saskia Cruz please send an email to [email protected]. ****** The ICISA Directory 2009 is still available from the Secretariat. Up to 27 May 2009, 659 directories were distributed. *******

SFAA elects board members During SFAA’s 101st Annual Meeting held on 13 and 14 May 2009 in Washington D.C., the association elected Mr. Thomas Kunkel, President & CEO of Travelers Bond as the Chair of the Board for 20092010. Mr Kunkel has been working for Travelers Bond in several positions in its surety operation. In 2005 he was promoted CEO of Travelers Bond.

At the same meeting, Ms Tracey Vispoli, Vice President of Worldwide Financial Fidelity Manager of the Chubb Group was elected Vice Chair of the Board. Ms Vispoli is the global manager for Chubb’s financial fidelity (crime) insurance business. Under her management, Chubb has

become the number one writer of this bond in North America. For more information, please visit www.surety.org

ICISA Members’ results for Q1 2009 During April and May 2009 several ICISA members presented the results over the first quarter of the year. A summary:

More information can be found on the companies’ respective websites: www.allianz.com; www.trygvesta.com; www.zurich.com; www.eulerhermes.com; www.scor.com; www.mapfre.com; www.munichre.com; www.swissre.com; www.hannover-re.com; www.partnerre.com.

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Services, mentioned: “We have shown continual quarter on quarter improvement since the financial crisis began, and remain confident in our strategy despite ongoing financial turmoil.”

Euros for the first quarter of 2009.”

Munich Re Munich Re recorded a profit of 420 million Euros over the Allianz first quarter of 2009. Over The total net income for the same period in 2008, Mapfre the first quarter of 2009 Munich Re made 777 million was 29 million Euros, com- Domestic affairs kept Mapfre Euros. Mr Jörg Schneider, from making a big profit in the CFO of the company, said: pared to 1.15 billion Euros in the first quarter of 2008. first quarter of 2009. Mapfre “In view of the difficult ecoAllianz Group’s capital posi- presented flat net earnings nomic parameters, the reover Q1 of 287 million Euros, sults are highly satisfactory.” tion remains strong, with a although premiums grew 11% solvency ratio of 159 perto 4.5 billion Euros. Revenues Swiss Re cent on the 31st of March also increased 8.7% to 5.4 2009. “Allianz continues to A net profit of 150 million billion Euros. cope successfully with the CHF was reported by Swiss impact of the ongoing finanRe. Shareholders’ equity inSCOR cial markets crisis on our creased by 15% to 23.6 bilSCOR, parent company of business,” said Mr Helmut lion CHF. “Mr Stefan Lippe, ICISA Member SCOR Perlet, CFO of Allianz SE. CEO of Swiss Re, said: “The Switzerland, presented 15% results show that even in this volume growth over Q1 of TrygVesta challenging economic envi2009. TrygVesta from Denmark ronment Swiss Re’s earnings presented a 76% increase in The net income of the compower in its core business pany stands at 93 million Eupre-tax profit to USD 84.3 remains strong.” ros, while gross written premillion over the first quarmiums rose to 1,561 million, ter of this year. TrygVesta Hannover Re has updated its outlook for an increase of 15.4% comHannover Re reported a pared to the same period last strong Q1 of 2009. The 2009 because of developyear. ments in the first quarter profit was 216.1 million and its acquisition of Euros, compared to 288 milEuler Hermes Moderna earlier this year. lion Euros in Q1 of 2008. “The economic climate rePremiums are now exGross premium income rose mained unfavourable in the pected to grow by 8%. to 2.66 billion Euros, an infirst quarter of 2009. Therecrease of 17%. fore the number of claims was Zurich high and continued to depress Partner Re The net income of Zurich group profitability, leading to a The net income of Partner went down 75% to USD negative technical result of 362 million over the first Re rose 9.7% to USD 141.5 11.1 million Euros” Mr quarter of 2009 compared million. The income was Wilfried Verstraete, Chairman boosted by underwriting. to USD 1.427 billion over of the Group Management the same period last year. The income of underwriting Business operating profit fell Board of Euler Hermes, more than doubled to USD stated. “However solid finan- 68 million, from USD 25 milby 40% to USD 1.061 bilcial income nonetheless enlion. Mr James J. Schiro, lion. abled Euler Hermes to record CEO of Zurich Financial a net income of 16.5 million

STECIS Credit Insurance Seminar coming up On 2 and 3 July 2009, a STECIS credit insurance seminar will be held in Amsterdam. Two experienced tutors, Mr Rob Klouth of Atradius and Mr Martin van der Hoek of Coface Nederland, will lead the seminar and will train in

topics as pricing, claims handling, emerging markets

buyer underwriting, problem buyer management and detecting early signs of fi-

nancial stress. The seminar is aimed at persons with limited experience in credit insurance. To register or to receive more information, please send an email to [email protected].

Berne Union Meeting success in Istanbul A meeting of the Berne Union took place from the 4th until the 6th of May in Instanbul. Berne Union members gathered to reaffirm the importance of credit and investment insurance in keeping trade

flowing.

not only to the global extent the crisis we are dealing with but also the importance of trade finance as a means to counteract it.”

Mr Hidehiro Konno, President of the Berne Union, stated: “Our members have been working exceptionally For the full text, please go to hard to keep international www. berneunion.org.uk. trade flowing. And this announcement is testament

Legal and Regulatory Developments China In March 2009, a revision in the insurance law was announced, to come into force in October 2009. The revised insurance law, now reflects international norms. Poland Amendments to the Bankruptcy and Recovery Law

Act were adopted by the Polish Parliament in March 2009 and entered into force on the 2nd of May 2009.

debtor sufficient opportunity to comply with the requirement to produce a list of five main creditors.

Portugal The rule of the Insolvency and Corporate Rescue Code was found disproportionate and therefore unconstitutional by the Portuguese court, as it does not allow a

Spain The debate on the provisions of the Insolvency Law’s article 87.6 has now been resolved. More information on www.internationallawoffice.com

Sompo buys into Brazil Sompo Japan is planning to buy a 50% stake (USD 151 million) in Maritima, a composite insurer in Brazil. Via Sompo’s subsidiary Yasuda Seguros, Maritima will be managed, in line with the existing shareholders. On 20 May 2009, Mr Milton Belizia, CFO of

Maritima, said that Maritima will now have the funds to invest in expansion and that the company should now be able to advance from the 10th place in the ranking to the fifth place. In March, Sompo announced a merger plan with locally

based Nipponkoa as part of a new wave of consolidation in the Japanese insurance market that will see the Big Six (Tokio Marine Holding, Mitsui Sumitomo, Aioi, Nissay Dowa General, Sompo Japan and Nipponkoa) consolidating into the Big Three.

Source: Insurance Day

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Credit Insurance & Surety in the News Press release ICISA On 21 April ICISA published a press release regarding the association’s newest member China National Investment & Guaranty (I&G). I&G is ICISA’s second member in China. Mr Rob Nijhout, Executive Director of ICISA, said: “With the admittance of China National Investment & Guaranty, our international forum increases even more, allowing our

Members to better address their concerns and ICISA to represent the industry in the best possible way.” Global Trade Review The May / June issue of Global Trade Review reported on the increasing membership of ICISA. The news was also published on GTR’s website.

ICISA Member highlight: Zurich Surety, Credit & Political Risk USA

Capital Washington DC National language English Currency United States dollar Government Federal constitutional republic President Barack Obama Population (estimate in 2009) 306,453,000

Source: www.wikipedia.org

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Zurich Surety, Credit & Political Risk group is a leading provider of contract and commercial surety, trade credit and political risk insurance products worldwide. Surety, Credit & Political Risk serves customers through underwriting offices located in 35 cities throughout North America, as well as Barcelona, Beijing, Frankfurt, Hong Kong, London, Paris, Sao Paulo, Singapore, Sydney, Tokyo and Zurich. Zurich provides surety bonds, political risk and trade credit insurance for financial institutions, multinational corporations, investors, exporters, contractors and infrastructure developers. Zurich leads the private insurance market with its ability to provide surety bond

limits up to $1.5 billion, political risk limits up to $150 million for 15 years and medium term trade credit limits up to $50 million for 7 years. All policies are backed by the strength of the Zurich Financial Services Group, rated AAby S&P’s.

Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 58,000 people serving customers in more than 170 countries. In North America, Zurich (www.zurichna.com) is a leading commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, specialties and programs sectors.

Zurich Financial Services Group is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets.

Mr Daniel Riordan is the President of Zurich Surety, Credit & Political Risk. The management board furthermore consists of Mr Edward Coppola, Ms Anne Marie Thurber, Mr Michael Bond, Mr Ted Martinez, Mr David Hewett and Mr Gerald Haley. On photo: Mr Daniel Riordan, President of Zurich Surety, Credit & Political Risk.

Groupama becomes major insurance player in Hungary stated: “I’m convinced that the current situation will create opportunities for our new Hungarian subsidiary. There are real growth prospects for insurers offering innovative, well-positioned products. The professionalism of our teams, the quality of our partners and the know-how of our Group are

In April 2009, Groupama set up a new insurance subsidiary in Hungary under the name Groupama Garancia Biztosító. The subsidiary becomes Hungary’s fourth largest non-life insurer. Mr Jean-François Lemoux, General Manager of Groupama’s International Branch,

all major assets for the deployment of the longterm growth projects of Groupama Garancia Biztosító.” Groupama Garancia Biztosító is one of Hungary’s top multichannel insurance companies with 1.33 million customers and 2,500 sales agents.

For more information, please visit www.groupama.com.

Mitsui Sumitomo in Vietnam and Slovakia Mitsui Sumitomo from Japan, has started operating in Vietnam. General Director Mr Shinji Morioka stated: “our company concentrates on Japanese and Taiwanese customers working and living in Vietnam and plans to penetrate the domestic market of

non-life insurance.” Besides this, Mitsui Sumitomo opened a branch office in Slovakia, becoming the first Japanese non-life insurer opening a branch in Slovakia. The branch will market insurance policies to local compa-

nies in Slovakia, the Czech Republic, Hungary and Poland. The company is targeting a premium revenue of about USD 30 million over Source: Evandale. the next few years.

Expansion surety network by Zurich Surety, Credit & Political Risk At the beginning of April 2009, Zurich Surety, Credit & Political Risk expanded its surety network by opening two new offices; one in Sao Paulo and one in Beijing. The local presence in emerging markets increased, but it also

meet the complex and global helps U.S. companies to obtain surety bonds for projects needs of our customers and in these emerging markets. prospects,” said Mr Michael Bond, senior Vice President “The expansion of Zurich Strategy and Growth of Surety to Asia and Latin Zurich in North America’s America is a key component Surety, Credit & Political of Zurich’s commitment to Risk. Source: www.zurichna.com

New Spanish office for QBE QBE has opened a Spanish branch office. The group hopes to mirror the success it has achieved in the French and German markets where a focus on niche sectors has led to a significant increase in premium income. Since the acquisition of underwriting agency

Greenhill Baia Underwriting, QBE has been present in Spain. Ms Constanza Gállegos will lead the Spanish branch office as general manager. Ms

Gállegos joined QBE in April 2007 as casualty manager and subsequently served as underwriting manager. Mr Piero Asso, who has been overseeing the Spanish operations is returning to Italy to manage Source: Insurance Day QBE’s Italian operations.

ICISA’s 67th General and Associated Meetings Meeting calendar Solvency II Expert Group, Amsterdam 5 June 2009 67th General and Associated Meetings, Jeju 10 - 13 June 2009 Autumn Meetings 2009, Amsterdam 23-25 September 2009 Accounting & Regulatory Committee Meeting November 2009 Spring Meetings 2010, Finland 10-12 March 2010

On photo: Mr John Rumpler, QBE

From 10 until 13 June 2009, ICISA’s 67th General and Associated Meetings will take place on the island of Jeju in South Korea. ICISA Member SGIC is the host of these meetings and they have put in every effort to organise a unique and memorable event for all delegates and accompanying persons.

The most important part of this week are of course the meetings, which will focus on the effects of the crisis on our industry in various parts of the world. Other topics for debate are reinsurance, future capacity and the emergence of government support schemes for credit insurance.

ICISA members will elect their President, Vice-President and Management Committee for the coming year. The four members that were admitted since the last General Meeting (Vienna) will formally introduce themselves at the meeting. Registration for the event is now closed. The list of delegates and accompanying persons (FILE 2009036 and FILE 2009037) can be found on the ICISA website (www.icisa.org) where all meeting papers will be posted.

Delegates will be treated to typical Korean culture, such as a traditional Korean tea ceremony and a performance of Korean classical music.

Appointments and Announcements China National Investment & Guaranty new ICISA Member On 10 April 2009, China National Investment & Guaranty (I&G) was admitted as member of ICISA, raising the total number of members to 45. Mr Clemens von Weichs, President of ICISA, commented: “We welcome the association’s increasing presence in Asia, and in China in particular. The admittance of two leading insurers from China as members during 2009 [PICC became a member of ICISA in March 2009, ICISA Secretariat] is a clear sign of the growing importance of the Chinese credit insurance and surety sectors.” I&G, founded in 1993, is the first surety company in China

and a market leader in China’s surety industry. The company combines traditional guarantees with other traditional Asian financial products, aimed at supporting SMEs and operates domestically in China. The company staffs nearly 300 people.

Lippe, CEO of Swiss Re, said: “Business focus and delivery of results have always been the hallmark of Agostino Galvagni, and we are delighted that he will strengthen our leadership team. He brings in-depth business and client servicing experience to this reply. Agostino New CEO for Americas Galvagni will help apply best Division of QBE practice in staying client foQBE has appointed Mr John cused, while we are acceleratRumpler as CEO of the Americas ing our plan to build a stronger Division, headquartered in New firm.” York. He will assume this new role in June 2009. Mr Rumpler Swiss Re has appointed Mr was Group General Manager, Rudolf Flunger as Head of Credit & Surety of QBE, based Insurance & Specialty, taking in Australia. Mr Rumpler sucover the position of the new ceeds Mr Vince McLenaghan, COO of Swiss Re, Mr Agostino COO of QBE and acting Galvagni. Mr Flunger will focus President and CEO of Americas on continuing to grow Swiss Division since June 2008. Re’s insurance and specialty operations and innovative Appointments at Swiss Re product offerings in mid-size Per 1 May 2009. Mr Agostino and large commercial insurance Galvagni has been appointed as market. COO of Swiss Re. Mr Stefan