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Insurance Segment Taking Shape, Investments Gathering Strengths: Fosun Adheres Comprehensively to the Warren Buffett Model

HONG KONG, Aug. 27, 2014 /PRNewswire/ -- Fosun International Limited (together with its subsidiaries, "Fosun" or the "Group", HKEx stock code: 00656) announces today its interim results for 2014. As at June 30, 2014, net assets attributable to owners of the parent of the Group amounted to RMB43.99 billion, up 11.0% from end-2013. Profit attributable to owners of the parent of the Group amounted to RMB1.83 billion, up 8.4% from the same period of 2013.

Fosun has been persistently making a major stride towards becoming a world-class investment group underpinned by the twin drivers of "insurance-oriented comprehensive financial capability" and "industrial-rooted global investment capability" since the beginning of 2014 to date. Following the completion of the acquisition of the three insurance companies namely Fidelidade, Multicare and Cares under Caixa Seguros e Saude ("CSS") of Portugal ("Fosun Insurance Portugal"); the successful investment in one of the largest independent private banks in Europe, BHF of Germany; the successful acquisition of the Japanese real estate capital management firm IDERA; and signing of an equity purchase agreement with the US insurance company Ironshore Inc., the Group's "insurance-oriented comprehensive financial capability" under the twin drivers development model has already taken on firm foothold. Meanwhile, Fosun will continue to leverage and pursue its another driver of "industrial-rooted global investment capability", seeking to deliver more successful investment cases under the value investing principle.

Insurance funds available for investments close to RMB120 billion

Significant enhancement of Fosun's "insurance-oriented comprehensive financial capability"

Fosun has always been considering the development of the insurance business as a premium path in connecting its investment capability to long-term high-quality capital. Currently, Fosun's insurance business comprises over one-third of its total assets. Fosun's latest investment in insurance business was signing an equity purchase agreement with the US insurance company Ironshore Inc., for acquisition of 20% of its total outstanding ordinary shares (on a fully diluted basis) and to become its largest shareholder. Excluding the investment in Ironshore of which the acquisition has not yet been closed and completed, Fosun's insurance segment comprises four companies, namely Yong'an P&C Insurance, Pramerica Fosun Life Insurance, Peak Reinsurance and Fosun Insurance Portugal, constituting a comprehensive insurance platform underpinned by property and casualty, life, and re-insurance. Following the successful completion of the Fosun Insurance Portugal acquisition on May 15, 2014, Fosun successfully matched and commenced a total of 14 equity and debt investment projects for Fosun Insurance Portugal, including investments in the Portuguese power grid company Redes Energeticas Nacionais SGPS, S.A. (REN), China's leading film distributor with an integrated business chain Bona Film Group, etc., aggregating an investment amount of approximately EUR460 million. Leveraging its successful connection to Fosun's investment capability, the profit attributable to owners of the parent of insurance segment amounted to RMB114.5 million during the first half of 2014, up 19.9% from the same period of 2013, with an investible fund stood at approximately RMB119.06 billion.

Besides investing in the insurance segment, Fosun also extended its footholds to the comprehensive financial area including banking, real estate capital management, securities brokerage and asset management. Fosun succeeded in investing in one of the largest independent private banks in Europe, BHF of Germany in the first half of 2014. For this transaction, Fosun acquired an approximately 19% interest in KBG to secure an indirect ownership of the BHF and the well-established UK private bank with a very long history, Kleinwort Benson, thereby gaining footholds in two big financial hubs, Frankfurt and London. Fosun will capitalize on their connections with billionaires and family enterprises to establish a platform and a network for Fosun's investment businesses in Europe. It is the first time Fosun holds indirect interests in a private-banking business which will successfully enhance its comprehensive financial capability. In addition, Fosun completed the acquisition of a 98% equity interest in a Japanese real estate capital management firm IDERA. Japan is one of the important markets in the global property investment mix for institutional investors. IDERA will become the most important property investment and management platform in Japan for Fosun. After the IDERA acquisition, the Group can efficiently acquire capital and asset management capability in the Japanese property market. In July 2014, Fosun acquired Hong Kong Hani Securities (It is still waiting for the final approval by the SFC). Hani Securities has licenses including for dealing in securities and assets management. Looking forward, it will help secure a foothold for Fosun in supporting "Shanghai-Hong Kong Stock Connect" and start pursuing differentiated assets management business in Hong Kong, while engaging in further development with Fosun's other financial platforms.

Investments gathering strengths

Accomplished successful large-scale global value investment cases based on deep industrial footholds in China

During the first half of the year, Fosun sped up establishment of localized investment capabilities in overseas markets. It proactively invested in local platform entities, put together local partner teams in Europe, the US, Japan, Hong Kong, Southeast Asian countries and regions. Ripping benefits from the significant acceleration of globalization of China's growth momentum, Fosun completed many investments across Asia, Europe and North America. Fosun's global investment strategies are based on "benefits from China's growth momentum" to further implement its "industrial-rooted global investment capability", accomplishing a long list of value investment cases.

On the top of its successful investments in the global leisure resort hotel chain Club Med of France and the Greek renowned fashion retail group Folli Follie, etc., Fosun took its "Combining China's Growth Momentum with Global Resources" investment model further. Since last year until lately, Fosun and funds under its management invested, respectively, in the US high-end female apparel brand St. John, the premium Italian menswear manufacturer Caruso, the world's leading medical and cosmetic energy-based device manufacturer Alma Lasers originated in Israel, the largest lifestyle restaurant chain group in Southeast Asia Secret Recipe, a leading German fashion and lifestyle brand TOM TAILOR, as well as a renowned Spanish premium ham, wines and spirits producer Osborne Group. Fosun believes in co-operation with its investees and partners to discover and share investment opportunities brought about by China's sustaining economic growth.

Fully "Embracing the Mobile Internet": already become a major "mobile internet" investor in China

Facing the comprehensive reform brought about by the internet, Fosun proactively implement its "Embracing the Mobile Internet Strategy". Following the successful investment in Perfect World and completion of the Focus Media privatization, Fosun and funds under its management expanded their mobile internet investments comprehensively in many areas, including the internet medical company Scanadu; the online education companies such as Mofangge, and Uniquedu; the mobile game portal Joyme.com; and the online travel company Lailaihui.com; and Southeast Asia mobile internet company Main Spring, etc. Furthermore, Fosun also invested in high-growth traditional industries ancillary to the internet, including distribution warehousing, freight express, smart logistics systems, etc., such as China Smart Logistics Network (CSN) -- "Cainiao". Fosun and funds under its management also invested in and pushed forward traditional enterprises to innovate and achieve O2O, for example, invested successfully in Ali Small-Loan and participated in its rapid growth. In the first half of 2014, the Group has a total of 18 PE and VC projects in the internet sector, for investment amounts aggregating approximately RMB1.85 billion.

Spearheaded investments in industries associated with middle-class lifestyles

Exponential growth in successful cases of experience-driven consumption and consumption upgrade

China's middle class population is growing rapidly, and the middle class lifestyles are set to become the major driver of consumption in the country. Fosun is eyeing on investment opportunities brought about by the changing lifestyles of the middle class in China, extending its footholds in experience-driven consumption in tourism and the filming and television entertainment industry, as well as focusing on investments in consumption upgrades, etc.

Fosun further extended its investment footholds in experience-driven consumption in the first half of 2014, initiated at a high starting point in the filming and television entertainment industry by investing in Studio 8, an US Hollywood multi-platform media company; increased its holding in Bona Film Group and became the second largest shareholder; and signed a strategic cooperation agreement with one of China's largest and strongest modern film groups Shanghai Film Group. For experience-driven tourism consumption investments, besides the investment in China International Travel Services and the increased holding in Shanghai Yuyuan Tourist Mart, Fosun continued to develop the world's third ultimate high-end hotel and ocean theme park Atlantis Resort along the Haitang Bay National Coast in Sanya, Hainan, with Kerzner Group, while facilitated Club Med's expansion in China and on the heels of Yabuli and Guilin resorts, Club Med has already beta-launched its third resort in China this year. Meanwhile, Fosun persists in its focus on investments in consumption upgrades. Since the beginning of 2014 to date, Fosun and funds under its management invested in the leading lifestyle restaurant chain group in Southeast Asia Secret Recipe, a renowned Spanish premium ham, wines and spirits producer Osborne Group, a leading German fashion and lifestyle brand TOM TAILOR etc.

Transformation of traditional property businesses: Full landing of "Hive Community", a PPP urbanization model that pioneered "provision of core urban functions, industry-backed urban development and urban-industry integration"

Implementing the new model of urbanization is a major highlight of the Central Government, and a major driver of the sustaining economic development in China. Hive Community is a product integrated Fosun's industrial resources to assist local governments in the construction of core urban functions, with a key feature of "industry-backed urban development and urban-industry integration". Through providing core urban functions required by the cities, Fosun is able to take a lead in introducing its core industrial resources and to further introduce ancillary industries that support the core industries, with a view to promoting "Urban-Industry integration" by establishing a 24-hour plus 3-in-1 vibrant community for work, consumption and living, as well as introducing living and consumption services industries. The Hive Community products, therefore, provide clear and distinctive functions with active dispersal of peripheral services. They also provide adequate and diverse job opportunities (no more dormant cities, ghost cities), seeking to constitute functional communities that drive employment by industries. As such, a new model of communities which is self-sufficient and built with flexible combination of modules comprising different functions are established.

In the first half of 2014, Fosun combined its resources to fully extend property businesses migration, securing a foothold to the "Hive Community" development. Currently, Fosun has been exploring actively in this area with several satisfactory case studies: Financial Hive -- BFC on the Bund in Shanghai and Chengdu Financial Hive; Healthcare Hive -- Shanghai Starcastle Senior Living community; Culture Hive -- Shenyang Yulong City and Dongyang Woodcarving City; Tourism Hive -- Atlantis Resort in Hainan; and Logistics Hive -- Tian Mao Plaza in Xiangyang and Ankang; comprising GFA aggregating 3.96 million sq.m.

Signficant results from long-term vigilance on and grasping of opportunities from China's SOE mixed ownership reforms

The Third Plenary Session of the 18th Communist Party of China Central Committee proposed to "actively participate in mixed ownership reforms" which confirmed the overall direction for SOE reforms. Mixed ownership reforms are an important move for China's further reform and opening up, deepening the SOEs reform and enhancing the state-owned assets management system and the economic system. In the past ten years, Fosun actively invested in 21 SOE restructuring projects in a number of industries, accomplished a base of valuable experiences. To grasp opportunities in history, Fosun has been actively participating in mixed ownership reforms since The Third Plenary Session of the 18th Communist Party, and invested in several leading corporates in China as Sanyuan Food in dairy industry, CNFC Fishery in overseas fishing industry and Zhongshan Public Utilities in professional environmental protection industry. (Sanyuan Food project and CNFC Fishery project are still waiting for final approval by the China Securities Regulatory Commission)

Outlook

Led by a spiritual courage of "Reinitiating two decades of entrepreneurship", Fosun will follow the trends by combining resources, continue to enhance and implement its twin drivers of "insurance-oriented comprehensive financial capability" and "industrial-rooted global investment capability", enabling the Group to better and timely grasp the value investing opportunities and making a major stride towards becoming a world-class investment group.

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ACE Life Partners with AEON to Offer Life Insurance Through Telesales Channel

BANGKOK, Aug. 22, 2014 /PRNewswire/ -- ACE Life, the global life insurance division of ACE Group, today announced a partnership with AEON Insurance Service (Thailand) Company Limited to jointly offer a range of life, personal accident and health insurance products to AEON Thana Sinsap (Thailand) PLC's customers countrywide via telemarketing.  With the opening of ACE Life Telemarketing Call Center at Ted's House Building, customers can conveniently purchase life insurance on the phone. 

To provide innovative products via this newly launched distribution channel, ACE Life has launched the 'Two in One Protector' plan specifically for this new segment of customers.  It provides death coverage from sickness and accident, dismemberment and total permanent disability from accident.  Premiums start from  as low as seven baht per day with medical expense benefit of 15,000 baht per accident.

Kevin Goulding, Regional President of ACE Life in Asia Pacific said, "Thailand is one of the core markets for ACE Life in Asia Pacific and our partnership with AEON signifies a milestone in our company's strategy to  expand our  distribution channels.  Committed to strive for better service to our customers, we aim to deliver value added financial protection solutions to our Thai customers."

Sally O'Hara, Country President of ACE Life Assurance Public Company Limited commented, "We are delighted to be partnering with AEON Insurance Service (Thailand) to provide innovative life insurance products to AEON Thana Sinsap (Thailand) PLC's customer base.  Our partnership leverages ACE Life's multi-channel business and service model in Thailand and we look forward to building a long and rewarding relationship with AEON." 

Kevin Goulding, Regional President of ACE Life in Asia Pacific (center) and Sally O'Hara, Country President of ACE Life in Thailand (left) together with Sakarabhop Dhivarakara, Managing Director of AEON Insurance Service (Thailand) Company Limited (right) presided over the grand opening ceremony of the "ACE Life Telemarketing Call Center" at Ted's House Building on August 6, 2014
Kevin Goulding, Regional President of ACE Life in Asia Pacific (center) and Sally O'Hara, Country President of ACE Life in Thailand (left) together with Sakarabhop Dhivarakara, Managing Director of AEON Insurance Service (Thailand) Company Limited (right) presided over the grand opening ceremony of the "ACE Life Telemarketing Call Center" at Ted's House Building on August 6, 2014

ABOUT ACE LIFE IN THAILAND

ACE Life Assurance Public Company Limited (ACE Life) is part of the ACE Group, one of the world's largest multiline property and casualty insurers. With operations in 54 countries, the ACE Group provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. The ACE Group's core operating insurance companies are rated AA for financial strength by Standard & Poor's and A++ by A.M. Best.

Specifically to meet the needs of financial protection and security of its broad range of customers, ACE Life in Thailand (ACE Life Assurance Public Company Limited) offers a comprehensive range of quality life insurance products and services.  The company partners with financial institutions and other companies to tailor individual policies for their clients and employees while ACE Life's team of over 2,500 agents service and support customers throughout the nation.  

More information can be found at www.acelife.co.th.

ACE Life, ACE Group of Companies and ACE Limited are registered trademarks of ACE Limited.

Photo - http://photos.prnasia.com/prnh/20140821/8521404707

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Solid Performance in Asia Contributes to Ageas’ Growth

HONG KONG, Aug. 7, 2014 /PRNewswire/ -- Ageas Announces 6 month results 2014 (Note 1) -- Asia Financial Highlights

Ageas posts solid first half insurance results

  • Net profit of insurance operations was EUR 340 million
  •  Group inflows (at 100%) up 10% to EUR 13.8 billion, largely driven by Life inflows in Asia (+15%) and Continental Europe (+24%)
  • Group net profit of EUR 31 million
  • Insurance solvency ratio at 208%; Group solvency ratio at 203%.   General Account net cash position at EUR 1.6 billion (vs. EUR 1.9 billion at the end of 2013)

Strong Life new business growth while delivering good profit in Asia

  • Ageas Asia's net profit at EUR 78 million vs. EUR 66 million (+19%) of which EUR 16 million originated from its Hong Kong operations
  • Asia's inflows at EUR 6.7 billion vs. EUR 5.9 billion (+14%)
    • Mainland China's inflows increased 20% to EUR 4.8 billion, with new business premiums up 19% to EUR 2.7 billion. The bank channel and the agency channel both contributed to this growth.
    • Thailand's Life inflows were up 15% to EUR 884 million. Life new business premiums were up 24% to EUR 434 million. Non-Life inflows were up 5% to EUR 110 million across all lines of business.
    • Malaysia's life inflows amounted to EUR 274 million. Non-Life premiums were EUR 301 million.
    • Hong Kong's inflows increased 5% to EUR 227 million.
    • India's inflows were EUR 50 million.
  • Strong solvency in Asia (including non-consolidated operations) at 244%

Announcing the 6 month results 2014, Gary Crist, Chief Executive Officer of Ageas Asia commented:

"We have solid contributions from all countries within the region especially from Mainland China. Inflows were up 15% to EUR 6.3 billion, with non-consolidated partnerships taken at 100%. While the second quarter showed good growth, Ageas benefited from an especially strong first quarter. Higher new business sales mostly originated from Mainland China and Thailand resulting from successful sales campaigns and continued channel development, including a strong increase in the number of agents. Renewal premiums were again up significantly (+17%) to EUR 2.8 billion benefiting from strong sales last year and continued good persistency across all entities."

Please visit http://www.ageas.com for full details of the press release.  

Note:

1. All 6 month 2014 data are compared to the 6 month 2013 figures unless otherwise stated.

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Banco Bradesco 1H14 Results


SAO PAULO, July 31, 2014 /PRNewswire/ -- The main figures obtained by Bradesco in the first half of 2014 are presented below:

  1. The Adjusted Net Income(1) for the first half of 2014 stood at R$ 7.277 billion (an increase of 22.9% compared to the Adjusted Net Income of R$ 5.921 billion recorded in the same period in 2013), which is equivalent to R$ 3.23 per share, and returns of 20.7% on the Adjusted Average Equity(2).
  2. Adjusted Net Income is composed of R$ 5.165 billion from financial activities, representing 71.0% of the total, and
    R$ 2.112 billion from insurance, pension plan and capitalization bond operations, which together accounted for 29.0%.
  3. Bradesco's market capitalization on June 30, 2014 was R$ 134.861 billion(3), up 8.1% compared to June 30, 2013.
  4. Total Assets stood at R$ 931.132 billion in June 2014, up 3.8% over June 2013. Return on Average Assets was 1.6%.
  5. In June 2014, the Expanded Loan Portfolio(4) reached R$ 435.231 billion, up 8.1% over June 2013. Operations with individuals totaled R$ 135.068 billion (up 9.6% over June 2013), while operations with companies totaled R$ 300.163 billion (up 7.5% over June 2013).
  6. Assets under Management stood at R$ 1.305 trillion, up 5.8% over June 2013.
  7. Shareholders' Equity stood at R$ 76.800 billion in June 2014, up 16.3% on June 2013. The Capital Adequacy Ratio stood at 15.8% in June 2014, 12.1% of which was classified as Common Equity/Tier I.
  8. Interest on Shareholders' Equity relative to the first half of 2014 was paid and recorded in provision to shareholders, in the amount of R$ 2.396 billion,being R$ 0.497 billion in monthly installments and R$ 1,899 billion recorded in provision.
  9. The Interest Earning Portion of the Net Interest Income stood at R$ 22.805 billion, up 8.2% compared to the first half of 2013.
  10. The Delinquency Ratio over 90 days dropped 0.2 p.p. in the last 12 months and stood at 3.5% on June 30, 2014 (3.7% on June 30, 2013).
  11. Efficiency Ratio (ER)(5) in June 2014 was 40.9% (41.8% in June 2013), whereas the adjusted-torisk ratio stood at 50.0% (52.6% in June 2013). It is worth mentioning that, in the second quarter of 2014, we recorded the best quarterly ER (38.6%) in the past 5 years.
  12. Insurance Written Premiums, Pension Plan Contributions and Capitalization Bond Income totaled R$ 25.442 billion in the first half of 2014, up 5.2% over the same period in 2013. Technical Reserves stood at R$ 142.731 billion, up 8.3% compared to June 2013.
  13. Investments in infrastructure, information technology and telecommunications amounted to R$ 2.211 billion in the first half of 2014.
  14. Taxes and contributions, including social security, paid or recorded in provision, amounted to R$ 14.116 billion, of which R$ 5.156 billion referred to taxes withheld and collected from third parties, and R$ 8.960 billion from Bradesco Organization activities, equivalent to 123.1% of the Adjusted Net Income(1).
  15. Bradesco has an extensive customer service network in Brazil, with 4,680 Branches and 3,497 Service Branches – PAs. Customers can also use any of 1,175 PAEs – ATMs (Automatic Teller Machines), 48,186 Bradesco Expresso service points, 31,509 Bradesco Dia & Noite ATMs and 16,103 Banco24Horas ATMs across the country.
  16. Payroll, plus charges and benefits, totaled R$ 5.651 billion. Social benefits provided to the 99,027 employees of the Bradesco Organization and their dependents amounted to R$ 1.401 billion, while investments in training and development programs totaled R$ 53,581 million.
  17. In May 2014, Bradesco BBI participated as one of the coordinators and joint bookrunners of a securitization transaction for Ford Motor Credit Company in the U.S., involving a US$ 1.04 billion transaction; this is the second time Bradesco BBI participates in funding operations for the U.S. automaker.
  18. In May 2014, Banco Bradesco and Banco do Brasil, via its subsidiary Companhia Brasileira de Solucoes e Servicos ("CBSS"), created the company LIVELO S.A. ("LIVELO"). The coalition loyalty program allows customers to accumulate and redeem points from multiple partners. The effective deployment of operations is conditioned to due compliance with applicable legal and regulatory formalities.
  19. In July 2014, Banco Bradesco signed a new "Tecban Shareholders' Agreement", including the main Brazilian retail banks, covering the consolidation of external ATM networks by the Banco24Horas ATM Network within a fouryear term, ultimately enhancing the efficiency and quality/reach of customer services rendered. The effectiveness of such Shareholders' Agreement is subject to preceding conditions, including due approval from competent regulatory entities.
  20. In July 2014, Bradesco entered into a strategic partnership with IBM Brazil, which will take over the operational structure and all maintenance and support contracts entered between Scopus Servicos, an Organization Bradesco company, and its other customers.
  21. Major Awards and Acknowledgments in the period:
  • For the third consecutive year, Bradesco was named "Best Brazilian Bank" by Euromoney Awards for Excellence. In addition Bradesco BBI was chosen as best Brazilian Investment Bank (Euromoney magazine);
  • Among financial institutions, Bradesco led the ranking of most valuable brands in Brazil (IstoE Dinheiro magazine and BrandAnalytics/Milward Brown Optimor consulting firm); and
  • Stood out as the only Brazilian bank ranked among the "Best Companies to Work for in Latin America" for the second consecutive year, under the "Companies with over 500 employees" category (Great Place to Work consulting firm).

The Bradesco Organization fully complies with best global sustainability and corporate governance practices, particularly: Global Compact, PRI (Principles for Responsible Investment), Equator Principles, Carbon Disclosure Project and Green Protocol. Our sustainability actions, strategies and guidelines are guided by best corporate governance practices. The Organization's main activities focus on banking inclusion, social and environmental variables for loan approvals and product offerings, based on social and environmental aspects. Regarding responsible management and engagement with stakeholders, we highlight activities geared towards valuing professionals, improving the workplace, client relations, managing suppliers and adopting environmental management practices. We also highlight the Organization's role in Brazilian society as one of its leading social investors, supporting education, environment, culture and athletic programs.

With its 57-year history of extensive social and educational work, Fundacao Bradesco has been a stalwart supporter of such programs, and operates 40 schools across Brazil. In 2014, an estimated budget of R$ 523.434 million will benefit approximately 105,672 students in its schools, in Basic Education (from Kindergarten to High School and Vocational Training at the High School level), Education for Youth and Adults, and Preliminary and Continuing Qualification focused on the creation of jobs and generation of income.

(1) According to the non-recurring events described on page 8 of this Report on Economic and Financial Analysis; (2) Excludes mark-to-market effect of Securities Available for Sale recorded under Shareholders' Equity; (3) Number of shares (excluding treasury shares) multiplied by the closing price for common and preferred shares on the last trading day of the period; (4) Includes sureties and guarantees, letters of credit, advances of credit card receivables, co-obligations in loan assignments (receivables-backed investment funds and mortgage-backed receivables), co-obligations in rural loan assignments and operations bearing credit risk – commercial portfolio, which includes debentures and promissory notes; and (5) In the last 12 months.


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OIL Announces an Increase in per Occurrence Limits to $400 Million

HAMILTON, Bermuda, July 30, 2014 /PRNewswire/ -- At its July 23rd, 2014 Board of Directors meeting, Oil Insurance Limited (OIL) elected to increase its per occurrence limit from $300 million to $400 million and the event aggregation limit from $900 million to $1.2 billion effective January 1st, 2015. Furthermore, OIL will give its members until January 1, 2017 to move to the $400 million limit in order to facilitate the adoption of the additional $100 million limit into their insurance programs. Atlantic Named Windstorm (ANWS) limits will remain the same at $150 million part of $250 million with a $750 million event aggregation limit.

Robert D. Stauffer, President & CEO, said that the decision to increase the limit was supported by a significant majority of the members who requested the increase in a membership survey conducted in May of this year. "Our members were clear that an increase in limits would be very helpful in their quest to keep pace with the significant investments they are making in Oil & Gas projects around the world. It is not uncommon for our members to invest in $10-$40 billion projects and our "All Risks" policy can seamlessly and directly take them through the construction phase and into operation without the concern of coverage challenges. Our goal at OIL is to constantly evolve our value proposition to accommodate the current needs of our members and increasing limit does just that. The current limit increase closely follows a $300 million cash dividend in 2014, a $100 million premium credit in 2013 and a prior limit increase of $50 million in 2012."

For more information about OIL's property coverages and related value go to http://www.oil.bm.

Oil Insurance Limited (OIL) insures over two trillion dollars of global energy assets for more than fifty members with property limits up to $400 million totaling more than thirteen billion dollars in total A- rated property capacity. Members are medium to large sized public and private energy companies with at least $1 billion in physical property assets and an investment grade rating or equivalent. Products offered include Property (Physical Damage), Windstorm, Non Gradual Pollution, Cyber, Control of Well, Terrorism, Construction and Cargo. The industry sectors that OIL protects include Offshore and Onshore Exploration & Production, Refining and Marketing, Petrochemicals, Mining, Pipelines, Electric Utilities and other related energy business sectors. 

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Publication of the Programme for the World Congress on Safety and Health at Work 2014

BERLIN, July 17, 2014 /PRNewswire/ --

Top-level guests at the world's biggest safety & health convention - Day passes now bookable - Information for journalists 

A world without serious accidents at work - this is the vision that will be discussed by politicians, scientists and experts from all over the world at the XX World Congress on Safety and Health at Work, which is taking place in Frankfurt am Main from 24 to 27 August 2014. The emphasis is on such themes as innovation for better occupational safety & health, the promotion of health at work, environment, safety & health, and diversity & inclusion. Companies and organisations are presenting the latest trends and findings on accident prevention. At the simultaneously held International Media Festival on Prevention, films and information products on safety & health are being presented. 4,000 participants from more than 130 countries are expected. A number of celebrities - among them German Federal Minister of Labour Andrea Nahles - have pledged their attendance. Journalists can gain accreditation via the congress website.

Safety & health at work are key elements of sustainability and economic development. According to the International Labour Organisation (ILO), more than 300,000 people worldwide lose their lives each year due to accidents at work and more than 2 million due to work-related diseases. It is estimated that about 4 per cent of world gross domestic product is lost due to occupational accidents and work-related diseases.

The World Congress is being held by the ILO and the International Social Security Association (ISSA) together with the German Social Accident Insurance (DGUV) as the national host. DGUV is the umbrella association of the accident insurance institutions who insure a total of 76 million people in Germany against work- and school-related and commuting accidents and occupational diseases.

Top-level politicians expected 

The congress will focus on prevention strategies like Vision Zero, diversity in the working world, and challenges for health at work. The spectrum of topics ranges from the prevention of psychosocial risks, ageing workforces, job insecurity, new energy sources, materials and nanotechnology to the development of a sustainable prevention culture. The programme can be viewed as of now on the congress website. The dynamic congress planner enables participants to compile their personal programmes. Day passes can now be booked.

Along with experts from science, safety & health, and industry, top-level politicians are expected at the congress - among them Andrea Nahles, German Federal Minister of Labour and Social Affairs, Laura Räty, Finnish Minister of Social Affairs and Health, Richard Riot Anak Jaem, Malaysian Minister of Human Resources, and Hawazi Daipi, Parliamentary Secretary of State for Education and Labour in Singapore.

New interactive event formats 

In addition to classical event formats, the congress is also going new ways in presentation: at the "Forum for Prevention", for example, the latest news from research, and proven and transferable examples of good practices and cooperation will be presented in a kind of market hall. Another highlight is the International Media Festival for Prevention (IMFP), an international competition for the best films and digital media on occupational safety & health. A total of 290 entries from 33 countries are competing for the International Media Award for Prevention. On the outdoor fairgrounds, the Agora, exhibits on traffic safety, among others, will be on show. Immediately after the 2014 World Congress, the trade fair "Arbeitsschutz Aktuell" is taking place at the exhibition centre.

The programme for the 2014 World Congress and information on how to register can be obtained here: http://www.safety2014germany.com

Information for journalists: The diversity of topics covered by the World Congress is not only of interest to safety & health journalists, but those investigating environmental, health, economic and development issues will also find opportunities for broader reporting and research here. For journalists from the fields of health communication and film, the International Media Festival for Prevention offers material and occasions for reporting. Free accreditation is possible via the DGUV press office. Further information can be found here: https://www.safety2014germany.com/en/news/news.html

German Social Accident Insurance (DGUV)
Media relations
Stefan Boltz
Tel: +49-30-288763-768
E-Mail: presse@dguv.de
Fax: +49-30-288763-771
Mittelstrasse 51, 10117 Berlin, Germany

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Asians Want To See Official Retirement Ages Rise — Manulife Survey

Retirement age increases needed to mitigate impact of aging populations Greatest public support in Indonesia, Malaysia and Philippines; opposition in China Official retirement ages rising in Asia, but some left behind amid region-wid...

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