http://www.actuarialpost.co.uk/rss/newsRss.aspActive News items currently in the actuarialpost.co.uk database, updated daily.en-us Brandon Lewis Minister for Local Government today issued a call for evidence on the future shape and size of local government pension funds Speaking at the National Association of Pensions Funds rsquo Local Authority Conference Lewis questioned whether the existing structure of local authority pension schemes in the UK is fit for purpose Today there are 89 funds in England and Wales administering schemes on behalf of some 4 million members and investing ov http://www.actuarialpost.co.uk/article/brandon-lewis-mp-calls-for-pensions-review-4866.htm Wed, 22 May 2013 10:05:00 GMT Independent Trustee Services Limited ITS chair of the First Quench Pension Fund First Quench formerly operated under the Threshers Wine Rack Bottoms up Haddows and Victoria Wines brands is pleased to announce that it has agreed a buy in transaction with Pension Insurance Corporation PIC PIC will receive assets amounting to pound 160 million The scheme has 1 966 members The buy in follows a negotiated settlement between Richard Fleming and John Milsom of KPMG as th http://www.actuarialpost.co.uk/article/first-quench-trustee-agrees--160m-buy-in-deal-with-pic-4867.htm Wed, 22 May 2013 10:05:00 GMT ING Investment Management says that with government bonds yielding 1 5 institutional funds are increasingly looking for alternatives that manage volatility while returning upwards of 3 Tim Dowling Head of the Credit Boutique at ING Investment Management ldquo On the institutional side portfolios have traditionally been built around a starting point of government bonds But for pension funds and insurance companies in http://www.actuarialpost.co.uk/article/institutional-investors-look-to-credit-as-bond-rates-fall-4868.htm Wed, 22 May 2013 10:05:00 GMT Exaxe is proud to announce its new partnership with Equiniti Paymaster The cooperation will support the management of customer engagement throughout the retirement journey as well as later year wealth management In response to a clearly emerging market need the companies are now offering clients the ability to support a broad range of financial products including guaranteed and flexible annuities with delivery models covering the full spectrum of software an http://www.actuarialpost.co.uk/article/exaxe-and-equiniti-paymaster-join-forces-in-insurance-4869.htm Wed, 22 May 2013 10:05:00 GMT F C today announced two new key hires as the firm looks to deepen its capabilities and position the institutional business for future and continued growth F C has appointed Nick Woodward as Structurer in the LDI team enhancing F C rsquo s position as a leading provider of LDI solutions and Kristy Barr as Director Sales Client Relationships Kristy was previously Founding Partner and Head of Marketing Investor Relations for Callanish Cap http://www.actuarialpost.co.uk/article/f-c-strengthens-institutional-team-with-two-new-hires-4870.htm Wed, 22 May 2013 10:05:00 GMT bull Joint Legal General and unbiased co uk lsquo Every Business Matters rsquo campaign reveals UK share protection gap of pound 683 billion bull Two fifths of UK business owners expect the remaining owners to buy their shares in the event of their death bull Yet almost two thirds of businesses do not have any financial protection to cover the funds needed to purchase the deceased rsquo s share of the business bull Follow the campaign using everybizma http://www.actuarialpost.co.uk/article/l-g-and-unbiased-co-uk-launch---039-every-business-matters--039--4871.htm Wed, 22 May 2013 10:05:00 GMT bull Market declined by pound 200m in 2012 as total premiums fall compared to 2011 bull Motor insurance market rsquo s combined ratio improves in 2012 and hits 105 bull Premiums are likely to fall further over next 12 months as competition increases UK motor insurers are struggling to make a profit on car insurance premiums according to Deloitte Figures presented at Deloitte rsquo s 23rd Annual Motor Insurance S http://www.actuarialpost.co.uk/article/premium-levels-fall-for-car-insurers-4872.htm Wed, 22 May 2013 10:05:00 GMT State Pension accounts for 36 per cent of the average retirement income in 2013 One in five of those retiring in 2013 will be below the poverty line Women are three times more likely than men to retire with only a State Pension One in seven 14 per cent people planning to retire this year will depend on the State Pension as they have no other pension according to new research from Prudential The insurer http://www.actuarialpost.co.uk/article/one-in-seven-will-retire-with-no-pension-4873.htm Wed, 22 May 2013 10:05:00 GMT Luigi van Geest Executive Vice President Sales at Roundcube discusses how insurance companies must harness the power and reach of digital media to provide better customer service at the critical moment a claim is made ndash the lsquo moment of truth rsquo In a business environment the impact has been skewed between those industries which have forged ahead to become digital evangelists and those which have been reticent to dip their toes into the social me http://www.actuarialpost.co.uk/article/harnessing-digital-media-in-insurance-claims-4857.htm Tue, 21 May 2013 10:05:00 GMT http://www.actuarialpost.co.uk/article/grumpy-old-pension-men--17th-may-2013-4858.htm Tue, 21 May 2013 10:05:00 GMT By Eve Hartridge follow Eve on Twitter In life we sometimes just crave fresh air For me Clapham Common rarely hits the spot and I long to smell the countryside or have a lung full of salty sea air to feel relaxed detoxed and alive again Guernsey has all of the ingredients for a http://www.actuarialpost.co.uk/article/48-hours-on-guernsey-4859.htm Tue, 21 May 2013 10:05:00 GMT Impact Forecasting the catastrophe model development center of excellence at Aon Benfield has launched a suite of tools to easily quantify uncertainties in catastrophe models across all perils and territories Devastating events such as the Thailand flood and Japanese Tohoku earthquake in 2011 have highlighted the need for insurers and reinsurers to better evaluate the uncertainty linked with the loss estimates calculated by catastrophe models http://www.actuarialpost.co.uk/article/impact-forecasting-launches-catastrophe-modelling-tools-4860.htm Tue, 21 May 2013 10:05:00 GMT Schroders 39 European Economist Azad Zangana comments on today 39 s consumer price index CPI data 39 UK inflation has fallen for the first time in seven months The consumer price index CPI measure of annual inflation fell from 2 8 in March to 2 4 in April falling by more than consensus expectations 2 6 The fall is attributed to lower fuel prices as falls in global oil prices have fed through to lower prices on forecou http://www.actuarialpost.co.uk/article/uk-inflation-falls-temporarily-4861.htm Tue, 21 May 2013 10:05:00 GMT Standard Poor 39 s says that though delayed the proposed European framework for insurance regulation Solvency II is still needed in a report published on Wednesday quot Q A On The Future Of Solvency II Pragmatism Is Likely To Prevail quot The remarks in the report represent Standard Poor 39 s views expressed at a recent conference about Solvency II in Dublin sponsored by the non profit financial services industry group Eurofi The rati http://www.actuarialpost.co.uk/article/s-p-expresses-views-on-solvency-ii-4862.htm Tue, 21 May 2013 10:05:00 GMT According to a study by Munich Re the global insurance market will grow strongly in the years to come Munich Re rsquo s Insurance Market Outlook 2013 arrives at the conclusion that growth rates will be especially strong in emerging countries Growth in the reinsurance market will be slower than that in the primary insurance industry ldquo The global economic recovery is also benefiting the insurance industry We expect the economies of key industrialised http://www.actuarialpost.co.uk/article/munich-re-annual-global-study-predicts-higher-growth-4863.htm Tue, 21 May 2013 10:05:00 GMT The British Insurance Brokers rsquo Association BIBA has proposed an overhaul of its governance structure and a new model for segmenting its membership in order to provide them with a more tailored approach better suited to their representation needs The proposed moves are some of the first to emerge from a full scale review of BIBA rsquo s strategy and how it responds to its membership which was launched in 2012 The aim of the strategic review was to build http://www.actuarialpost.co.uk/article/biba-reveals-first-actions-from-strategic-review-4864.htm Tue, 21 May 2013 10:05:00 GMT The first quarter of 2013 saw 1 6bn of new issuance non life capacity marketed through five catastrophe bond transactions including three transactions marketed in the first quarter and closed at the beginning of the second quarter according to Willis Capital Markets Advisory WCMA This compares with eight deals and a total of 1 3bn in new non life capacity in the first three months of last year said WCMA in its most recent lsquo Insurance Linked Securit http://www.actuarialpost.co.uk/article/catastrophe-bond-capacity-on-the-increase-says-report-4865.htm Tue, 21 May 2013 10:05:00 GMT Pension Insurance Corporation ldquo PIC rdquo has concluded a pension insurance buy in with the Trustees of the NSPCC Pension Scheme The transaction covers pound 63 million of pensioner liabilities The Trustees were advised by JLT The transaction also allows the Trustees to defer meeting the cost of deflation making a material saving on the cost of the premium The National Society for the Prevention of Cruelty to http://www.actuarialpost.co.uk/article/nspcc-pension-scheme-insured-by-pic-4850.htm Mon, 20 May 2013 10:05:00 GMT Friends Life has announced the appointment of Neil Robjohns to the role of Head of Longevity reporting directly to David Still Managing Director Retirement Income Neil brings with him over 20 years of experience of modelling and managing demographic risks in relation to protection insurance longevity and pensions business He joins from Barnett Waddingham LLP where he provided specialist support through longevity related advice tools and research and playe http://www.actuarialpost.co.uk/article/friends-life-appoints-neil-robjohns-as-head-of-longevity-4851.htm Mon, 20 May 2013 10:05:00 GMT 51 per cent of employers believe the issue of employees being unable to afford to retire when they want to will become a reality within the next 10 years These findings are supported by DC savers Over a third say they will work longer to make up any shortfall in their pension 78 per cent of employers have considered the impact that this would have on the company 72 per cent say this would lead to http://www.actuarialpost.co.uk/article/inability-to-retire-due-to-inadequate-pension-savings-4853.htm Mon, 20 May 2013 10:05:00 GMT Pro Insurance Solutions Pro has appointed Petra Wildemann to the position of global practice lead for Actuarial consultancy services Petra joins Pro with over 25 years of experience in the insurance industry specialising in all aspects of actuarial consulting She has a wide range of experience in insurance notably with insurance processes and strategies developing and implementing a number of software solutions for re insurance lines for life and non li http://www.actuarialpost.co.uk/article/petra-wildemann-to-head-pro--039-s-actuarial-services-4854.htm Mon, 20 May 2013 10:05:00 GMT A new report by the UN International Strategy for Disaster Reduction UNISDR and PwC warns large multinationals rsquo dependencies on international supply chains infrastructure and markets poses a systemic risk to lsquo business as usual rsquo Last week UN Secretary General Ban Ki Moon described economic losses from disasters as ldquo out of control rdquo after a separate report was released GAR13 showed mounting losses this century from catastrophic http://www.actuarialpost.co.uk/article/uk-businesses-urged-to-tackle-disaster-risk-reduction-4855.htm Mon, 20 May 2013 10:05:00 GMT Trustees and corporate sponsors across Europe remain focused on managing volatility in pension plan funding positions According to Mercer rsquo s annual European Asset Allocation Survey schemes have continued to cut equity allocations Rising equity markets over the course of 2012 and early 2013 have provided some investors with opportunities to bank gains and reduce equity exposure in response to improvements in their funding level The survey of more than 1 http://www.actuarialpost.co.uk/article/focus-remains-on-managing-volatility-for-european-funds-4856.htm Mon, 20 May 2013 10:05:00 GMT The Defined Contribution Investment Forum highlights the case for a relaxation of daily dealing requirements for DC pension funds The Defined Contribution Investment Forum DCIF launched yesterday at a seminar for leading industry professionals a White Paper examining the barriers that exist to good portfolio construction in DC in particular the abilit http://www.actuarialpost.co.uk/article/mind-the-gap---new-thinking-in-dc-investment-4846.htm Fri, 17 May 2013 10:05:00 GMT quot The Government 39 s proposed reforms to the four largest public service pension schemes will reduce the average value of the pension benefit for members of these schemes by more than a third and reduce long term government expenditure on unfunded public service schemes by around a quarter quot says PPI The Pensions Policy Institute PPI is today publishing an independent assessment of the impact of the Coalition Government 39 s proposed refo http://www.actuarialpost.co.uk/article/the-implications-of-the-public-sector-pension-reforms-4847.htm Fri, 17 May 2013 10:05:00 GMT By Rob Morgan Pension and Investment Analyst at Charles Stanley Direct Investors sometimes overlook smaller companies when constructing a portfolio perhaps distracted by more exotic overseas markets Yet smaller companies offer the potential for strong returns Over the past 20 years the IMA UK Smaller Companies sector has risen 444 compared to 294 for the UK All Companies sector though smaller companies have been more volatile and past performance i http://www.actuarialpost.co.uk/article/big-opportunities-in-smaller-companies--4848.htm Fri, 17 May 2013 10:05:00 GMT By Daniel Godfrey Chief Executive Investment Management Association When I posted my last blog suggesting a new way of explaining costs and performance to our clients in simple once and done pounds and pence figures I wanted to get feedback I have not been disappointed I wanted to stimulate other ideas and identify any potential problems I wanted to be able to judge how controversial or impractical these proposals were so th http://www.actuarialpost.co.uk/article/a-simple-explanation-of-fund-costs-and-performance-4849.htm Fri, 17 May 2013 10:05:00 GMT Agencyport Software has announced that Emirates Insurance Company has purchased the software vendor rsquo s risk exposure aggregation solution Open Xposure The carrier selected Open Xposure for use in its recently established international division EIC International EIC International provides facultative reinsurance capacity to the Afro Asian energy market With its ability to pose hypothetical scenarios create exposure maps and analyse levels of risk Open http://www.actuarialpost.co.uk/article/agencyport-open-xposure-solution-chosen-by-emirates-4840.htm Thu, 16 May 2013 10:05:00 GMT A new Fitch Ratings report discusses key factors contributing to US property casualty insurance industry 2012 performance and updates the forecast for industry statutory earnings in 2013 The industry posted sharply improved statutory profitability in 2012 despite more than 20bn of fourth quarter insured losses from Superstorm Sandy Net income increased by approximately 80 and generated a return on surplus ROS of 6 7 versus 3 6 in 2011 which remains belo http://www.actuarialpost.co.uk/article/fitch-reviews-us-p-c-insurer-prospects-for-2013-4841.htm Thu, 16 May 2013 10:05:00 GMT Guidewire Software has announced it has acquired Millbrook a provider of data management and business intelligence BI solutions for P C insurers in the US The addition of Millbrook rsquo s technology will enable Guidewire customers to accelerate replacement of their legacy core systems and to improve management of operational data in their policy billing and claims functions The Millbrook team has invested 16 years developing data models and solutions for http://www.actuarialpost.co.uk/article/guidewire-moves-for-millbrook-4842.htm Thu, 16 May 2013 10:05:00 GMT LV the mutual insurance retirement and investment group has priced pound 350 million of Lower Tier 2 qualifying debt The subordinated notes will be issued by its parent company Liverpool Victoria Friendly Society Limited on 22 May 2013 The strong demand from fixed income investors which was evidenced by a heavily over subscribed order book has enabled LV to price competitively at the low end of its target range with an annual coupon at 6 5 http://www.actuarialpost.co.uk/article/lv--prices--350-million-of-subordinated-debt-4843.htm Thu, 16 May 2013 10:05:00 GMT Insurance broker DriveStyle Insure Limited is to launch Coverbox DriveStyle a new proposition that recognises individuals rsquo driving behaviour to give customers a more personalised price Allianz will be the exclusive underwriter for this product In the first year the insurance premium will be based on the annual mileage the customer believes they will drive For the duration of the policy customers can visit a website where they can view http://www.actuarialpost.co.uk/article/allianz-to-underwrite-pay-how-you-drive-insurance-product-4844.htm Thu, 16 May 2013 10:05:00 GMT In July 2012 the European Commission requested the European Insurance and Occupational Pensions Authority EIOPA to provide technical advice on the prudential regulations and consumer protection measures needed to create a single market for personal pensions In order to deliver this technical advice EIOPA as a first step has today published its Discussion paper on a possible EU single market for personal pension products The goal of the Discussio http://www.actuarialpost.co.uk/article/eiopa-paper-on-possible-eu-single-personal-pension-market-4845.htm Thu, 16 May 2013 10:05:00 GMT Growth in the Saint Lucian economy together with public investments will spur the attention of global investors and insurers says new forecast report from Timetric Since 2008 the Saint Lucian insurance industry has been growing with a gross written premium CAGR of 2 5 to value US 22 5 million in 2012 Despite the global financial slowdown Saint Lucia was the only country to record positive economic growth in the Eastern Caribbean Currency Union ECCU betwee http://www.actuarialpost.co.uk/article/insurance-in-saint-lucia-set-to-grow-4825.htm Wed, 15 May 2013 10:05:00 GMT Aon Risk Solutions has released its 10th annual Terrorism and Political Violence Map to help companies assess risk levels of political violence and terrorism Produced in collaboration with global risk management consultancy The Risk Advisory Group plc the 2013 Map is complimented by an online and interactive version providing clients a clear global and country level view on terrorism and political violence ratings Aon 39 s 2013 Terrorism and Political Violen http://www.actuarialpost.co.uk/article/40--of-countries-have-identifiable-terrorism-risk-4826.htm Wed, 15 May 2013 10:05:00 GMT Low interest rates increasing need for reviews seen as top opportunity Advisers are increasingly worried about how to remain profitable One in five advisers unlikely to meet capital adequacy requirements Four months after the implementation of the Retail Distribution Review RDR advisers are optimistic about the future with 90 of those surveyed still intending to remain trading at the end of 2013 http://www.actuarialpost.co.uk/article/advisers-find-opportunities-in-tough-times-4827.htm Wed, 15 May 2013 10:05:00 GMT Tim Gosden Head of Strategy for Legal General rsquo s individual annuity business Over the last few years consumers will have undoubtedly asked themselves that question and it seems many have elected to continue to work Could it be that the whole concept of retirement has changed fuelled by falling annuity rates http://www.actuarialpost.co.uk/article/the-retirement-puzzle--can-consumers-afford-to-retire--4828.htm Wed, 15 May 2013 10:05:00 GMT By John Lawson Head of Policy Corporate Benefits Aviva But it is employers and the broader industry that are facing the difficult task of influencing employee attitudes and behaviours towards saving at a time when the Office for National Statistics shows workplace pension saving continued to decline in 2012 Increase in awareness and approval As the reality of auto enrolment dawns there has been an encoura http://www.actuarialpost.co.uk/article/why-communication-is-the-key-to-tackling-new-ae-charges-4829.htm Wed, 15 May 2013 10:05:00 GMT By Tom Murray Head of Product Strategy Exaxe In the life and pensions industry this is a common occurrence Existing processes and procedures have been built up over many decades and prove to be inimical to the very idea of new product design Bold ideas are agreed but quickly get watered down as the detailed stage starts and everyone begins to have their say Even bringing in outsiders from dynamic innovative companies often doesn rsquo t help as the http://www.actuarialpost.co.uk/article/innovation-requires-more-than-ideas-4830.htm Wed, 15 May 2013 10:05:00 GMT By Martin Palmer Friends Life Once you factor out the point that we rsquo re all going to get older there aren rsquo t that many absolute certainties in life lsquo Birth school work death rsquo as alternative rockers The Godfathers put it all the way back in the late 1980s However one thing we rsquo d all like to assume w http://www.actuarialpost.co.uk/article/waking-up-the-pension-sleepwalkers-4831.htm Wed, 15 May 2013 10:05:00 GMT A new business guide has been launched online today by one of the UK rsquo s leading Cloud and IT service providers to help businesses in the insurance sector survive a potential disaster Managing costly power outages IT failure flooding and even terrorism are some of the potentially damaging scenarios examined in the lsquo Would Your Business Survive rsquo study produced by InTechnology Designed to provide a vital resource to busi http://www.actuarialpost.co.uk/article/guide-launched-to-help-insurance-firms-cope-with-disaster-4832.htm Wed, 15 May 2013 10:05:00 GMT By Hugh Morris Vice President Business Development Banking EMEA at Genpact As we move into 2013 the rates for general insurance look set to remain soft in an increasingly competitive market Significant downward trends across the most common areas ndash commercial lines fleet commercial liability motor and household http://www.actuarialpost.co.uk/article/competition-heats-up-insurance-market-in-2013-4833.htm Wed, 15 May 2013 10:05:00 GMT Ian Bowen Sales Director for UK and Republic of Ireland at The Innovation Group After the rocky disaster strewn years of 2011 and 2012 many insurers are undoubtedly hoping 2013 to provide a much needed period of respite Ideally they are looking for a year framed by low catastrophe occurrence prudent underwriting and a reducti http://www.actuarialpost.co.uk/article/the-great-opportunity--and-risk--offered-by-technology-4834.htm Wed, 15 May 2013 10:05:00 GMT By Morten Nilsson CEO NOW Pensions Auto enrolment is now approaching the sixth month of the staging process yetit is still very much in its infancy and it will be many months before providers can draw any real conclusions fromthe employee and employer datathey hold However early indications from companies http://www.actuarialpost.co.uk/article/can-regulation-drive-us-towards-pension-s-efficiency--4835.htm Wed, 15 May 2013 10:05:00 GMT By Eve Hartridge Follow Eve on Twitter I first visited Venice many years ago with my Valentine We were young and naive about what love was all about and spent hours hopelessly gazing into each others eyes over Prosecco on St Mark 39 s Square asking random strangers to take pictur http://www.actuarialpost.co.uk/article/venetian-dreams-4836.htm Wed, 15 May 2013 10:05:00 GMT Reviewed By Ellie Burns Icon of Park Lane An icon in the true sense of the word the origins of Grosvenor House date back to the 1700 rsquo s on land owned by the Grosvenor family a family who soon became the richest urban landlords in England In 1808 Lord Grosvenor purchased the property from the Duk http://www.actuarialpost.co.uk/article/elegance-on-park-lane-4837.htm Wed, 15 May 2013 10:05:00 GMT By Sam Richardson Although the look of the new model is very much similar to the previous model Samsung has improvement nearly every other aspect of the device But how much of an improvement has been made and will it be enough to lift the new phone above the competition Design http://www.actuarialpost.co.uk/article/samsung-galaxy-s4--life-companion-4838.htm Wed, 15 May 2013 10:05:00 GMT By Sam Richardson Sony held their PlayStation 4 event earlier this month and although we didn 39 t get a look at the actual console we found out a lot about the specifications of the console and had a look at the redesigned controller With both the PS3 and the PS2 Sony held an event early in the year http://www.actuarialpost.co.uk/article/playstation-4--game-changer--4839.htm Wed, 15 May 2013 10:05:00 GMT http://www.actuarialpost.co.uk/article/dc-mission-vision---action-4818.htm Tue, 14 May 2013 10:05:00 GMT By Eve Hartridge follow Eve on Twitter The UK 39 s beautiful Channel Islands are known for their peace and tranquility and Sark must be one of the most relaxing places on earth The island can be accessed by ferry from both Guernsey and Jersey and takes about an hour I http://www.actuarialpost.co.uk/article/24-hours-on-sark-4819.htm Tue, 14 May 2013 10:05:00 GMT Dame Anne Begg MP Chair of the Work and Pensions Select Committee today welcomed the Government rsquo s intention to ban member borne consultancy charging in workplace pension schemes Dame Anne also welcomed Government plans to publish a consultation on proposals for introducing a cap on pension scheme charges Commenting on the Government rsquo s announcement Dame Anne said ldquo I am pleased that the Government has acted http://www.actuarialpost.co.uk/article/committee-welcomes-ban-on-consultancy-charges-4820.htm Tue, 14 May 2013 10:05:00 GMT Impact Forecasting the catastrophe model development centre of excellence at Aon Benfield has released the latest edition of its monthly Global Catastrophe Recap report which reviews the natural disaster perils that occurred worldwide during April The report reveals that a magnitude 6 6 earthquake struck China 39 s Sichuan Province killing at least 196 people and injuring 13 484 others An unofficial media estimate quoting local government officials estima http://www.actuarialpost.co.uk/article/aon-benfield-reviews-global-catastrophes-in-april-4821.htm Tue, 14 May 2013 10:05:00 GMT Latest weekly commentary from Russ Koesterich BlackRock 39 s Chief Investment Strategist What 39 s Unusual about the Rally US stocks are up in the neighborhood of 15 so far this year an impressive pace to say the least but in one critical way the rally is quite unusual Typically when stocks advance dramatically it is a sign of increased risk appetite on the part of investors In other words when stock markets climb rapidly http://www.actuarialpost.co.uk/article/dissecting-the-rally--what-sectors-look-attractive--4822.htm Tue, 14 May 2013 10:05:00 GMT Scottish Widows has demonstrated its commitment to the intermediary market with the appointment of Esther Dijsktra as Head of Intermediary Protection Propositions In this new role Esther will lead the development of Scottish Widow 39 s proposition for the intermediary protection market with a planned launch towards the end of 2014 In her role as Head of Intermediary Protection Propositions Esther will be supported by Alun Beynon who has been lea http://www.actuarialpost.co.uk/article/scottish-widows-appoints-esther-dijsktra--4823.htm Tue, 14 May 2013 10:05:00 GMT Search for income rapidly becoming more complex investors need to rethink traditional approaches Juggling income and growth highlights investors 39 need for balanced exposure to equities J P Morgan Asset Management analysis on UK and European investors 39 continued hunt for income highlights new complexities challenging investors to rethink conventional investment approaches Unprecedentedly low yields on traditional income instrume http://www.actuarialpost.co.uk/article/investors-rethink-income-investing-as-new-challenges-rise-4824.htm Tue, 14 May 2013 10:05:00 GMT Punter Southall rsquo s Head of Defined Contribution Consulting Alan Morahan responded to Steve Webb 39 s ministerial statement banning consultancy charging for auto enrolment schemes He said ldquo We are not surprised this has been outlawed for auto enrolment We have always felt strongly that it was not right and as early as March 2012 we had decided not to adopt consultancy charging ldquo Pension consulting is as much a profess http://www.actuarialpost.co.uk/article/punter-southall-backs-ban-on-consultancy-charging-for-ae-4806.htm Mon, 13 May 2013 10:05:00 GMT Scottish Life the pensions specialist business of the Royal London Group has voiced its concerns about the announcement by the DWP that it is to ban Consultancy Charging in Automatic Enrolment schemes Ewan Smith Managing Director of Scottish Life said quot We are very disappointed by this announcement as we believe it will undermine the success of Automatic Enrolment quot The DWP are hugely undervaluin http://www.actuarialpost.co.uk/article/scottish-life-responds-to-ban-on-ae-consultancy-charges-4807.htm Mon, 13 May 2013 10:05:00 GMT Actuaries are absolutely suited for Chief Risk Officers CRO posts and analysing lsquo Big Data rsquo according to Dr Geraldine Kaye managing director of actuarial recruitment consultancy GAAPS Actuarial At a speech given to The Actuarial Society of Hong Kong in Macao this week Dr Kaye told delegates ldquo For some time the newly introduced position of CRO was seen as requiring someone of qualitative mode It is now more appreciated that it needs a m http://www.actuarialpost.co.uk/article/actuaries-suited-for-cro-and-analytical-posts-4808.htm Mon, 13 May 2013 10:05:00 GMT The sixth annual LCP Pension Buy ins Buy outs and Longevity Swaps report published today reveals a four year high for the number of buy in and buy out transactions over pound 100 million but highlights that the buy in and buy out market is yet to reach full capacity 14 transactions worth over pound 100 million including significant buy ins for Tate Lyle General Motors and Gartmore were completed in 2012 compared to 12 transactions in http://www.actuarialpost.co.uk/article/lcp-report-highlights-four-year-high-for-buy-in-out-market-4809.htm Mon, 13 May 2013 10:05:00 GMT Mercer rsquo s Pensions Risk Survey data shows that the accounting deficit of defined benefit pension schemes for the UK companies increased over the month of April According to Mercer rsquo s latest data the estimated aggregate IAS19 deficit 2 for the defined benefit schemes of the FTSE350 companies stood at pound 108bn equivalent to a funding ratio of 84 at 30 April 2013 This compares to a deficit figure of pound 89bn at the end of March 2013 funding ratio of 86 http://www.actuarialpost.co.uk/article/liabilities-reach-record-highs-as-ftse350-deficits-rise-4812.htm Mon, 13 May 2013 10:05:00 GMT ING IM believes that the headwinds of late will ultimately blow over with market anomalies set to find equilibrium over time Looking at the common denominators of market movements in the past the Chief Investment Officer has identified two different forces Monetary policy easing has been instrumental in inducing an upturn Downturns have been mostly the result of a combination of increases in political risk or policy mistakes and idiosyncratic shocks strong http://www.actuarialpost.co.uk/article/tailwinds-set-to-prevail-as-global-recovery-continues-4813.htm Mon, 13 May 2013 10:05:00 GMT Andy Zanelli head of retirement planning AXA Wealth claims a flat rate pension and a higher retirement age will be good for financial advisers and the economy ldquo The new Pension rsquo s Bill as discussed in the Queen rsquo s Speech will accelerate two key aspects of retirement planning the introduction of a flat rate state pension and the state retirement age The move to a flat rate state pension of around pound 155 per week from 2016 make http://www.actuarialpost.co.uk/article/pension--039-s-bill-will-be-good-for-financial-advisers-4814.htm Mon, 13 May 2013 10:05:00 GMT In response to the HM Treasury 39 s final regulation on the Alternative Investment Fund Managers Directive AIFMD published today Julie Patterson IMA Director of Authorised Funds and Tax said quot Confirmation that existing European and third country alternative investment fund managers can market new funds during the one year transitional period1 before being authorised under the AIFMD is great news for firms with pan European or global business http://www.actuarialpost.co.uk/article/hmt-rules-enable-marketing-of-new-alternative-funds-4816.htm Mon, 13 May 2013 10:05:00 GMT The general procedure for constructing mortality models is a new approach based on analysing mortality rates across the dimensions of age period and year of birth It uses a combination of statistical methods and expert judgement to identify sequentially every significant demographic feature in the data and give it a specific functional form http://www.actuarialpost.co.uk/article/a-general-procedure-for-constructing-mortality-models-4817.htm Mon, 13 May 2013 10:05:00 GMT quot Aon congratulates David Moyes on his appointment as Manager of one of the world 39 s most successful football clubs quot The ability to attract and develop high performing talent on and off the pitch is the hallmark of any successful organization and this is something we have witnessed first hand at Manchester United since we became their global partner in 2010 quot We know through our own work at Aon th http://www.actuarialpost.co.uk/article/aon-congratulate-david-moyes-as-new-manager-of-man-utd-4800.htm Fri, 10 May 2013 10:05:00 GMT Changes coming in 2014 to health insurance premiums stemming from the Affordable Care Act ACA will reflect several factors and could vary considerably according to an issue brief released today by the American Academy of Actuaries How Will Premiums Change Under the ACA quot We all need to recognize that average premium changes tell only part of the story we need to understand the reasons for those changes and how changes will differ across stat http://www.actuarialpost.co.uk/article/understanding-aca-related-premium-changes-is-complicated-4801.htm Fri, 10 May 2013 10:05:00 GMT Schroders has today announced the launch of Flight Path Swift a uniquely flexible defined benefit investment solution for smaller pension schemes designed specifically to focus on increasing funding level protection Made up of best practice investment building blocks of both growth i and matching assets ii Flight Path Swift provides an integrated decision making and investment framework With Flight Path Swift the scheme 39 s funding level is http://www.actuarialpost.co.uk/article/schroders-launches---039-flight-path-swift--039--4802.htm Fri, 10 May 2013 10:05:00 GMT Scottish Life the pensions specialist business of the Royal London Group is highlighting a flexible solution which advisers may want to consider when faced with a common retirement problem Fiona Tait Business Development Manager at Scottish Life says quot Traditional retirement is changing People need more flexibility when it comes to their retirement options Taking an annuity immediately on reaching 60 or 65 is not the r http://www.actuarialpost.co.uk/article/annuity-now-or-annuity-later--4803.htm Fri, 10 May 2013 10:05:00 GMT The Government is acting to protect consumers by announcing a two pronged plan to tackle high and inappropriate pension charges Its first action will be to ban consultancy charges in automatic enrolment schemes The Government also plans to publish a consultation this autumn in light of a forthcoming OFT report on the workplace pensions market This consultation will set out proposals including a cap on default fund charges in Defined Contribution s http://www.actuarialpost.co.uk/article/government-announces-clampdown-on-pension-charges-4804.htm Fri, 10 May 2013 10:05:00 GMT The CBI today commented on the publication of the 2013 Pensions Bill Neil Carberry CBI Director for Employment and Skills said quot The Government has listened to CBI calls for a new economic objective for the Regulator and also given businesses the power to offset the additional costs caused by the introduction of a single state pension and the end of contracting out quot This must apply to all business http://www.actuarialpost.co.uk/article/cbi-comments-on-pensions-bill-4805.htm Fri, 10 May 2013 10:05:00 GMT Aon plc the leading global provider of risk management and human resource consulting and outsourcing today issued the following statement regarding the announcement of Sir Alex Ferguson 39 s retirement as manager of Manchester United quot Aon is proud to have had its name on the front of the famous Manchester United jersey during the last three years of Sir Alex Ferguson 39 s tenure as manager It is a measure of Sir Alex 39 s remarkable achievement t http://www.actuarialpost.co.uk/article/aon-congratulates-sir-alex-ferguson-on-retirement-4796.htm Thu, 9 May 2013 10:05:00 GMT Aidan Kerr Head of Property at the Association of British Insurers said quot Insurers reacted quickly to help customers recover from the pound 200 million insured damage caused by the riots and have made payments towards all claims for affected households and settled over 95 of business claims quot The Riot Damages Act provides important compensation to the uninsured however the riots of 2011 highlighted the century old Act needs http://www.actuarialpost.co.uk/article/abi-comment-on-independent-review-of-riot-damages-act-4797.htm Thu, 9 May 2013 10:05:00 GMT At the ACORD LOMA Insurance Systems Forum StoneRiver announced the introduction of the enhanced version of its Life Portraits solution The new version is available to all new clients and the existing 40 Life Portraits carrier clients and can be installed on premise or deployed as a hosted solution The new version of Life Portraits is designed to deliver the optimal user experience with the highest degree of end user configurability targeted at streamlining http://www.actuarialpost.co.uk/article/stoneriver-announces-enhanced-version-of-life-portraits-4798.htm Thu, 9 May 2013 10:05:00 GMT Latest Fixed Income outlook from Nick Gartside International CIO for Fixed Income at J P Morgan Asset Management quot is the clear message emanating from central bankers around the world The switch from reactive to proactive all started back in July last year when President Draghi told the world he would lsquo do what it takes 39 to save the euro and was swiftly followed by lsquo unlimited 39 quantitative easing from the Federal Reserve Recent http://www.actuarialpost.co.uk/article/read-my-lips--4799.htm Thu, 9 May 2013 10:05:00 GMT By Karen Clark President and CEO Karen Clark Company Superstorm Sandy has fuelled the debate about how climate change may be impacting hurricanes and hurricane losses Are recent storms such as Sandy evidence we rsquo re seeing more destructive hurricanes due to long term climate change or are short term climate factors http://www.actuarialpost.co.uk/article/us-hurricanes--fact-versus-fiction-4789.htm Wed, 8 May 2013 10:05:00 GMT By Paul Resnik Co founder and Director of FinaMetrica It 39 s difficult to trust someone who delivers negative surprises What we see in the successful branding of cars and clothing for instance is a consistency of client experience Be it premium or utilitarian purchasers mix and match based on their needs an http://www.actuarialpost.co.uk/article/psychometric-based-investment-suitability---enhanced-trust-4790.htm Wed, 8 May 2013 10:05:00 GMT Standard Poor 39 s Ratings Services today published its criteria for rating insurance companies The company comments quot The criteria are intended to enhance the transparency of our ratings on insurers worldwide by creating an integrated globally consistent framework that builds on our existing criteria The ratings framework includes business risk and financial risk profiles as well as new rating factors and subfactors to assess the impact of industry a http://www.actuarialpost.co.uk/article/s-p-publishes-criteria-for-rating-insurers-4791.htm Wed, 8 May 2013 10:05:00 GMT Innovation Group a global provider of business process outsourcing and software solutions to the insurance fleet automotive and property industries is pleased to announce that it has signed a major new contract with the Aviva Group plc lsquo Aviva rsquo The contract will see Innovation Group supply Aviva with its market leading claims scoping and supplier management solution Innovation Symbility The contract will run for a period of se http://www.actuarialpost.co.uk/article/innovation-group-and-aviva-sign-new-deal-4792.htm Wed, 8 May 2013 10:05:00 GMT The Pensions Regulator rsquo s annual statement on funding agreements published today suggests that trustees should start by asking whether the current level of contributions can be maintained warns against ldquo overly prudent rdquo approaches to managing risk and sets out the choices that schemes have under the legislation Towers Watson says that in many cases the statement may bring the Regulator rsquo s formal expectations into line with what schemes were doing anyway http://www.actuarialpost.co.uk/article/change-of-tone-from-tpr-brings-theory-inline-with-practice-4793.htm Wed, 8 May 2013 10:05:00 GMT The Pensions Regulator has today published its 2013 annual funding statement to help pension scheme trustees and sponsoring employers to agree valuations and deficit recovery plans that protect the interests of retirement savers whilst also being affordable for employers facing challenging economic conditions The regulator rsquo s chair Michael O rsquo Higgins said ldquo I want to see pension trustees agree long term strategie http://www.actuarialpost.co.uk/article/regulator-publishes-annual-funding-statement-4794.htm Wed, 8 May 2013 10:05:00 GMT Commenting on The Pensions Regulator 39 s annual statement made today on pension scheme funding Raj Mody partner and head of pensions advisory at PwC said quot The Pensions Regulator has announced some important points in its annual statement today that could make life easier for companies with large pension deficits quot Significantly the Regulator highlights there is flexibility in the current funding framework to allow employe http://www.actuarialpost.co.uk/article/flexibility-on-funding-could-reduce-deficits-by--100bn-4795.htm Wed, 8 May 2013 10:05:00 GMT Growing uncertainties in the global economy and the increasing occurrence of natural disasters has increased the importance of reinsurance in recent years According to Timetric rsquo s new foresight report these are the trends to watch Reinsurance hubs will profit from growth in the global insurance industry Growth in insurance segments such as life non life and personal accident and health insurance is expected to fuel the http://www.actuarialpost.co.uk/article/rethinking-reinsurance-4783.htm Tue, 7 May 2013 10:05:00 GMT UK corporate pension deficits rose by pound 84billion to pound 695 billion in April according to Xafinity rsquo s corporate pension deficits tracker adding to the previous month rsquo s rise resulting in deficits nearing pound 700bn The increase in deficits during April is because the expected rate of increase for bond yields is now slower than estimated in March adding pound 100 billion to the IAS19 liabilities img alt src http http://www.actuarialpost.co.uk/article/pension-deficits-increase-by--84billion-as-bond-yields-slow-4784.htm Tue, 7 May 2013 10:05:00 GMT Xchanging has appointed Paul Bermingham as executive director of claims Xchanging Claims Services XCS Paul has 25 years experience in claims in both national and global insurance markets and joins Xchanging from Crawford Company where he was vice president global markets He started his career at The Insurance Service as a claims supervisor in 1988 before moving to Crawford Company in 1992 and then the Claims Management Group Ltd in 1999 both in client http://www.actuarialpost.co.uk/article/xchanging-claims-services-appoints-paul-bermingham-4785.htm Tue, 7 May 2013 10:05:00 GMT The funded status of the typical U S corporate pension plan fell 1 8 percentage points in April 2013 to 80 8 percent as liabilities posted their sharpest gains of the year according to the BNY Mellon Investment Strategy Solutions Group ISSG Year to date the funded ratio is up 4 5 percentage points ISSG said Liabilities for the typical corporate plan rose 4 0 percent which ISSG attributed to a decline in Aa corporate bond yields Those yields declined http://www.actuarialpost.co.uk/article/funded-status-of-u-s--corporate-pensions-falls-to-80-8--4786.htm Tue, 7 May 2013 10:05:00 GMT The financial lines division of Liberty International Underwriters Europe LIU Europe part of the Global Specialty unit of Liberty Mutual Insurance Group has launched two new products a warranty and indemnity W I policy and a litigation buy out LBI policy The two new products mark a significant expansion of LIU Europe rsquo s financial lines offering under the management of Guy Williams Head of D O and Financial Institutions Williams who joined LIU E http://www.actuarialpost.co.uk/article/liberty-international-expands-financial-lines-offering-4787.htm Tue, 7 May 2013 10:05:00 GMT Up to pound 177m in Inheritance Tax from life insurance policies in 2009 10 Extra paperwork only obstacle between average saving of up to pound 35 000 Up to 40 of life insurance payouts could be lost in tax Ex spouses could be set for unintended windfalls if paperwork out of date An urgent review of life insurance policies is being called for after figures from HM Revenue Customs revealed bereaved families http://www.actuarialpost.co.uk/article/reviews-called-for-to-reduce--177-million-bereavement-bill-4788.htm Tue, 7 May 2013 10:05:00 GMT Following an open competition Chris Curry has been appointed as the new Director of the Pensions Policy Institute PPI Chris is currently the PPI Research Director a post he has held for 11 years and he will succeed Niki Cleal when she steps down from the role of PPI Director in June 2013 Michael Pomery CVO PPI Chairman of Council said quot Chris Curry emerged from a very thorough selection process as the outs http://www.actuarialpost.co.uk/article/pensions-policy-institute-announces-chris-curry-as-director-4779.htm Fri, 3 May 2013 10:05:00 GMT Canada rsquo s pension plan sponsors are focusing on their communications with participants particularly about retirement income adequacy according to the Canadian Retirement Trends Survey 2012 by Aon Hewitt Among employers surveyed 95 were somewhat or very confident in the competitive position of their plans which is a key tool in attracting and retaining employees However only 16 were very confident their members http://www.actuarialpost.co.uk/article/sponsors-to-focus-on-members-understanding-of-benefits-4780.htm Fri, 3 May 2013 10:05:00 GMT The UK Treasury Committee has published a series of letters between its chairman Andrew Tyrie MP and the Executive Director of the Prudential Regulation Authority PRA Andrew Bailey discussing Solvency II Bailey rsquo s original submission was made to the Parliamentary Commission on Banking Standards Commenting on the letters Tyrie said quot Mr Bailey describes the history of the EU decision making process on Solvency II as lsquo shocking rsquo He is http://www.actuarialpost.co.uk/article/uk-rhetoric-on-solvency-ii-gains-momentum-4781.htm Fri, 3 May 2013 10:05:00 GMT An annuity service launched by Engage Mutual to locate the best open market annuity purchase for its pension customers has proved so successful it is being expanded Now not just Engage Mutual customers but anyone with a personal pension who is approaching retirement can use the Engage Mutual Annuity Service free of charge to shop around for the most competitive annuity rates The service which is provided through leading retirement annuity broker http://www.actuarialpost.co.uk/article/engage-mutual-expands-open-market-annuity-service-4782.htm Fri, 3 May 2013 10:05:00 GMT Pension schemes reporting this year are likely to be under greater pressure than those reporting last year Deficits are expected to be much higher than they were at the last valuation for these schemes three years ago Parliament is expected to give tPR a new objective this year to consider the financial sustainability of employers in its regulation of defined benefit schemes Hymans Robertson hopes that comments expected to be made by tPR on the use of http://www.actuarialpost.co.uk/article/looking-ahead-to-tpr--039-s-statement--hymans-robertson-comment-4772.htm Thu, 2 May 2013 10:05:00 GMT Moody 39 s have today released their outlook for the UK general insurance sector The outlook remains stable for the UK general insurance sector reflecting Moody 39 s expectation that rate rises and expense reductions will mitigate challenging operating conditions over the next 12 to 18 months In summary Moody 39 s stable outlook reflects key expectations which are already reflected in the current UK general insurance ratings http://www.actuarialpost.co.uk/article/competition-is-at-all-time-high-in-uk-general-insurance-4773.htm Thu, 2 May 2013 10:05:00 GMT In recent times we have all become increasingly concerned with climate change and the affect we as a species are having on our planet For the insurance industry the concerns are centred on climate risks to its corporate clients which include regulatory costs climate policies liability exposures and natural resources critical to continued operations Interview conducted by Ivan Clarke I speak with John Scott Chief Ris http://www.actuarialpost.co.uk/article/renewable-energy-with-john-scott-4774.htm Thu, 2 May 2013 10:05:00 GMT The earliest stagers were dominated by the giants of the high street more recently supplemented by public sector employers and a wide variety of household names from the private sector Opt out rates have become an early measure of the effectiveness of auto enrolment and on this basis it has been an unqualified success Previous http://www.actuarialpost.co.uk/article/mark-pemberthy-looks-at-auto-enrolment-a-near-perfect-start--4775.htm Thu, 2 May 2013 10:05:00 GMT Schroders 39 European Economist Azad Zangana comments on today 39 s ECB interest rate announcement quot After 10 months on hold the European Central Bank ECB cut its main policy interest refinancing rate from 0 75 to 0 50 as macroeconomic data continued to worsen in the Eurozone Leading indicators of economic activity over the past two months have suggested that the recession in the Eurozone could deepen over the second and third quarters of t http://www.actuarialpost.co.uk/article/ecb-cuts-rates--and-hints-at-negative-rates-for-banks-4777.htm Thu, 2 May 2013 10:05:00 GMT Aon Benfield Securities today announces the appointment of two new senior strategic advisory colleagues Robert V James and Michael A Pedraja join the division as Managing Directors reporting to Paul Schultz Chief Executive Officer of Aon Benfield Securities Based in Chicago they will complement Aon Benfield Securities rsquo capital markets capabilities advising its insurance reinsurance and private equity clients on a broad array of strategi http://www.actuarialpost.co.uk/article/aon-benfield-securities-expands-capital-markets-function-4778.htm Thu, 2 May 2013 10:05:00 GMT American International Group AIG has announced several executive appointments in its property casualty business segment effective immediately Four senior AIG executives have moved to Berkshire Hathaway to expand its commercial lines business Robert Schimek will become president and ceo of AIG Property Casualty rsquo s Americas region Schimek one of the company rsquo s most experienced executives will relocate to New York from London where he has been ser http://www.actuarialpost.co.uk/article/executive-appointments-at-aig-after-defections-4767.htm Wed, 1 May 2013 10:05:00 GMT A new guide to help pension funds and trustees understand and explore alternative credit investments was launched this week by the National Association of Pension Funds NAPF Interest in investing in alternative credit is growing because of the decline in bank lending across Europe in the wake of the financial crisis This has opened up new opportunities for investors The guide is the latest addition to the NAPF rsquo s popular made simple series a http://www.actuarialpost.co.uk/article/guide-to-investing-in-alternative-credit-launched-4768.htm Wed, 1 May 2013 10:05:00 GMT A new study from State Street Corporation highlights that since the financial crisis one in three European pension schemes claims it is either lsquo extremely difficult rsquo or lsquo difficult rsquo to keep up with new regulatory developments in the pensions industry The research which was conducted for State Street by the Economist Intelligence Unit EIU reveals a further 46 percent find it lsquo slightly difficult rsquo to do this with only one in five 21 percent c http://www.actuarialpost.co.uk/article/regulatory-changes-difficult-to-maintain-for-pension-funds-4769.htm Wed, 1 May 2013 10:05:00 GMT Ecclesiastical Insurance Office today announces that Mark Hews will become Group Chief Executive Officer with immediate effect Mark joined Ecclesiastical in April 2009 as Group Chief Financial Officer and Executive Director of Ecclesiastical Insurance Office plc Over the past four years he has played a major role in transforming the business managing and leading a number of significant initiatives which have enhanced the Group rsquo s financial strength and p http://www.actuarialpost.co.uk/article/ecclesiastical-appoints-mark-hews-as-group-ceo-4770.htm Wed, 1 May 2013 10:05:00 GMT 37 of car insurance buyers do not want to use a telematics device to monitor their driving and set car insurance premiums rising to 58 of 18 24 year olds Nearly a quarter of people would not be willing to use a telematics device at any discount to their insurance premiums rising to a third for 18 24 year olds 78 of respondents unwilling to use telematics thought it to be intrusive technology Almost all 92 of 18 24 year olds opposed cite intrusiveness as http://www.actuarialpost.co.uk/article/research-highlights-consumers--attitudes-to-telematics-4771.htm Wed, 1 May 2013 10:05:00 GMT Research carried out by retirement specialist LV shows 88 of advisers believe the equity locked up in a property should be a key consideration when planning for retirement The majority of advisers 95 consider equity release to be a significant future growth area for their business and 78 of advisers expect equity release to become a mainstream financial product in the next few years The main reason cited as the driver behind continued growth of the equi http://www.actuarialpost.co.uk/article/housing-equity-a-key-consideration-in-retirement-planning-4759.htm Tue, 30 Apr 2013 10:05:00 GMT Spreadsheets are pervasive in many industries due to their flexibility and perceived reliability Actuarial departments are no exception 90 of respondents indicated that their departments use spreadsheets Despite their ease of use spreadsheets are notoriously difficult to audit and control Frequent manual manipulation of data and equations is often required which leave spreadsheets vulnerable to human error The London Whale incident and the Reinhart Rogoff fiasco are both extreme e http://www.actuarialpost.co.uk/article/actuarial-modelling--london-whale-2-0--4760.htm Tue, 30 Apr 2013 10:05:00 GMT The British Virgin Islands is one of the world rsquo s most popular places for captive insurance companies However a new report form Timetric implies a move away from the Islands By the end of the third quarter of 2012 the British Virgin Islands had 156 captive insurers and 34 domestic insurers Although the British Virgin Islands is still a popular captive insurance hub the number of captive insurers has declined from 88 8 in 2008 to 86 in 2011 fo http://www.actuarialpost.co.uk/article/captive-insurers-are-moving-away-from-the-virgin-islands-4761.htm Tue, 30 Apr 2013 10:05:00 GMT Ageas Protect welcomes operations expert Peter Thomas who started his new role last week Peter is responsible for leading a team of 150 people and developing operational systems and processes which guarantee a quick and accurate service to financial intermediaries in turn ensuring Ageas Protect products and services meet the needs of customers He has amassed over 25 years of experience in customer services marketing and operations spanning indu http://www.actuarialpost.co.uk/article/peter-thomas-joins-ageas-protect-as-operations-director-4762.htm Tue, 30 Apr 2013 10:05:00 GMT Latest weekly commentary from Russ Koesterich BlackRock 39 s Chief Investment Strategist Stocks Bounce Back but Dip on GDP Report Following a notable downturn two weeks ago stock prices managed to stage a recovery last week but did falter on Friday in the face of a first quarter gross domestic product report that was a bit worse than expected For the week the Dow Jones Industrial Average rose 1 1 to 14 712 the S P 500 http://www.actuarialpost.co.uk/article/in-treasuries--the-risks-outweigh-the-rewards-4763.htm Tue, 30 Apr 2013 10:05:00 GMT Aon Hewitt has highlighted the need for pension funds to remain agile in their investment strategies Aon Hewitt rsquo s call to action is in response to its annual fund manager survey incorporating the views of 120 fund managers together representing over pound 10 trillion of assets under management The survey asked which asset classes were likely to be the strongest and weakest performers for 2013 given performance to date over the first quarter http://www.actuarialpost.co.uk/article/aon--039-s-fund-manager-survey-highlights-the-need-for-agility-4764.htm Tue, 30 Apr 2013 10:05:00 GMT NEST is launching new online help for both employers and advisers to navigate their way through automatic enrolment The website will go live on 6 May 2013 The new online help includes High level information on employer duties including employer guides Onboarding guidance to help with employer preparation and online set up of NEST Information on the key tasks of assessment enrolment contributions and opt outs Laun http://www.actuarialpost.co.uk/article/nest-launches-new-online-help-for-employers-and-advisers-4765.htm Tue, 30 Apr 2013 10:05:00 GMT Leading pensions provider NOW Pensions has become the first master trust to attain the new PQM READY standard The benchmark will help show employers that NOW Pensions is a well governed pension scheme with low charges and good member communications PQM READY was set up by PQM Pension Quality Mark the mark that recognises good quality defined contribution pensions to help employers spot a good multi employer pension scheme or master trust http://www.actuarialpost.co.uk/article/now--pensions-first-on-board-with-new-quality-mark-4766.htm Tue, 30 Apr 2013 10:05:00 GMT EIOPA has developed a database which is a unique resource providing a comprehensive snapshot of the European pensions rsquo landscape and thus helps to better understand pension systems in Europe The database maps the variety of those non public arrangements and investment vehicles which have an explicit objective of retirement provision according to a national social and labour law or tax rules irrespective whether they are of occupational or personal type http://www.actuarialpost.co.uk/article/eiopa-develops-european-pensions-database-4751.htm Mon, 29 Apr 2013 10:05:00 GMT The latest Confused com Towers Watson Car Insurance Price Index reveals the average quoted comprehensive premiums for 17 20 year old women rose by a staggering 20 7 across the UK over the last 12 months This is the biggest yr on yr jump from one quarter to the next the industry has ever reported 19 3 As a result car insurance premiums for females of this http://www.actuarialpost.co.uk/article/young-female-drivers-hardest-hit-by-eu-gender-directive-4752.htm Mon, 29 Apr 2013 10:05:00 GMT http://www.actuarialpost.co.uk/article/david-hare-actuarial-profession-interview-4753.htm Mon, 29 Apr 2013 10:05:00 GMT http://www.actuarialpost.co.uk/article/run-financial-models-in-the-cloud-with-moses-azure-4754.htm Mon, 29 Apr 2013 10:05:00 GMT http://www.actuarialpost.co.uk/article/grumpy-old-pension-men--26-april-2013--4755.htm Mon, 29 Apr 2013 10:05:00 GMT Andrew Vaughan Chairman of the Association of Consulting Actuaries ACA has called for the Government to act within the next year to make Limited Price Indexation LPI of pensions in payment by defined benefit schemes optional from 2016 onwards The call has been made following the Government rsquo s decision to move forward the end of contracting out to 2016 alongside the implementation of the single tier State pension He welcomed today rsquo s announcement by DWP that the pri http://www.actuarialpost.co.uk/article/aca-chairman-calls-for-early-decision-to-make-lpi-optional-4756.htm Mon, 29 Apr 2013 10:05:00 GMT Partnership a leading UK provider of enhanced and long term care annuities has appointed Richard Willets as Director of Longevity Richard is considered one of the leading experts in the UK and is a regular author of research in the field He joins Partnership from Friends Life where he was Director of Longevity a role he has filled since July 2011 Prior to that Richard was Longevity Director at Paternoster the pension buyout specialist and ran Willets Cons http://www.actuarialpost.co.uk/article/partnership-appoint-richard-willets-as-director-of-longevity-4757.htm Mon, 29 Apr 2013 10:05:00 GMT For insurers across the sector 2013 is proving to be another year of significant challenge and uncertainty around regulatory and commercial change Although equity markets are currently at levels not seen before the financial crisis the economic recovery continues at a slow pace The potential implications for insurance business models due to evolving global and domestic regulatory changes present significant and complex challenges for US insurance companies according to a repor http://www.actuarialpost.co.uk/article/kpmg-report-highlights-regulatory-change-4758.htm Mon, 29 Apr 2013 10:05:00 GMT The Financial Conduct Authority FCA has published rules to make the way that investors pay for platforms more transparent In the future platforms in both the advised and non advised market will not be allowed to be funded by payments commonly described as lsquo rebates 39 from product providers Instead a platform service must be paid for by a platform charge which is disclosed to and agreed by the investor Currently providers of investm http://www.actuarialpost.co.uk/article/fca-sets-out-new-rules-for-the-platforms-industry-4745.htm Fri, 26 Apr 2013 10:05:00 GMT Commenting on the publication of the final platform paper Payments to platform service providers and cash rebates from providers to consumers from the Financial Conduct Authority David Thompson managing director of Elevate AXA Wealth said quot On our initial review of the paper we can clearly see the direction of travel If the HMRC announcement sounded the death knell for rebates then this paper will help lay them to rest Although there is no outri http://www.actuarialpost.co.uk/article/david-thompson-comments-on-fca-platform-paper-4746.htm Fri, 26 Apr 2013 10:05:00 GMT The Board of Standard Life plc announces that Jackie Hunt has resigned with immediate effect as Chief Financial Officer and as a Board director She will take up the position of CEO Prudential UK Europe A search for her replacement has begun and during the period of the search the current reporting lines to this position will be temporarily reassigned David Nish Chief Executive Officer said lsquo I 39 d like to take this http://www.actuarialpost.co.uk/article/board-change-at-standard-life-4747.htm Fri, 26 Apr 2013 10:05:00 GMT L G Investments responds to today 39 s Q1 GDP figures from the US which recorded 2 5 growth quot US GDP growth was disappointing in the last quarter of 2012 But today 39 s data demonstrates a faster pace of growth It shows that the world 39 s largest economy is in a far stronger position than the majority of developed markets Compared with yesterday 39 s UK data where Q1 GDP growth was a sickly 0 3 the US is moving decisively towards a full economic recovery e http://www.actuarialpost.co.uk/article/the-us-outlook-continues-to-brighten-4748.htm Fri, 26 Apr 2013 10:05:00 GMT The Association of Investment Companies AIC today welcomed the FCA 39 s Policy Statement PS13 1 quot Payments to platform service providers and cash rebates from providers to consumers quot The AIC believes the new rules will lead to an increased profile for investment companies on platforms Ian Sayers Director General of the Association of Investment Companies said quot These rules are good news for consumers The decision whether to in http://www.actuarialpost.co.uk/article/aic-expects-new-rules-will-boost-investment-profiles-4749.htm Fri, 26 Apr 2013 10:05:00 GMT The Investment Management Association IMA is pleased to see the much anticipated final rules on payments from product providers to platforms published today by the Financial Conduct Authority FCA The rules apply to all providers of quot retail investment products quot including funds Julie Patterson IMA Director of Authorised Funds and Tax said quot These rules provide some much needed certainty that enable http://www.actuarialpost.co.uk/article/ima-responds-to-fca-platform-paper-4750.htm Fri, 26 Apr 2013 10:05:00 GMT The introduction of auto enrolment makes rigorous pension scheme governance essential argues the Work and Pensions Committee in a Report published today The Report calls on the Government to reassess the case for establishing one body with sole responsibility for regulating workplace pensions Noting concerns over current gaps in regulation and the potential for further gaps to arise as a result of now having three regulators with a role to play the Report ar http://www.actuarialpost.co.uk/article/mps-call-for-single-regulator-for-workplace-pensions-4733.htm Thu, 25 Apr 2013 10:05:00 GMT While the global energy sector is playing an increasingly pivotal role in stimulating economic recovery the industry rsquo s failure to mitigate the risks associated with the new frontiers in exploration and production could potentially jeopardise future growth According to Marsh rsquo s paper Managing Risk on the New Frontiers of Energy Exploration energy firms need to adopt more sophisticated risk management strategies to counter the odds of http://www.actuarialpost.co.uk/article/global-economy-threat-from-new-energy-exploration-4734.htm Thu, 25 Apr 2013 10:05:00 GMT Initial estimates for Q1 GDP show the UK narrowly avoided an unprecedented triple dip recession UK output expanded by 0 3 in the three months to March having contracted by 0 3 the previous three months The reading was stronger than expected according to the Bloomberg consensus the city was expecting growth of just 0 1 The news of having avoided a triple dip recession will come as a relief for the Chancellor George Osborne who was recentl http://www.actuarialpost.co.uk/article/triple-dip-recession-avoided-by-uk-4735.htm Thu, 25 Apr 2013 10:05:00 GMT lsquo NEST welcomes the recommendations of the Committee It is fantastic to see NEST mentioned as a leader in providing simple easy to understand information for members Our research told us that existing pension terms can be a barrier to understanding and we rsquo ve worked hard to develop clear communication materials and tools for both members and employers lsquo NEST is delighted to now be serving hundreds of employers and over a hundred thousand memb http://www.actuarialpost.co.uk/article/tim-jones-comments-on-wpsc-report-4736.htm Thu, 25 Apr 2013 10:05:00 GMT Responding to the Work and Pensions Select Committee 39 s report on improving governance and best practise in workplace pensions published today TUC General Secretary Frances O 39 Grady said 39 With millions more people saving into workplace pensions this report rightly indentifies several key changes needed to prevent staff from losing out 39 The TUC supports the call for the government to ban deferred member and consultancy ch http://www.actuarialpost.co.uk/article/tuc-backs-committee-call-for-workplace-pension-changes-4737.htm Thu, 25 Apr 2013 10:05:00 GMT Actuarial Post the leading online and digital magazine for the actuarial community is pleased to announce the re design and re launch of their popular actuarial job board The job board can now be located at its own unique URL address www actuarialpostjobs co uk Due to demand Actuarial Post chose to invest in the job board to allow additional and comprehensive functionality for http://www.actuarialpost.co.uk/article/actuarial-post-invests-with-re-designed-actuarial-job-board-4738.htm Thu, 25 Apr 2013 10:05:00 GMT The European Insurance and Occupational Pensions Authority EIOPA has published today its Survey of EU practice on default investment options The survey was conducted as a follow up to EIOPA advice to the European Commission on the review of the IORP Directive which stated that ldquo EIOPA recognises the importance of multi funds default options and life styling as essential features that help risk control and sound development of supplementa http://www.actuarialpost.co.uk/article/eiopa-survey-of-eu-practice-on-default-investment-options-4739.htm Thu, 25 Apr 2013 10:05:00 GMT By Jim Muir director of financial data reconciliations firm AutoRek As the new regulator looks to get tough on compliance more businesses will focus on developing robust structures and processes that take into account the level of risk that the organisation is facing across different areas As a result the remit of the actuary is likely to expand and play an important role in helping senior business executives determine an organisati http://www.actuarialpost.co.uk/article/a-change-is-coming--the-fca-and-the-role-of-the-actuary-4740.htm Thu, 25 Apr 2013 10:05:00 GMT According to a report published today by the Chartered Insurance Institute CII looking at the role the general insurance GI profession plays in protecting the public interest the GI sector has already taken major strides ndash both collectively as a sector and individually as firms ndash to improve standards as demonstrated by the Aldermanbury Declaration However the report stresses the importance of the profession not resting on its laurels and instead driving its own http://www.actuarialpost.co.uk/article/public-trust-and-confidence-biggest-challenges-for-gi-sector-4741.htm Thu, 25 Apr 2013 10:05:00 GMT The Pensions Minister today unveiled a set of measures to ease the administrative and regulatory burden on employers The Department for Work and Pensions DWP examined the regulations covering private pensions following input from pension providers businesses and consumers as part of the Government 39 s Red Tape Challenge Although it found the legislation to be largely fit for purpose a number of stakeholders highlighted key areas in need of i http://www.actuarialpost.co.uk/article/changes-to-pension-regulations-will-save-firms-millions-4742.htm Thu, 25 Apr 2013 10:05:00 GMT The annual Jobs Rated report conducted by CareerCast com has ranked being an Actuary as the number one career out of 200 jobs The annual Jobs Rated report which began in 1988 reviewed and quantified a wide range of critical aspects of the 200 jobs featured in the report and categorized them into four general categories that are intrinsic to every job The four categories used were environm http://www.actuarialpost.co.uk/article/actuary-the--1-ranked-career-in-2013-4743.htm Thu, 25 Apr 2013 10:05:00 GMT Pensions Consultants at Broadstone Corporate Benefits Ltd welcomes the call for a single pensions regulator for all workplace pension schemes This is particularly topical as the DWP are looking to introduce statutory minimum standards for money purchase to ensure the pot follows member solution announced on Tuesday will not be undermined by transfers from good scheme to a poor schemes David Brooks Technical Consultant commented e http://www.actuarialpost.co.uk/article/broadstone-welcomes-calls-for-a-single-pensions-regulator-4744.htm Thu, 25 Apr 2013 10:05:00 GMT The Government has announced plans to help millions of savers take their workplace pension with them when they change job Automatic enrolment means that by 2018 all employers will need to offer a workplace pension but more savers means more dormant small pension pots When people move job these pots could be stranded or lost completely over time The Department for Work and Pensions has estimated that people on average have eleven jobs over the cours http://www.actuarialpost.co.uk/article/we-can-t-let-people-s-hard-earned-pensions-go-to-waste-4724.htm Wed, 24 Apr 2013 10:05:00 GMT The CBI today commented on the publication of the DWP 39 s proposals for an automatic transfer system for small pension pots Neil Carberry CBI Director of Employment and Skills said quot The consolidation of small pots into larger ones is a desirable goal but as ever the devil lies in the detail quot Businesses would have preferred a virtual aggregator to an automatic transfer system This would have b http://www.actuarialpost.co.uk/article/cbi-comments-on-automatic-transfer-system-for-small-pots-4725.htm Wed, 24 Apr 2013 10:05:00 GMT Towry 39 s head of advice policy Kate Turner quot The most important thing to consider with your pension is in order to have a lsquo big fat pot 39 you need to ensure you are making regular contributions over a long period of time Indeed having one pension pot that is with a poorly performing investment house would be worse than having several smaller pots with less risk attached to the investments gained on each fund It is important to understand http://www.actuarialpost.co.uk/article/towry-comment-on-dwp-small-pot-transfer-4726.htm Wed, 24 Apr 2013 10:05:00 GMT diams Class of 2013 study shows 40 per cent of those expecting to retire this year provide financial support to dependants diams Average contribution is pound 240 a month with cash for everyday living costs the most likely expense diams Nearly one in seven retirees have children aged over 25 living with them diams And 37 per cent believe their families still expect an inheritance http://www.actuarialpost.co.uk/article/2-in-5-retirees-support-their-families-financially-4727.htm Wed, 24 Apr 2013 10:05:00 GMT Xchanging the business process procurement and technology services provider and integrator has launched Xchanging Recovery Marketplace XRM a service that provides end to end management of salvage sales for the insurance market XRM is designed to vastly improve efficiency by actively targeting and matching buyers and sellers through the delivery of a fully managed service covering all associated logistics of storage delivery transportation and payment br http://www.actuarialpost.co.uk/article/xchanging-launches-mobile-access-to-global-salvage-service-4728.htm Wed, 24 Apr 2013 10:05:00 GMT The need to analyse heterogeneous and increasingly unstructured data will drive the insurance industry to adopt Big Data technology that has previously been overlooked or underdeveloped That is according to Nigel Davis head of Platforms and Delivery Global Analytics at Willis In his latest blog he says ldquo Big Data is a new term to describe the management and use of data in the modern era rdquo Davis identifies three areas of Big Data technolo http://www.actuarialpost.co.uk/article/willis-identify-areas-of-big-data-currently-underused-4729.htm Wed, 24 Apr 2013 10:05:00 GMT Catastrophe modelling firm AIR Worldwide AIR has announced the availability of Real Time Climate Risk Analytics a new service for corporations and emergency management agencies to help them better manage and assess their risk from natural catastrophes AIR rsquo s new climate risk service addresses the uncertainty in data reported in real time by incorporating a wide range of catastrophe loss scenarios including low probability but high impact outcomes for improved planning and http://www.actuarialpost.co.uk/article/air-worldwide-launches-real-time-climate-risks-analytics-4730.htm Wed, 24 Apr 2013 10:05:00 GMT The Lloyd rsquo s Market Association LMA has laid out a five point plan for reducing the annual UK national bill of over pound 2bn for whiplash motor insurance claims Responding the Government rsquo s Transport Select Committee inquiry into whiplash and fraud the LMA proposed five key changes to the current system which it argued would significantly reduce the number and cost of whiplash claims in the UK particularly reducing the number of frivolous and f http://www.actuarialpost.co.uk/article/lma-reveals-plan-to-cut-whiplash-claims-4731.htm Wed, 24 Apr 2013 10:05:00 GMT Quindell Portfolio has announced that multiple contract terms have been agreed for the direct operation of one of the UK rsquo s largest insurers The initial contracts for up to three years forge a multi year relationship and in combination are expected to generate approaching pound 20m of revenue These will see the Group provide a range of business process outsourcing services to the client including medical reporting and rehabilitation credit hire and de http://www.actuarialpost.co.uk/article/quindell-announces-another-major-contract-and-acquisition-4732.htm Wed, 24 Apr 2013 10:05:00 GMT The Council of the Institute and Faculty of Actuaries IFoA has elected Barnett Waddingham senior partner and co founder Nick Salter to be its President elect Nick Salter will take up his position on 24 June 2013 when David Hare becomes President and current President Philip Scott becomes Immediate Past President Nick has been an active volunteer within the IFoA for a number of years in roles ranging from Assistant Examiner to Chairman of the Member Suppo http://www.actuarialpost.co.uk/article/nick-salter-to-become-ifoa-president-elect-for-2013-14-4716.htm Tue, 23 Apr 2013 10:05:00 GMT Skandia part of Old Mutual Wealth today announces the launch of a new critical illness product The move will see Skandia set a new benchmark for quality cover in the critical illness space Skandia operates in the high net worth segment of the protection market specialising in guaranteed whole of life cover and rolling term assurance through its Skandia Protect product Skandia recently boosted its Protect offering through improved pricing a new online appl http://www.actuarialpost.co.uk/article/skandia-launches-critical-illness-cover-4717.htm Tue, 23 Apr 2013 10:05:00 GMT http://www.actuarialpost.co.uk/article/supporting-an-older-population-4718.htm Tue, 23 Apr 2013 10:05:00 GMT The value of assets held in UK funded pensions was pound 2040 7 billion in 2011 135 of GDP Self administered pension funds most of which are associated with defined benefit occupational pension schemes accounted for 71 of the total Figure 9 1 Self administered pension funds now include insurance managed funds they excluded them in the previous publication On a like for like excluded basis self administered pension funds account for 66 of assets he http://www.actuarialpost.co.uk/article/pension-scheme-funding-and-investment--2013-edition-4719.htm Tue, 23 Apr 2013 10:05:00 GMT In 2008 10 pension saving contributed 79 towards the total aggregate saving of households that were headed by someone who was aged between 50 and 64 Figure 10 4 When looking at the 50 to 64 age group by saving deciles it can be seen that those in the top decile who have the most saving have around eight times as much as the bottom five deciles combined who have the least saving Figure 10 5 In 2008 10 median Defined Benefit pension saving http://www.actuarialpost.co.uk/article/saving-for-retirement--2013-edition-4720.htm Tue, 23 Apr 2013 10:05:00 GMT bull 66 of DC savers said if their employer offered them a scheme whereby they set a target retirement income and their employer managed their pension to deliver that they rsquo d be likely to sign up bull Only a quarter 24 of DC savers said that they would be likely to opt out of such a scheme with over half 52 saying that opting out would be unlikely bull The current model of DC requires people to educate themselves to manage their pension effectivel http://www.actuarialpost.co.uk/article/majority-of-dc-savers-would-prefer-employer-taking-control-4721.htm Tue, 23 Apr 2013 10:05:00 GMT Xchanging the business process procurement and technology services provider and integrator has made a number of key appointments to its claims services business Xchanging Claims Services XCS Mark Sullivan has been appointed to the role of chief adjuster for reinsurance and will combine this with his existing position as head of delegated lead Mark has a wealth of London insurance market experience gained over a 20 year career in the Lloyd rsquo s market D http://www.actuarialpost.co.uk/article/xcs-makes-senior-reinsurance-appointments-4722.htm Tue, 23 Apr 2013 10:05:00 GMT Ageas Protect now allows protection customers to insure the life of another person through its existing YourLife Plan and Low Start products Ageas Protect has added the lsquo life of another 39 option to its existing products to allow someone with a personal financial interest in another person 39 s life to buy protection insurance should they need it Personal life of another is available on Ageas Protect YourLife Plan Term Assurance Family In http://www.actuarialpost.co.uk/article/ageas-protect-extends-protection-to-the-life-of-another-4723.htm Tue, 23 Apr 2013 10:05:00 GMT Recent transactions in the US life insurance space reflect Fitch Ratings 39 view that industry restructuring is accelerating Increased opportunities for both traditional and non traditional players in the insurance arena are seemingly on the rise Last week MONY Life announced its planned sale to Protective Life In its announcement of the agreement AXA parent to MONY Life highlighted its desire to release resources it had tied up in closed non core port http://www.actuarialpost.co.uk/article/us-life-market-restructuring-is-accelerating-says-fitch-4709.htm Mon, 22 Apr 2013 10:05:00 GMT Research from the ABI published today highlights that the UK is the lsquo Whiplash Capital of Europe rsquo Eight in ten personal injury claims following road traffic accidents are now for alleged whiplash over twice the average of France Spain and the Netherlands The full extent to which the UK rsquo s compensation culture has led to an epidemic in whiplash claims set out in the ABI rsquo s submission to the Transport Select Co http://www.actuarialpost.co.uk/article/uk-the-whiplash-capital-of-europe-4710.htm Mon, 22 Apr 2013 10:05:00 GMT Pension funds and other institutional investors embraced risk factor investing in the first quarter of 2013 with net new asset flows into BlackRock rsquo s flagship risk factor investment strategy Market Advantage surging by 42 per cent to 794m from 559m in the previous quarter At the end of March Market Advantage held 7 1 billion in assets Risk factor investing is a special category of investing under risk based allocation w http://www.actuarialpost.co.uk/article/risk-factor-investing-embraced-by-pension-funds-4711.htm Mon, 22 Apr 2013 10:05:00 GMT Buck Consultants have today released a whitepaper entitled lsquo Encouraging membership and effective contributions rsquo which highlights the importance of encouraging membership of Defined Contribution schemes Penned by Kevin LeGrand Head of Pensions Policy at Buck the whitepaper also addresses the hurdles attached to greater member contribution and the costs attached to implementing better solutions Kevin LeGrand commented ldquo To enco http://www.actuarialpost.co.uk/article/imaginative-perspective-and-greater-intervention-key-for-dc-4712.htm Mon, 22 Apr 2013 10:05:00 GMT Risk leaders are struggling to identify and manage the major risks facing their organizations according to the biannual Aon Global Risk Management Survey released today from Aon Risk Solutions the global risk management business of Aon The report unveiled the top 10 risks as well as hidden risks facing organizations today illustrating the importance of no longer evaluating risk in isolation but considering the relation of risks to establish and maintain a successful risk manage http://www.actuarialpost.co.uk/article/worrying-trend-shown-in-aon-global-risk-management-survey-4713.htm Mon, 22 Apr 2013 10:05:00 GMT LEBC Group the national IFA and employee benefits consultancy has partnered with Aviva to create its online aeComply automatic enrolment tool aeComply draws on the rich functionality of Aviva 39 s online Auto enrolment Manager for Employers AME hub based solution which has the flexibility to operate across multiple providers 39 pension schemes The tool enables employers to robustly manage their long term compliance requirements including em http://www.actuarialpost.co.uk/article/lebc-teams-up-with-aviva-to-launch-auto-enrolment-tool-4714.htm Mon, 22 Apr 2013 10:05:00 GMT Aquiline Capital Partners today announced that it has completed the acquisition of Equity Insurance Group It was purchased from Insurance Australia Group Equity Insurance Group includes motor insurer Equity Red Star and Equity Syndicate Management Ltd with its associated Syndicate 218 at Lloyd rsquo s as well as the broking business Equity Direct Broking Limited The largest motor insurance syndicate at Lloyd rsquo s the Company is one of the ten largest m http://www.actuarialpost.co.uk/article/aquiline-completes-acquisition-of-equity-insurance-group-4715.htm Mon, 22 Apr 2013 10:05:00 GMT Aon Benfield Securities the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield today launches its latest report on the insurance linked securities ILS market which reviews the key trends witnessed during the first quarter of 2013 The Insurance Linked Securities First Quarter Update 2013 reveals that for the annual period ending March 31 investment returns for the Aon Benfield All Bond index had reached 12 69 p http://www.actuarialpost.co.uk/article/catastrophe-bond-returns-double-for-investors-4706.htm Fri, 19 Apr 2013 10:05:00 GMT ldquo Twice in the last twelve years the average pension plan has lost more than 30 of its funded status rdquo Dylan Tyson SVP Head of Pension Risk Transfer Prudential Retirement ldquo In 2012 of the 229 non financial U S based companies with DB plans over 100m in obligations 159 were less than 80 funded whilst only 27 were funded above the 90 level rdquo 1 According to Prudential Retirement in http://www.actuarialpost.co.uk/article/pension-plan-de-risking--north-america-report-4707.htm Fri, 19 Apr 2013 10:05:00 GMT By Jon Dean Consultant Altus The same applies in business As pension professionals it is all too easy for us to take our subject knowledge for granted We rsquo ve been preparing for auto enrolment since the 2008 Pensions Act ndash we know about it because it rsquo s our job For the typical small business owner at least among the un pensioned target market for auto enrolment the day job is much more likely to be retailing buildin http://www.actuarialpost.co.uk/article/an-auto-enrolment-wake-up-call-for-small-firms-4708.htm Fri, 19 Apr 2013 10:05:00 GMT Exaxe announced today the appointment of John Owens as Head of Business Analysis The move comes as part of a two year recruitment drive as the company is expanding the business in the UK Ireland Australia Canada and the Nordic regions John will be tasked with providing a Centre of Excellence for the Business Analysis team and will be responsible for driving continuous performance improvements Prior to joining Exaxe John has held numerous senior http://www.actuarialpost.co.uk/article/exaxe-appoints-head-of-business-analysis-4701.htm Thu, 18 Apr 2013 10:05:00 GMT BROADSTONE applauds action taken by the Advertising Standards Authority over Pensions Liberation and calls for Pensions Regulator to provide further assistance to Trustees In the wake of increased publicity surrounding ldquo Pensions Liberation rdquo the Advertising Standards Authority has taken the welcome act of banning a lead generation company from sending unsolicited text messages offering pension liberation to consumers BROADSTONE pe http://www.actuarialpost.co.uk/article/broadstone-applauds-asa-action-over-pensions-liberation-4702.htm Thu, 18 Apr 2013 10:05:00 GMT The London Pensions Fund Authority ldquo LPFA rdquo one of the largest Local Government Pension Scheme ldquo LGPS rdquo funds in the UK today announces the appointment of Sir Merrick Cockell as Deputy Chairman and the addition of three pensions industry veterans to its Board Sir Merrick stepped down as Leader of the Royal Borough of Kensington and Chelsea after 13 years this week while the new Board members are Dermot McMullan Tr http://www.actuarialpost.co.uk/article/lpfa-appoints-deputy-chairman-and-three-new-board-members-4703.htm Thu, 18 Apr 2013 10:05:00 GMT The Financial Conduct Authority FCA has today published its approach to investigating and reporting on regulatory failure as required by the Financial Services Act 2012 the Act The Act requires the FCA to publish a statement of policy setting out the matters it will take into account to decide whether it should carry out an investigation into possible regulatory failure and give a report of its findings and recommendations to the Treasury for publication http://www.actuarialpost.co.uk/article/fca-publishes-its-approach-to-regulatory-failure-4704.htm Thu, 18 Apr 2013 10:05:00 GMT Xuber Xchanging rsquo s insurance software business has officially relaunched in the US The software business ndash which relaunched to the UK market amid fanfare last October ndash already serves more than 20 clients within the US including Endurance Liberty Mutual and XL Group Today rsquo s relaunch sees the business set out its global ambitions and bring its leading offering of next generation commercial insurance products ndash the culmination of a p http://www.actuarialpost.co.uk/article/xuber-relaunches-in-the-us-4705.htm Thu, 18 Apr 2013 10:05:00 GMT One in three insurance risk executives world wide are unhappy with existing links between risk management and their executive pay policies but have no plans to change the current approach according to the 7th biennial global enterprise risk management ERM insurance survey by Towers Watson The survey asked chief risk officers chief financial officers and chief actuaries about the progress and development of ERM activity within their companies Two thi http://www.actuarialpost.co.uk/article/one-in-three-insurers-hold-back-on-risk-adjusted-pay-4695.htm Wed, 17 Apr 2013 10:05:00 GMT Sierra Leone rsquo s promising mining industry has driven growth of the country rsquo s overall economy While this will boost the demand for insurance products there is a long way ahead for an industry that is still underdeveloped and inadequately supervised Up until 2010 iron ore production in Sierra Leone was minimal With the discovery of new deposits in 2011 the country is expected to become one of Africa 39 s largest iron ore producing coun http://www.actuarialpost.co.uk/article/the-insurance-industry-in-sierra-leone-digs-deep-for-growth-4696.htm Wed, 17 Apr 2013 10:05:00 GMT Global insurance rates continued to firm on average in the first quarter of 2013 following a trend established over the previous 18 months according to figures released in Marsh rsquo s latest Global Insurance Market Quarterly Briefing In the US most major insurance lines saw rate increases of 2 to 4 Outside the US rates overall decreased by an average of approximately 1 According to the Marsh Risk Management Global Insurance Index which represents a http://www.actuarialpost.co.uk/article/global-insurance-rate-firming-continues-in-q1-4697.htm Wed, 17 Apr 2013 10:05:00 GMT Whilst the Swazi insurance industry has suffered since the economic crisis in 2011 the promotion of micro insurance is broadening its clientele and strengthening growth The Swazi insurance industry is still in its developmental stages struggling to overcome low penetration rates and dependence on SACU Southern African Customs Union receipts Despite this the recovery in global financial markets has driven growth in the non life sector whilst a psuh f http://www.actuarialpost.co.uk/article/micro-insurance-offers-hope-for-swazi-insurance-industry-4698.htm Wed, 17 Apr 2013 10:05:00 GMT Three months after the implementation of the Retail Distribution Review RDR advisers are optimistic about their future income prospects according to the latest Adviser Barometer from Aviva Almost two thirds 60 expect to increase their income over the next 12 months compared to 17 of advisers who believe their income will decrease A very optimistic 16 even predict their income will increase by more than 20 However advisers are still worri http://www.actuarialpost.co.uk/article/advisers-optimistic-on-income-but-concerns-remain-4699.htm Wed, 17 Apr 2013 10:05:00 GMT By Eve Hartridge follow Eve on Twitter Bath is one of those places in the British Isles that you simply have to visit A World Heritage Site since 1987 I 39 d challenge anyone to resist falling in love with this stunning city To be honest 24 hours is not nearly enough time t http://www.actuarialpost.co.uk/article/24-hours-in-bath-4700.htm Wed, 17 Apr 2013 10:05:00 GMT To mark its 10th birthday Bright Grey today announced that from 22 April it will offer customers a year 39 s free critical illness cover when they apply for life cover under its personal protection menu The free cover up to a value of pound 20 000 is available for the first 10 000 people that apply eligibility criteria apply Roger Edwards managing director of Bright Grey said quot It 39 s great to clock up 10 years of Bright Gr http://www.actuarialpost.co.uk/article/bright-grey-announces--200m-critical-illness-cover-payout-4689.htm Tue, 16 Apr 2013 10:05:00 GMT Since the financial crisis began over five years ago we have been in an environment where strong companies are getting stronger and the weak have become weaker When looking to make an investment in a company Richard Plackett co manager of the BlackRock UK Special Situations fund looks for high quality growth companies that can grow significantly and sustainably over the long term and are able to withstand volatility and uncertainty Richard 39 s http://www.actuarialpost.co.uk/article/investing-in-high-quality-growth-companies-is-where-it--039-s-at-4690.htm Tue, 16 Apr 2013 10:05:00 GMT Vince Smith Hughes retirement expert at Prudential said quot With inflation staying high pensioners 39 budgets remain incredibly strained They are particularly vulnerable as they spend a proportionately higher amount of their income on items such as food and fuel which are seeing bigger price rises Figures from the ONS show energy bills cost pensioner households an average of pound 1 583 per year making it their single largest expense p http://www.actuarialpost.co.uk/article/high-inflation-leaves-pensioner-budgets-incredibly-strained-4691.htm Tue, 16 Apr 2013 10:05:00 GMT Mercer has launched its 2013 Defined Contribution DC Forum focused on lsquo Enabling Better Outcomes rsquo which will run in 9 locations across the UK from 4th June 2013 Having recently restructured to form a dedicated DC team the Forum underlines Mercer rsquo s commitment to achieving better outcomes for members and those involved in DC pension provision The interactive Forum aims to stimulate debate at a time when auto enrolment implementation is fue http://www.actuarialpost.co.uk/article/mercer-launches-uk-dc-forum--enabling-better-outcomes-4692.htm Tue, 16 Apr 2013 10:05:00 GMT Less than one in three DC savers know what level of income they will need to live on when they retire 54 of DC savers agree the information they receive is too complicated Almost two thirds 57 of Defined Contribution DC pension savers are not confident their pension will deliver an adequate retirement income for them according to new research from Hymans Robertson While many are unsure of their target income the actions http://www.actuarialpost.co.uk/article/two-thirds-of-dc-savers-not-confident-in-retirement-income-4693.htm Tue, 16 Apr 2013 10:05:00 GMT By Eve Hartridge follow Eve on Twitter Beaminster is a picturesque small market town in Dorset equidistant between the towns of Yeovil and Dorchester It is the perfect spot for those looking for a weekend of rural relaxation In the town there are cosy pu http://www.actuarialpost.co.uk/article/48-hours-in-beaminster-4694.htm Tue, 16 Apr 2013 10:05:00 GMT As part of the link up the LV regional sales teams will now provide their local Tenet advisers with on the ground sales and technical support LV will also work with Tenet to provide advisers with technical updates and regular articles and in the second half of the year LV will host a series of pensions seminars for Tenet advisers Tenet advisers already have access to the full range of LV life and pensions products On the protection side this includes LV http://www.actuarialpost.co.uk/article/lv--enhances-relationship-with-tenet-group-4681.htm Mon, 15 Apr 2013 10:05:00 GMT With 2012 US preliminary results now showing the effects of sustained improvement in profitability Conning forecasts continued strong net premium growth and a substantially improved combined ratio for 2013 The forecast improvement is based on sustained pricing increases and an expectation of a normal level of catastrophe losses according to the most recent edition of Conning 39 s Property Casualty Forecast Analysis quot Stronger preliminary results f http://www.actuarialpost.co.uk/article/conning-reviews-us-p-c-result-and-looks-forward-4682.htm Mon, 15 Apr 2013 10:05:00 GMT The benefit cap started today in four London boroughs ndash as the move to set a clear limit on benefits takes effect Claimants in Haringey Enfield Croydon and Bromley will see their benefit claims limited to pound 500 a week ndash or pound 26 000 a year ndash for couples and those with children and at pound 350 a week for single people The benefit cap will be implemented nationally from 15 July with all appropriate households capped by t http://www.actuarialpost.co.uk/article/benefit-cap-starts-in-london-4683.htm Mon, 15 Apr 2013 10:05:00 GMT AEGIS London has strengthened its non marine property team by recruiting a trio of underwriters Jonathan Morgan joins the open market group as underwriter while Chris Fitzgerald and Adam England become assistant underwriters within the team rsquo s facilities group Formerly global property underwriter with Jubilee Managing Agency rsquo s syndicate 5820 Jonathan Morgan will report to open market class underwriter Toby Sawyer Jonathan has also held http://www.actuarialpost.co.uk/article/aegis-london-appoints-three-to-non-marine-property-team-4684.htm Mon, 15 Apr 2013 10:05:00 GMT There is one overriding image that comes to mind when considering the UK results of the 2013 Global Pension Risk survey It is of a donkey pursuing a carrot dangling from a stick hooked in front of the donkey As the donkey moves the carrot continues to stay just as far away Most UK pension plans over 90 now indicate that they have a long term objecti http://www.actuarialpost.co.uk/article/global-pension-risk-survey-2013-4685.htm Mon, 15 Apr 2013 10:05:00 GMT The IUA is considering consultation papers issued by the Prudential Regulatory Authority PRA and Financial Conduct Authority FCA on an increase in the cost of regulation IUA Director of Government Affairs Nick Lowe said ldquo The latest proposed increase in regulated fees appears to be a substantial jump in costs that are already high by international standards It is not clear to us why the London Market should be ea http://www.actuarialpost.co.uk/article/iua-concerned-about-increase-in-uk-regulatory-costs-4686.htm Mon, 15 Apr 2013 10:05:00 GMT By Eve Hartridge Follow Eve on Twitter here In just over one month the world famous Cannes Film Festival will be upon us and everyone who 39 s anyone in the film industry will flock to this once small fishing port For over 150 years Cannes has been the epitome of glamo http://www.actuarialpost.co.uk/article/24-hours-in-cannes-4687.htm Mon, 15 Apr 2013 10:05:00 GMT As part of its charitable fund raising activities the Worshipful Company of Actuaries WCA is organising a cycle ride with a difference on Sunday 19 May The ride will begin at Staple Inn and take in some of the sites made famous during the London Olympics last year before returning to Staple Inn for well earned refreshments All actuaries are warmly invited to take part but it is not necessary to be an actuary or even t http://www.actuarialpost.co.uk/article/olympic-cycle-ride-for-actuaries--4688.htm Mon, 15 Apr 2013 10:05:00 GMT AXA Wealth today announced that 40 of flows on the Elevate platform went into clean share class funds during March 2013 The total flows into clean share classes is split evenly between new money to the platform and switches of existing money which suggests a significant change in adviser behaviour In response to adviser demand AXA Wealth Elevate now offers over 1 600 clean share class funds with plans to add another 1 000 over the summer David http://www.actuarialpost.co.uk/article/axa-wealth-sees-significant-asset-flows-into-clean-classes-4674.htm Fri, 12 Apr 2013 10:05:00 GMT Mercer has recruited Patricia Bradley as part of the consultancy rsquo s drive to expand its Executive Remuneration business in the UK and Europe Ms Bradley was previously employed by Pensions and Investment Research Consultants PIRC where she worked as a Corporate Governance Analyst advising institutional investors on the performance of FTSE 100 and FTSE 250 companies Her role encompassed the assessment of corporate governance structures and the applicatio http://www.actuarialpost.co.uk/article/mercer-adds-to-executive-remuneration-team-4675.htm Fri, 12 Apr 2013 10:05:00 GMT The European pensions authority revealed today that new EU proposals could increase UK pension fund deficits to at least pound 450bn The National Association of Pension Funds NAPF warned that moving to Solvency II type rules for pensions would put a huge burden on remaining UK final salary pension schemes and the businesses that run them Joanne Segars Chief Executive NAPF said ldquo The EU plans for UK pension http://www.actuarialpost.co.uk/article/eu-rules-could-send-uk-pension-funds--450bn-into-the-red-4676.htm Fri, 12 Apr 2013 10:05:00 GMT Pensions and benefits specialists are invited to attend a free lsquo Pensions Derisking rsquo seminar hosted by Xafinity in London on Thursday 20th June 2013 The seminar is aimed at anyone within an organisation responsible for financial risk or benefits strategy including financial directors managers and risk strategy specialists The seminar will give attendees an opportunity to listen and share opinions with leading industry experts expe http://www.actuarialpost.co.uk/article/xafinity-to-host-de-risking-seminar-for-pensions-specialists-4677.htm Fri, 12 Apr 2013 10:05:00 GMT By Eve Hartridge Follow Eve on Twitter Saint Paul De Vence is a stunning Medieval town situated around twenty minutes drive away from Nice Airport http://www.actuarialpost.co.uk/article/48-hours-in-saint-paul-de-vence-4678.htm Fri, 12 Apr 2013 10:05:00 GMT The number of deaths registered in the first 13 weeks of 2013 was almost 9 000 six per cent higher than in the same period last year according to death registration data for England and Wales analysed by Towers Watson Provisional estimates from the Office for National Statistics ONS indicate that there were 144 299 death registrations in England and Wales during the first 13 weeks of 2013 This compares with 135 583 during the first 13 weeks of 201 http://www.actuarialpost.co.uk/article/highest-quarterly-death-toll-for-eight-years-4679.htm Fri, 12 Apr 2013 10:05:00 GMT Exaxe a specialist software solution provider for the life and pensions platform and wealth management industry has announced the appointment of Keith Doyle as Head of Product Architecture Keith will be responsible for aligning the product development projects with the overall business objectives by maintaining the product roadmaps and architectural standards He will work with each product owner to help analyse market segments and client bases to deve http://www.actuarialpost.co.uk/article/exaxe-appoints-head-of-product-architecture-4680.htm Fri, 12 Apr 2013 10:05:00 GMT By Laurence Townley Director of Financial Risk Direct Line Group Risk optimisation is about ensuring that the risks a business encounters through its strategy and day to day operations remain within an agreed level of tolerance This exercise requires a high degree of analytics but it is the primary question of risk appetite that must first be answered and this requires use of risk based models and analytical expertise The primary questio http://www.actuarialpost.co.uk/article/how-much-risk-do-you-want-to-take--4667.htm Thu, 11 Apr 2013 10:05:00 GMT A new study produced as part of the BNP Paribas Investment Partners research chair on ldquo Asset Liability Management and Institutional Investment Management rdquo provides comprehensive insights into all of EDHEC Risk Institute rsquo s research on dynamic allocation in asset liability management The publication ldquo Hedging versus Insurance Long Horizon Investing with Short Term Constraints rdquo demonstrates that failing http://www.actuarialpost.co.uk/article/short-term-risk-not-incompatible-with-long-term-investment-4668.htm Thu, 11 Apr 2013 10:05:00 GMT A shift in working cultures and confusion around retirement planning is resulting in a pension lsquo black hole rsquo with almost a quarter 23 of UK adults stating they have lost track of at least one pension scheme ndash according to a new online poll for Age UK The poll commissioned to understand more about people rsquo s attitudes and plans for retirement reveals that nearly a third 30 of UK adults would try to trace a pension if they realised http://www.actuarialpost.co.uk/article/the-riddle-of-the-uk--039-s-missing-pensions-4669.htm Thu, 11 Apr 2013 10:05:00 GMT By Tamsin Abbey insurance partner at Deloitte The date for implementing Solvency II is moving further away Over the last few years the date has slipped from November 2010 to November 2012 January 2013 and now is not likely to be earlier than January 2016 Although several years in the making Solvency II brings many b http://www.actuarialpost.co.uk/article/tamsin-abbey-looks-at-the-solvency-ii-annuity-battle-4670.htm Thu, 11 Apr 2013 10:05:00 GMT http://www.actuarialpost.co.uk/article/your-investment-strategy--multi-asset-growth-strategy-4671.htm Thu, 11 Apr 2013 10:05:00 GMT With an increasing number of complex supply chain risks emerging across the globe potentially costing organisations billions of pounds the Supply Chain Risk Leadership Council SCRLC has published its first ever emerging risks report The report Emerging Risks in the Supply Chain 2013 helps organisations identify the risks that may have a major impact on them It is designed to encourage planning to improve resilience against risks such as climate change http://www.actuarialpost.co.uk/article/supply-chain-risk-maturity-model-launched-by-scrlc-4672.htm Thu, 11 Apr 2013 10:05:00 GMT LCP has launched an interactive online tool to help trustees and sponsors understand the journey ahead of them when considering de risking their defined benefit pension schemes De risking continues to be high on the agenda for many schemes with options such as enhanced transfer value exercises pension increase exchanges and active reviews of investment strategies being considered by scheme sponsors and trustees alongside buy ins buyouts and lo http://www.actuarialpost.co.uk/article/lcp--039-s-online-tool-will-help-navigate-de-risking-4673.htm Thu, 11 Apr 2013 10:05:00 GMT diams Almost one million adults in the UK are parensioners people having children in their 40s 50s and 60s who will reach retirement age while financially supporting young offspring diams 49 and 43 are now widely considered to be the lsquo cut off 39 ages for men and women to have children diams 33 of male parensioners were between 50 and 70 when they became fathers 6 of women were over 45 diams Current average retirement savin http://www.actuarialpost.co.uk/article/the-rise-of-the-parensioner-4660.htm Wed, 10 Apr 2013 10:05:00 GMT Overall the AFR for the FCA is pound 432 1m and the combined FCA PRA AFR for 2013 14 totals pound 646 3m representing a 15 increase over the 2012 13 FSA AFR of pound 559 8m Currently 42 of the FCA rsquo s authorised firms need only pay the minimum fee and for the fourth year running the gross minimum fee for firms will remain unchanged at pound 1 000 Medium sized firms will see a proportionate increase reflecting the type of business they conduct This increase will be bo http://www.actuarialpost.co.uk/article/fca--pra-requires-15--extra-funding-4661.htm Wed, 10 Apr 2013 10:05:00 GMT The first installation at 34 Leadenhall Street will be followed by installations at Lloyd rsquo s and the London Underwriting centre later this year Further locations will be added during 2013 Xchanging is also considering hosting free Wi Fi in other UK insurance hub cities The service supports Xchanging rsquo s growing mobile applications for the insurance market However the Wi Fi service is not password protected and can be used by anyone Xchanging made a http://www.actuarialpost.co.uk/article/xchanging-begins-roll-out-of-free-wi-fi-access-in-the-city-4662.htm Wed, 10 Apr 2013 10:05:00 GMT The Qatar Financial Centre Authority QFCA has announced that it has reached an agreement to sell Qatarlyst an electronic trading exchange for the global insurance and reinsurance industry to Ebix Singapore a subsidiary of Ebix a leading international supplier of On Demand software and E commerce services to the insurance industry The QFCA believes that Qatarlyst rsquo s divestment to Ebix is the best option to leverage Qatarlyst rsquo s capabilities devel http://www.actuarialpost.co.uk/article/ebix-moves-for-qatarlyst-4663.htm Wed, 10 Apr 2013 10:05:00 GMT Employers and pension fund trustees will often have to choose between dramatically higher contributions and leaving their schemes in deficit for much longer when they agree new funding plans based on current market conditions according to Towers Watson Pension schemes typically undergo an actuarial valuation once every three years and most commonly assess their funding position at 31 March or 5 April For many of the schemes who must devise plans to repair def http://www.actuarialpost.co.uk/article/low-gilt-yields-will-test-new-approach-to-scheme-regulation-4664.htm Wed, 10 Apr 2013 10:05:00 GMT Legal General Investment Management has announced the appointment of Siobhan Boylan as Chief Financial Officer subject to regulatory approval Siobhan will report to Mark Zinkula Chief Executive Officer Siobhan joins LGIM from Aviva North America ANA where she was previously Chief Financial Officer CFO based in Chicago with responsibility for the firm 39 s US and Canadian finance functions Prior to this Siobhan held a number of senior finance roles wi http://www.actuarialpost.co.uk/article/lgim-appoints-chief-financial-officer-4665.htm Wed, 10 Apr 2013 10:05:00 GMT Baring Asset Management 39 s multi asset team has upgraded equities adopting the highest risk profile it has held in several years to take advantage of the differing growth dynamics in global equity markets Barings 39 multi asset team believes that equities look the most attractive asset class in part due to the poor returns available on alternatives such as government bonds that provide only a meagre coupon and cash returns that are derisory With investme http://www.actuarialpost.co.uk/article/barings-upgrades-equities-as-central-banks-commit-4666.htm Wed, 10 Apr 2013 10:05:00 GMT Mutual insurance retirement and investment provider LV announces its 2012 life and pensions business results with increased sales and profit compared to 2011 diams Underlying operating profit 1 up 7 to pound 26 3 million 2011 pound 24 5 million diams Sales up 15 at pound 156 6 million on an APE basis 2 2011 pound 136 2 million diams Retirement and protection businesses both saw a 15 growth in sales with APE of pound 124 4 milli http://www.actuarialpost.co.uk/article/lv--announces-strong-life-business-performance-4652.htm Tue, 9 Apr 2013 10:05:00 GMT Commercial underwriting specialist Evolution Underwriting has made a series of internal promotions headed by Paul Upton who takes on the role of group chief executive officer Karl Flaherty has also been promoted to the newly created role of senior underwriting manager ndash Trading Karl will concentrate solely on new business with a particular focus on larger Property and Casualty risks and professional lines Hannah Forde who originally joined E http://www.actuarialpost.co.uk/article/evolution-group-restructure-lays-foundation-for-expansion-4653.htm Tue, 9 Apr 2013 10:05:00 GMT Aon Benfield today launches the latest edition of its Aon Benfield Aggregate ABA report which analyses the financial results of the world rsquo s leading reinsurers in 2012 Aon Benfield Analytics estimates that global reinsurer capital totaled a record USD505 billion at December 31 2012 an increase of 11 USD50 billion relative to December 31 2011 This calculation is a broad measure of capital available for insurers to trade risk with and includes both http://www.actuarialpost.co.uk/article/global-reinsurer-capital-reaches-record-level-4654.htm Tue, 9 Apr 2013 10:05:00 GMT AXA Wealth 39 s Elevate wrap platform now has over pound 6bn of assets under management Hitting pound 6bn in assets makes Elevate one of the fastest growing platforms in the UK market with March the biggest month for inflows to the platform since the platform was launched Elevate has seen increased interest from advisers following the introduction of its new tiered pricing model that makes it an even more competitive offering Elevate has also led t http://www.actuarialpost.co.uk/article/axa-wealth-elevate-hits--6bn-4655.htm Tue, 9 Apr 2013 10:05:00 GMT Analysis published by the European Insurance and Occupation Pension Authority EIOPA today indicates that going ahead with new Europe wide rules for calculating pension deficits could add pound 150 billion to funding targets for UK schemes according to Towers Watson However EIOPA has cautioned that these results are ldquo highly uncertain rdquo and could ldquo change considerably rdquo if a key assumption were amended The preliminary results from http://www.actuarialpost.co.uk/article/new-eu-rules-could-add--150bn-to-uk-deficits-4656.htm Tue, 9 Apr 2013 10:05:00 GMT Pensions and investments provider NFU Mutual has released the latest set of annual reversionary bonus rates for its with profits policyholders effective from 1st April 2013 The Mutual also announces its terminal bonus rates in January and July NFU Mutual confirms annual reversionary bonus rates for with profits All interim annual bonus rates for unitised plans in 2013 are either higher or the same as the 2012 rates Adding http://www.actuarialpost.co.uk/article/annual-bonus-boosts-guarantees-on-nfu-with-profits-policies-4657.htm Tue, 9 Apr 2013 10:05:00 GMT Standard Life Investments believes that the USA and Europe are involved in a struggle to avoid many of the problems that Japan 39 s economy has faced over the last two decades Speaking at the Centre for Investor Education Conference in Tokyo Andrew Milligan Head of Global Strategy at Standard Life Investments said quot For many years global investors have paid little attention to Japan an economy traditionally associated w http://www.actuarialpost.co.uk/article/what-can-western-economies-learn-from-japan--039-s-experiences--4658.htm Tue, 9 Apr 2013 10:05:00 GMT NOW Pensions the independent multi employer trust today announces that it will be the Principal Partner of Great Britain and England Men rsquo s hockey England Hockey as the new squad embarks on its road to the 2016 Olympics in Rio As part of the four year deal the first time England Hockey has secured a long term sponsor for men rsquo s hockey NOW Pensions will be visible nationwide throughout the year as a partner committed to developing the fut http://www.actuarialpost.co.uk/article/now-pensions-backs-men--039-s-hockey-on-the-road-to-rio-4659.htm Tue, 9 Apr 2013 10:05:00 GMT Manchester United and Aon today announced an innovative new business partnership which will from 1 July 2013 extend their relationship by an additional eight years to 2021 and see the Club 39 s renowned training centre renamed the Aon Training Complex Under the new partnership Aon will become the first ever partner of the Club 39 s training facility at Carrington providing best in class advice to the Club on talent development risk management health and http://www.actuarialpost.co.uk/article/man-utd-and-aon-enter-groundbreaking-new-partnership-4644.htm Mon, 8 Apr 2013 10:05:00 GMT Liberty Mutual Insurance has appointed Scott Taylor as Manager of its Manchester branch He took up his new role in early April Scott has over 30 years of experience in the general insurance market and joins LMI from a major insurer where he held the role of Regional Development Manager responsible for setting up their Manchester operation In his new role Scott will take responsibility for LMI rsquo s 16 strong Manchester team and business development in the http://www.actuarialpost.co.uk/article/liberty-mutual-appoints-new-head-of-manchester-office-4645.htm Mon, 8 Apr 2013 10:05:00 GMT http://www.actuarialpost.co.uk/article/grumpy-old-pension-men--5th-april-2013-4646.htm Mon, 8 Apr 2013 10:05:00 GMT Baring Asset Management Barings has today announced its plan to launch the Baring Frontier Markets Fund in the coming weeks subject to regulatory approval The Fund which will be managed by Michael Levy Investment Manager and supported by Dr Ghadir Abu Leil Cooper Head of EMEA at Barings will seek to achieve long term capital growth through at least 70 exposure to Frontier markets The managers will use a combination of top down analysis of the political and economic facto http://www.actuarialpost.co.uk/article/barings-to-launch-frontier-markets-fund-4647.htm Mon, 8 Apr 2013 10:05:00 GMT Hard up pensioners are being forced to dip into their life savings to survive it was revealed yesterday Research by Skipton Building Society has found almost a quarter of pensioners with an ISA are dipping in to their hard earned savings simply to afford to live The findings emerged in a detailed study of 2004 people from across the UK aged 50 and above It revealed a staggering 40 admitted withdrawing from their ISA to pay for heating and electri http://www.actuarialpost.co.uk/article/revealed--uk-pensioners-are-saving-for-their-supper-4648.htm Mon, 8 Apr 2013 10:05:00 GMT A little noticed announcement on public spending at last month 39 s Budget looks set to pit pensioners and working age people against each other in the future over their share of the controversial welfare bill new analysis from the Social Market Foundation reveals today The SMF analysis examines the Chancellor 39 s intention to set a cap on a significant proportion of Annually Managed Expenditure AME the part of public spending that includes social securi http://www.actuarialpost.co.uk/article/welfare-bill-to-pit-pensioners-against-claimants-4649.htm Mon, 8 Apr 2013 10:05:00 GMT The European Insurance and Occupational Pensions Authority invites market participants and re insurance stakeholders to provide their feedback on its ldquo Discussion Paper on Standard Formula Design and Calibration for Certain Long Term Investments rdquo The European Commission EC requested EIOPA to examine whether the calibration and design of regulatory capital requirements for insurers rsquo long term investments in certain asset classes under the envisaged Solvency I http://www.actuarialpost.co.uk/article/discussion-paper-on-investments-published-by-eiopa-4650.htm Mon, 8 Apr 2013 10:05:00 GMT Young workers born in the 1980s are more lsquo switched on rsquo to pensions than older colleagues and plan to save more despite the pressures of student debt and buying property a survey for the National Association of Pension Funds NAPF shows today Half 53 of the respondents aged 25 to 34 plan to increase the amount they save towards retirement in the coming year By contrast only 26 of those aged 45 to 54 say they will save more and the survey av http://www.actuarialpost.co.uk/article/80s-generation-wakes-up-to-pensions-finds-napf-survey-4651.htm Mon, 8 Apr 2013 10:05:00 GMT diams Over pound 1 5 billion of buyout deals were transacted over Q4 2012 giving a total of pound 4 billion over the year diams Buyout activity increased in Q4 building on the momentum of the previous two quarters diams Insurers are bullish for 2013 and expect total buyout activity to exceed pound 6bn during 2013 diams Prices have remained relatively stable throughout 2012 although buyout prices decreased slightly in the last quarter of 2012 br http://www.actuarialpost.co.uk/article/buyout-activity-leaps-as-schemes-prioritise-de-risking-4640.htm Fri, 5 Apr 2013 10:05:00 GMT J P Morgan Asset Management has announced its intention to launch a London listed investment company offering investors high income with the potential for capital growth from a portfolio of global convertible securities the JPMorgan Global Convertibles Income Fund The new investment company will access convertible securities from around the world Convertibles offer investors bond like characteristics in falling equity markets with the potential to participa http://www.actuarialpost.co.uk/article/j-p--morgan-to-launch-global-convertibles-investment-company-4641.htm Fri, 5 Apr 2013 10:05:00 GMT Skandia has decided to add clean share classes to its platform for example 0 75 for a standard equity fund and pay a unit rebate where possible This will enable it to maintain the current net fund prices it offers to customers and minimise the tax liability for them on the rebate In addition Skandia will continue conversations with its fund group partners about launching preferential share classes sometimes referred to as super clean for its platform to e http://www.actuarialpost.co.uk/article/skandia-to-move-to-clean-share-classes-with-rebates-4642.htm Fri, 5 Apr 2013 10:05:00 GMT By Eve Hartridge follow Eve on Twitter The wonderful restaurants and fabulous fromagerie are still there the knock out cocktails at Le Pub Dick 39 s Bar Barometer or Ronnie 39 s are still served the clear mountain skies are still brilliant blue and the sun just gets hotter http://www.actuarialpost.co.uk/article/meribel-for-all-seasons-4643.htm Fri, 5 Apr 2013 10:05:00 GMT Commenting on the Report Dame Anne Begg MP Chair of the Work and Pensions Select Committee said quot We support the principle of the Single tier Pension STP In the short to medium term it will mean more State Pension for many people particularly the self employed and women and carers who have been low earners or had gaps in employment It will be a much simpler system to understand and people will be able to see more clearly how much they can expect from t http://www.actuarialpost.co.uk/article/government-must-do-more-to-explain-its-state-pension-reforms-4631.htm Thu, 4 Apr 2013 10:05:00 GMT Equiniti warns that a decade of a weakening pound has left many pensioners living abroad with up to 50 less buying power from their retirement income now than when they first retired Equiniti Paymaster currently administers the payroll and international payment of pensions for over 50 000 expat pensioners many of whom are former public sector workers receiving an average pension of around pound 5 600 a year The large http://www.actuarialpost.co.uk/article/50--fall-in-expat-pensioners--039--income-4632.htm Thu, 4 Apr 2013 10:05:00 GMT Towers Watson has announced a number of enhancements in the new release of its Igloo financial modelling software for property casualty P C insurers The improvements over the previous software include heightened performance better integration between desktop users enhanced reporting and more extensive functionality within its data control component These enhancements to Igloo 4 2 one of the insurance industry rsquo s market leading financ http://www.actuarialpost.co.uk/article/igloo-4-2-financial-modelling-software-released-4633.htm Thu, 4 Apr 2013 10:05:00 GMT The Steering Committee of the EU US Insurance Dialogue Project to increase mutual understanding and enhance cooperation met in Basel Switzerland on 21st March and agreed on a high level work plan from 2013 to 2017 The parties achieved agreement on a prioritization of objectives and a schedule for the implementation of the initiatives previously agreed upon by the Steering Committee and described in the ldquo Way Forward Document rdquo December 2012 As par http://www.actuarialpost.co.uk/article/eu-us-insurance-dialogue-project-moves-forward-4634.htm Thu, 4 Apr 2013 10:05:00 GMT Early analysis of the 2012 annual results released from two thirds of the UK motor insurance industry suggests that the market will return its best result in five years However despite the Net Combined Ratio NCR improving by almost 20 percentage points the NCR is set to hit around 102 and is unlikely to fall below 100 The results also show that many companies have or will be introducing price reductions during 2012 and 2013 meaning that profitability has already peaked stron http://www.actuarialpost.co.uk/article/report-warns-that-motor-insurance-profits-could-have-peaked-4635.htm Thu, 4 Apr 2013 10:05:00 GMT Majority of European insurers are ill prepared for the looming deadline for the implementation of Solvency II Although the shift from Solvency I to II ndash the new lsquo gold standard rsquo in insurance regulation is beset by significant short term challenges it presents a number of opportunities to those insurers capable of carefully designed and implemented application However continuous delays and uncertainties over the final http://www.actuarialpost.co.uk/article/solvency-ii---the-gold-standard--4636.htm Thu, 4 Apr 2013 10:05:00 GMT Commentary on the European high yield market from Ben Pakenham European high yield portfolio manager at Aberdeen Asset Management Overview There has been much talk recently of a bubble emerging in the high yield space As is the case for much of the fixed income universe both sovereign and corporate names it is certainly true that investors thirst for income has pushed up the prices of so called junk bonds Benchmark returns last http://www.actuarialpost.co.uk/article/high-yield---less-value-but-opportunities-remain-4637.htm Thu, 4 Apr 2013 10:05:00 GMT Standard Life Investments highlights that since the financial crisis a common response has been to call for more regulation of financial services While this is welcome unintended consequences and a lack of co ordination mean that investors need to be aware of possible adverse ramifications In the latest edition of Global Outlook the leading investment house reviews the key drivers of regulatory change and assesses the likely implications for investors The http://www.actuarialpost.co.uk/article/outlook-from-standard-life--the-regulatory-pendulum-4638.htm Thu, 4 Apr 2013 10:05:00 GMT Impact Forecasting the catastrophe model development center of excellence at Aon Benfield has released the latest edition of its monthly Global Catastrophe Recap report which reviews the natural disaster perils that occurred worldwide during March 2013 The report reveals that late season winter weather affected much of Europe throughout the month bringing an extended period of heavy snowfall sub freezing temperatures high winds ice and fl http://www.actuarialpost.co.uk/article/winter-in-march-brings--1-8bn-economic-loss-to-europe-4639.htm Thu, 4 Apr 2013 10:05:00 GMT Defined benefit DB pension plan sponsors in Canada have seen a marked increase in their solvency funding in the first quarter of 2013 thanks to a combination of company contributions a strong equity market and a slight increase in interest rates according to Aon Hewitt The median pension solvency funded ratio ndash or the ratio of the market value of plan assets to liabilities mdash is approximately five percentage points higher at March 31 2013 than at the start of the y http://www.actuarialpost.co.uk/article/canadian-db-plans--039--solvency-improves-in-first-quarter-4622.htm Wed, 3 Apr 2013 10:05:00 GMT In April 2011 HMRC changed the rules relating to the calculation of the maximum annual income for pension income drawdown arrangements and how often the calculation would automatically be reviewed The Government has now decided to make a u turn on this earlier change to allow clients in a 5 year review period to retain their current maximum annual income for the remainder of their statutory review period if they choose to transfer their drawdown fund Skandia http://www.actuarialpost.co.uk/article/hmrc-u-turn-on-drawdown-transfers-will-be-a-damp-squib-4623.htm Wed, 3 Apr 2013 10:05:00 GMT ING Investment Management ING IM says unprecedented challenges facing the insurance sector mean insurers must take significant steps to adapt their investment strategies presenting important opportunities for the investment management industry ING IM sees the insurance sector as an important growth market and plans to increase its focus here by for example offering new insurance specific investment strategies These will include focusing on new and alternative asset classes http://www.actuarialpost.co.uk/article/research-shows-significant-changes-in-allocation-strategies-4624.htm Wed, 3 Apr 2013 10:05:00 GMT Jim Bichard has taken on the role of London Market Insurance leader at PwC Jim is a Partner with 16 years experience at the firm including 5 years in their New York practice He will have responsibility for the firm 39 s activities across all lines of service Audit Tax and Advisory to the Lloyd 39 s London Market and major broker markets He takes this role on from Gavin Phillips who has moved on to a new senior role heading up PwC 39 s Insurance and Asset Management Assu http://www.actuarialpost.co.uk/article/pwc-appoints-jim-bichard-as-london-market-insurance-leader-4625.htm Wed, 3 Apr 2013 10:05:00 GMT The annual cost of unfunded public sector schemes has increased since the introduction of the Hutton reforms according to figures from the Office for Budget Responsibility Tuesday 2 April 2013 This year 39 s Budget report forecasts a pound 10 5bn cashflow shortfall for the schemes in 2012 13 a third higher than predicted in the 2011 budget report The difference between projections from 2011 before reforms designed to make public sector schemes http://www.actuarialpost.co.uk/article/cost-of-public-sector-pensions-up-despite-hutton-reforms-4626.htm Wed, 3 Apr 2013 10:05:00 GMT By Daniel Godfrey Chief Executive Investment Management Association The search for a way to explain fund costs and their impact on performance in a way that actually helps consumers rather than leaving them scratching their heads may not have cost as much blood as the search for the Holy Grail but it probably has cost as much in treasure and generated many times as much heat as light The reason we 39 ve failed so far is http://www.actuarialpost.co.uk/article/investment-fund-cost-and-performance--always-so-complicated--4627.htm Wed, 3 Apr 2013 10:05:00 GMT Improvement of 185 billion over year end deficit of 557 billion more than a 30 reduction Aggregate pension deficit shrank by 107 billion in March to 372 billion Company 10 K filings show actual funded status better than previously estimated partly due to greater than expected contributions The aggregate deficit in pension plans sponsored by S P 1500 companies improved significantly in the first quarter of 2013 decreasing by 185 bil http://www.actuarialpost.co.uk/article/s-p-1500-pension-plan-sponsors-see-funding-levels-rebound-4628.htm Wed, 3 Apr 2013 10:05:00 GMT UK corporate pension deficits rose by pound 60billion to pound 611 billion in March according to Xafinity corporate pension deficits tracker wiping out the previous month rsquo s fall The increase in deficits during March is due to a 0 25 fall in bond yields in the second half of March adding pound 93 billion to the IAS19 liabilities img alt src http www actuarialpost co uk images pic fr17 jpg style width 500px height 191px http://www.actuarialpost.co.uk/article/pension-deficits-jump-to--611bn-as-bond-yields-tumble-4629.htm Wed, 3 Apr 2013 10:05:00 GMT Customers taking out insurance products will be given added peace of mind that their claims will not be declined if they unknowingly fail to disclose information to their insurer under the new Consumer Insurance Act which comes into force on 6th April The Act formalises existing industry best practice to ensure that insurers ask specific questions about information they need to know The Association of British Insurers said l http://www.actuarialpost.co.uk/article/new-act-will-bring-consumers-clarity-on-insurance-cover-4630.htm Wed, 3 Apr 2013 10:05:00 GMT The European Insurance and Occupational Pensions Authority EIOPA has launched a public consultation on Guidelines related to the preparation for Solvency II The purpose of the Guidelines is to support both National Competent Authorities NCA rsquo s and undertakings in their preparation for the Solvency II requirements The Guidelines cover the areas that EIOPA considers fundamental to ensure effective preparation for Solvency II system of governance inclu http://www.actuarialpost.co.uk/article/eiopa-launches-consultation-on-guidelines-for-sii-4615.htm Tue, 2 Apr 2013 10:05:00 GMT A separate UK regulator for conduct risk will boost its importance and is likely to raise costs for financial institutions says Fitch Ratings The newly formed Financial Conduct Authority FCA and Prudential Regulatory Authority PRA will intensify regulatory scrutiny of UK banks and insurance companies The rating agency comments quot We expect the FCA to adopt a strong and broad agenda to improve services and protection for consumers following the banking http://www.actuarialpost.co.uk/article/increased-cost-and-conflict-under-dual-regulation-4616.htm Tue, 2 Apr 2013 10:05:00 GMT http://www.actuarialpost.co.uk/article/introducing-the-financial-conduct-authority-4617.htm Tue, 2 Apr 2013 10:05:00 GMT