MASWAYETU BLOG

Ace to become Chubb in giant merger deal

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Zurich-based global insurer Ace has agreed to buy US-based Chubb Corporation for $US28.3 billion ($37 billion) in what is believed to be the largest-ever deal between two insurance companies.
Ace shareholders will take 70% of the new company, which will operate under the Chubb name.
Ace CEO Evan Greenberg will run the combined company, while Chubb CEO John Finnegan will serve as executive VP for external affairs in North America.
The companies expect to complete the deal during the first quarter of next year.

Too much trust being put into cyber insurance: report

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The financial services industry is placing its trust in cyber insurance rather than companies ensuring their own security defences are up to scratch, new research from global security firm WebSense has revealed.

The sector suffered 300% more cyber-attacks in 2014 than any other sector, the report found, as well as discovering certain malware families were observed up to 400% more frequently in financial services than the norm.

Expert stresses need for cyber risk management changes

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A leading cyber crime expert has warned businesses, particularly in the financial sector, that they need to evolve their risk management techniques if they want to stay ahead of cyber crime.

Sanjay Samuel, head of financial crime Asia Pacific at BAE Systems Applied Intelligence, warned businesses that without a mitigation plan in place, they run the risk of serious breaches.

“There is a lack of cyber security analytics capability and technology in organisations,” Samuel said.

With cyber crime and insurance a hot button issue globally, Samuel noted that key holes in the cyber capabilities of businesses are allowing breaches to happen.

Five minutes with Cody Subritsky Apex Northland

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Why did you get into insurance?
I have been in sales in one form or another since I was 17. And on my returned to NZ in the middle of GFC I was looking for a career and not just another job. I was introduced to the Life side about 5 years ago and found a home there. I found myself enjoying the technical aspect of the industry, sales challenges and the growth opportunities on offer. So I stay and 5 years later, here I am.

Insurer CEO has contract extended

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Tower Chief Executive Officer David Hancock has had his two-year contract extended by up to three months, the insurer said yesterday.

Hancock’s contract with the general insurer was due to conclude on 30 June 2015 but instead it would now run up until 30 September, 2015.

Tower Chairman Michael Stiassny said yesterday that the board had extended Hancock’s contract to enable him to oversee the delivery of a number of strategic initiatives underway in the business.

Global insurance company expands into NZ

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Berkshire Hathaway Specialty Insurance Company (BHSI) has opened its doors in New Zealand and is ready for business.

The company confirmed yesterday it received its licence from the Reserve Bank of New Zealand and is underwriting property and casualty insurance through its new office in Auckland.

"We are pleased to bring the financially strong capacity and customer-centric underwriting and claims handling of BHSI to New Zealand," said Peter Eastwood, Global President and Chief Executive Officer of BHSI.

Far Out Friday: Who is the band under strict orders from their insurers?

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by Maryvonne Gray | 03 Jul 2015

The Who were the big name act headlining on the Glastonbury Festival’s Pyramid Stage last weekend, and it was just as well it was a one-night-only show.

Singer Roger Daltrey has revealed he can no longer perform two nights in a row with The Who – because his insurance company won’t let him.

The 71-year-old said medical experts have warned he needs to rest his voice after recovering from a growth on his vocal chords.

M&A fever strikes

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It’s been described as the busiest quarter for insurance dealmaking in at least 12 years with two huge deals announced this week alone.

First there was the announcement of Willis and Towers Watson merging, followed by the news that insurer ACE had agreed to buy Chubb Corporation for $28.3 billion.

And there has already been HCC and Tokio Marine, Brit and Fairfax, Catlin and XL, Montpelier Re and Endurance and there is the continuing battle between Exor and Axis Capital for PartnerRe.

Insurers have spent more than US$2 trillion on global M&A deals so far in 2015, making it set to be the busiest year for M&A activity.

Insurance could be “Uber”ized, warns Lloyd’s Chief

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Technology and big data analysis trends that have disrupted the transportation trade also threaten the insurance industry, according to Lloyd’s of London Chief Executive Inga Beale.

Beale, who will address the Financial Times Future of Insurance Conference on the topic next week, cites technologies from new players like Google and Walmart in her warning of disruptive changes to the industry and its role of managing risk – a process she calls “Uber”izing.

Data-rich companies like supermarkets and social media networks could branch out into other mainstream retail and wholesale policies, and new competition could arrive in a matter of one to two years.

Health Insurance Companies Seek Big Rate Increases for 2016

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WASHINGTON — Health insurance companies around the country are seeking rate increases of 20 percent to 40 percent or more,

ABAJALO KUKINUKISHA IDDI MOSI

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Dar es salaam, Tanzania

NI SHANGWE! Kama kawaida bendi yako kongwe ya Muziki nchini Tanzania, Abajalo itakuwa katika Hoteli ya Johannesburg iliyopo Sinza Mori kwa ajili ya kukuburudisha katika usiku wa Iddi Mosi.

Jinsi ya kupika tambi za zabibu kavu

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Ni kwa neema ya Mungu tu mpenzi msomaji tumefanikiwa kukutana tena katika safu hii ya Mahanjumati ambapo leo tutajifunza kupika tambi za zabibu kama maombi ya wengi yalivyohitaji.

MAHITAJI

– Tambi – Maji

– Hiliki – Mdalasini

– Zabibu kavu – Sukari

– Mafuta ya kupikia

JINSI YA KUPIKA