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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Zurich Insurance Group Ltd. (ZURVY: OTCQX International Premier) | Home Country News Release – Zurich delivers strong results for the first quarter 2013

Category : Stocks, World News

Zurich Insurance Group Ltd. has filed a Home Country News Release – Zurich delivers strong results for the first quarter 2013 To view the full release click here (link to PDF).

Go here to see the original: Zurich Insurance Group Ltd. (ZURVY: OTCQX International Premier) | Home Country News Release – Zurich delivers strong results for the first quarter 2013

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Britain is turning it’s back on co-operative insurance

Category : Business

Plans to sell off the Co-operative Group’s insurance operations will mark a historic shift, while appetite for co-op insurance continues elsewhere

The Co-operative Group recently announced that it wants to sell off its general insurance operations. If it goes ahead, it will mean the end of almost a century and a half of co-operative insurance in Britain.

The original Co-operative Insurance Society (CIS) was set up in 1867 to provide fire insurance for the rapidly increasing number of retail societies within the co-operative movement. In 1912, it became part of what is now the Co-operative Group following a take-over by the co-operative wholesale societies.

Despite suffering a £662m loss, the group maintains that the general insurance sale is still part of its strategy, following the sale of its life insurance and fund management business. Barring last-minute regulatory issues, Royal London is set to acquire this side of the old CIS business for £219m.

But although Britain is turning its back on co-operative insurance, the rest of the world is not. The desire of co-operatives to be able to insure with one of their own — rather than through a commercial insurer — has allowed successful insurers to become established throughout the global co-operative movement. Indeed, the world’s largest co-operative, Zenkyoren, gets its massive £70bn annual turnover from servicing the needs of the country’s agricultural co-ops.

Zenkyoren was set up in 1951. Six years earlier, a similar process in Canada saw the creation of what has become the Co-operators insurance company, now operating throughout the country. It markets itself on its co-operative ethos and principles and has taken a particularly strong line on issues around sustainability and corporate social responsibility. Like Zenkyoren and most other co-operative insurers, however, it is not directly owned by individual members: it’s a ‘secondary co-op’. It is collectively owned by a consortium of forty-five Canadian co-ops, credit unions and other organisations who jointly appoint its board and share its financial success.

And the impulse which led to Zenkyoren and the Co-operators is still very much alive. In Malawi, for instance, credit unions and co-ops are working hard to create their own national co-operative insurance company. The country’s federation of savings and credit co-operatives, MUSCCO, which already offers basic loan protection insurance, is making common cause with agricultural and consumer co-ops to try to raise enough capital to license a new insurer.

But collectively, co-op insurers are feeling rather chipper at the moment: the market share of the total insurance business held by them has been climbing since the financial crash. According to the International Co-operative and Mutual Insurance Federation (ICMIF), the insurance market share held by co-ops and mutuals has climbed from 23.7% in 2007 to nearly 27% today.

ICMIF is unusual among the international sectorial co-operative federations in having opened its membership to mutual insurers as well as co-operatives. It’s CEO, Shaun Tarbuck, argues that this growth is a direct result of popular disenchantment with shareholder-owned financial businesses with their focus on short-term profit maximisation. “I think organisations that have a values-based strategy are much more appealing to the general public,” he says.

He accepts that, until recently, co-ops and mutual insurers were often coy about promoting their different governance structure, but he says this is now changing. “We’re definitely seeing a trend towards organisations marketing their values, whether this is based on their being member-owned, on sharing profits or on business sustainability,” he says.

This sort of positive endorsement is a welcome turnaround from the situation during the dark days of demutualisation. Britain was particularly badly hit as, one by one, major mutual insurers like Standard Life, Norwich Union and Friends Provident followed the well-trodden building society route and turned themselves from member-owned institutions into plcs. Because of the demutualisations, Britain has now the smallest co-op and mutual market insurance share of any major economy, at around 6%.

The largest remaining life and pensions mutual is Royal London, so at least the Co-operative Group’s former life business will remain in the broader co-op and mutual family. The sale of the general insurance is much less advanced and could conceivably still be cancelled as the group tries to rebuild its long-term strategy following the Lloyds bid withdrawal. But, in the event of a sale, it would sell re-badged insurance products under the Co-operative Insurance name.

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Warren Buffett and board ‘agree’ on next CEO – but name no names

Category : Business

Buffett , 82, says he is ‘solidly in agreement’ with Berkshire Hathaway board members as to who should take over from him

Warren Buffett and the board of his conglomerate Berkshire Hathaway are “solidly in agreement” on who should be the company’s next chief executive, he said at Berkshire’s annual shareholder meeting on Saturday.

But Buffett, as with past practice, did not actually name his successor as CEO.

Speculation usually focuses on a small group of top Berkshire executives, among them insurance boss Ajit Jain and railroad leader Matt Rose.

The 82-year-old Buffett, in response to a shareholder question, said he thinks all the time about what could go wrong at Berkshire after he is gone.

“The key is preserving a culture and having a successor, a CEO that will have more brains, more energy, more passion for it than even I have … We’re solidly in agreement as to who that individual should be,” Buffett said.

Whoever ultimately takes over Berkshire will run a conglomerate that employs more than a quarter-million people in dozens of businesses worldwide, covering everything from ice cream to insurance and retail to railroads.

Its breadth means that its performance is often seen as a barometer for the broader economy. Earlier Saturday, one of Buffett’s top lieutenants said things were picking up but could improve further.

“It feels like a 2% economy. If we want to see GDP click up to 3.5%, 4%, you need to see more construction,” said Rose, CEO of the railroad Burlington Northern, in an interview.

Rose said BNSF was seeing “across the board” increases in demand to ship things like concrete, roofing tiles and cars.

But as much as investors want to hear about Berkshire’s growth potential and the state of the economy, some also attend the meeting just for a good laugh.

The meeting opened, as it does every year, with a video montage. This year’s included a duet between Buffett and singer Jon Bon Jovi and a take-off on the TV series Breaking Bad.

Some of the best comedy, though, usually comes in the verbal sparring between Buffett and Vice Chairman Charlie Munger over the course of the day. The two are close – they usually share an oversize box of peanut brittle during the meeting – but Munger’s acerbic tongue pops out from time to time.

“I come to see Charlie Munger needle Warren Buffett. Only he can,” said Sherman Silber, a doctor and shareholder.

Car insurance prices ‘start to fall’

Category : Business

The cost of motor insurance has fallen by 4.1% over the last year, according to an AA survey of the cheapest deals on the market.

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Psilos Group Releases 2013 Outlook Report on Investment Opportunities — Predicts Golden Age for Healthcare Investing Due to Accountable Care Act

Category : Stocks

Private Health Exchanges, Consumer-Focused Insurance Programs, 21st Century Healthcare Technologies, and Innovations That Reduce Error and Waste Show Most Promise

Read more from the original source: Psilos Group Releases 2013 Outlook Report on Investment Opportunities — Predicts Golden Age for Healthcare Investing Due to Accountable Care Act

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AIG: Too big to ignore? – opinion

Category : Business

AIG has made a big comeback by shedding assets to raise capital and focusing on the boring insurance business.

See the rest here: AIG: Too big to ignore? – opinion

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Health care stocks surge on Medicare rate hike

Category : Business

Shares of U.S. health insurers rallied after CMS announced plans to increase the amount the government pays to insurance firms for its Medicare Advantage plan.

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Prudential fined £30m over AIA bid

Category : Business

Insurance giant Prudential has been fined £30m by regulators over its 2010 bid to buy AIA, an Asian subsidiary of US insurer AIG.

Read more from the original source: Prudential fined £30m over AIA bid

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Allianz SE (AZSEY: OTCQX International Premier) | Allianz enters into a long-term partnership with Yapı Kredi in Turkey and acquires Yapı Kredi Sigorta

Category : Stocks, World News

  • 15-year exclusive bank distribution agreement with the 4th largest private bank in Turkey
  • Acquisition of the non-life as well as life and pension businesses of Yapı Kredi in Turkey
  • Allianz to become the number 1 insurance group in Turkey

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Tourists’ health cover ‘confusion’

Category : Business

British holidaymakers are confused about the medical cover they can expect if they travel abroad, according to a survey by an insurance body.

Link: Tourists’ health cover ‘confusion’

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