Monday 27th September 2010

Thursday 2nd October 2008

In the light of the extraordinary developments in the financial markets AIG Inc. announced overnight that it had secured financial support from the Federal Reserve Bank of New York to resolve liquidity constraints. With regards to AIG UK Limited:

• AIG UK’s ability to pay claims and to protect companies and consumers in the UK and around the world is undiminished
• AIG UK Limited is a stand alone UK regulated insurance company, separate from any other AIG Group legal entity. As a separate company AIG UK retains assets and capital to meet its UK policy obligations ensuring continued protection for its policyholders
• AIG UK Limited is regulated by the Financial Services Authority. It maintains capital in excess of £900 million which exceeds the regulatory requirement and complies with all applicable regulatory requirements
• AIG UK Limited maintains strong liquidity and generates significant positive cash flow
• AIG UK’s financial strength ratings as at 16th September 2008 are A+ from S&P, A1 from Moody’s and AA- from Fitch (ratings “watch negative”)

Wednesday 30th July 2008

Tuesday 11th December 2007

Ann Manning and Rodney Buckland were privileged to be invited to Opening of the new design studio and view the dynamic architecture of Aston Martin’s headquarters at Gaydon in England’s historic Warwickshire, symbolises optimism and confidence.

The building is the embodiment of Aston Martin and its cars, reflecting the power of the idea, the aesthetic and inner beauty of technically advanced solutions and the very soul that comes from hands that create pure sports cars.

Doctor Ulrich Bez CEO addressed the selected audience and explained that the new Design Studio completes his aspirations to have “the best facility of its type in the world, and the perfect showcase of how to design and build innovative sports cars".

The building has been designed by Birmingham-based architects Weedon Partnership together with Aston Martin’s design team to act as the perfect foil to their HQ, also designed by Weedon Partnership. The principles behind the design were

• that it should compliment the dynamic architecture of Aston Martin’s headquarters

• that it should sit in harmony with the Warwickshire parkland setting

• that is should provide the finest environment for the styling of automotive vehicles

Through collaborating with the construction team assembled by Austrian contractor Holzbau Saurer, the building provides an enviable statement of sustainability. Constructed largely of renewable source and oak, with a sedum roof, its use of ground water heating combined with zoned lighting controls and high levels of insulation should ensure very low energy use.

During the evening, with champagne in hand, Ann and Rodney were able to view the various Aston Martin models including the V8 Vantage RS. In addition apart from mingling with guests one of the highlights was to see the actual vehicles used in the Bond films.

Saturday 1st December 2007

As companies all over the country start to organise this year’s Yuletide festivities employers should ensure their celebrations aren’t going to discriminate on grounds of religion. It may sound like a potential minefield, but very few tribunals arise as a result of Christmas parties.

Nevertheless, employers should think carefully about how to approach the office party which traditionally revolves around alcohol. This could fall foul of the Employment Equality (Religion or Belief) Regulations 2003, so employers need to be sensitive to all of their employees’ beliefs. Muslim

workers, for example, might be reluctant to attend a party that involves copious alcohol consumption.

Reports last year claimed that employers were cancelling Christmas celebrations for fear of tribunal action, but draconian measures aren’t necessarily the way forward and allowing alcohol at Christmas parties is unlikely in itself to cause problems.

Problems could arise, however, where excesses lead to bad – even threatening – behaviour. Employers can minimise discontent by organising celebrations designed to include all members of staff.

With regard to office closures over the festive season, employers are within their rights to incorporate such bank holidays into employees' annual holiday entitlement, but this must be written into staff contracts of employment and subject to the minimum holiday requirement.

Unless an employee's contract says otherwise, an employer can specify in advance any period in which their staff may, or may not, take holiday. The legal requirement is at least twice as many days in advance of the start of the period of leave – so if you want staff to take 28, 29 and 30 December as holiday, you must tell them six days before, on 22 December.

Employers could also find it difficult to enforce a shut down without a commercial reason. Of course, if the office is closed, there is nothing unlawful about requiring employees to use their annual leave entitlement to take time off work as long as you give them sufficient notice. Religious discrimination laws are far more likely to be used by religious employees who are not permitted to take leave during a religious festival that has significance for them.

Tuesday 30th October 2007

The former chief executive of the Independent Insurance Michael Bright (62 years) which collapse in 2001 started a seven year jail sentence this week.

Judge Geoffrey Rivlin when sentencing Bright said he was the "architect and driving force" in covering up the company's finances and he "corrupted a lot of people along the way". Bright was also disqualified from being a company director for 12 years.

Dennis Lomas former finance director was sent to jail for four-years together with the ex-deputy managing director Philip Condon who received a three-year sentence after they too were convicted of conspiring to defraud fellow "directors, employees, actuaries, auditors, re-insurers, shareholders, policyholders and others by dishonestly withholding claims data". Lomas and Condon were also disqualified for being a company director for 10 years.

18th October 2007

(article issued by the Association of British insurers 18 october 2007)

Insurance companies are uncovering and preventing fraudulent insurance claims worth over £1 million every day according to latest research from the ABI (Association of British Insurers). The ABI’s latest research into general insurance fraud reveals that:

Insurers are uncovering and preventing fraudulent claims worth £480 million a year, or £1.3 million every day. This is three times the amount detected in 2003.

One in 11 claims - around one million - are in some way fraudulent. Of these 85% involved exaggerating the value of a genuine loss.

Nearly a half of all detected fraud was on household insurance. Typical scams exposed include deliberately damaging carpets then claiming the damage was caused accidentally.

Nick Starling, Director of General Insurance and Health at the ABI, said:
“Fraudulent insurance claims cost £1.6 billion, and add £40 a year to the premiums paid by honest customers. But the industry is fighting back. Insurance cheats are more likely to be caught than ever before. And cheats will pay a high price as future insurance and credit will be more expensive and harder to obtain.” 

Some of the more unusual fraudulent claims uncovered by insurers include:

- A man claimed for ‘recovery expenses’ following a heart attack he suffered while on holiday in West Africa, which was for the services of a local brothel!

- A woman reported her husband for exaggerating his injuries following a car accident hours after he left her having collected a £385,000 compensation settlement.

- A keen amateur footballer claimed to be unable to work following a back injury. His fraud was exposed when a local newspaper carried his picture after he was named as his local football club player of the year.

- A cash-strapped policyholder pushed his car over a cliff then claimed it had been stolen so he could pay his debts.

http://www.abi.org.uk/