July 2010The Newsletter of the Association of Insurance and Risk Managers

SPECIAL CONFERENCE EDITION

Also in this edition…Too good to be true? Market

conditions remain soft and

insurers are falling over

themselves to improve their

service, according to the

conference Insurance Forum

Page 4

Reputation risk the top

member worry Page 10

Boards continue to ignore risk

Page 11

Casualty benchmark results

published Page 12

Passion and politics ‘key to

career development’ Page 13

Report on risk architecture

Page 14

Chairman hails successful year

Page 15

AGM approves changes to

Airmic membership and

governance Page 16

New chair pledges to increase

accessibility Page 17

The biggest and best Airmic

conference as seen by

photographers Pages 18-19

Reports from the lectures

and workshops Pages 20-27

Diary Page 28

Airmic marketplace Pages 29-30

Airmic in double-barrelledcampaign on insurance claimsAirmic used the conference to unveil its plans to guarantee a fair and proportionateresponse from insurance companies when clients innocently fail to declare‘material’ information. The association has also written to the Law Commissionurging penalties when insurers are slow to pay claims. More pages 7 & 8

Moore calls for cultural changes to aid risk management

Paul Moore, the risk manager at HBOSsacked after warning his chairman thatthe company was taking unacceptablerisks, told the Airmic annual conferencethat technical knowledge on its ownwould achieve little. Relationships with colleagues were key to influencingoutcomes. Without the right culture, governancecould be no more than ‘a veneer’. Report page 2

Former M15 head to giveAIRMIC lecture

Baroness Eliza Manningham-Buller,director general of MI5 from 2002to 2007, will give the Airmiclecture on September 22. Herperiod in office spanned 7/7, theGulf and Afghan conflicts and theglobal war on terror.

She will speak about the balancebetween national security and civil liberties. The event is free for members, with a drinksreception afterwards.

Paul Moore outlines steps to strengthen position of risk managementPaul Moore, who was sacked by HBOS after warning his chairman that the firm was heading for disaster, called for risk management to be “professionalised” tostrengthen the hand of practitioners.

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Giving a keynote speech at the annualconference, he said that improvedgovernance and cultural change werealso essential to avoid future corporatefailures like the one suffered by hisown company.

The person who once describedhimself as “a man in a rowing boattrying to slow down an oil tanker”gave the big audience a fascinatinginsight into his experience and itsimplications. The main thrust of histalk was the change needed to ensurethat risk managers have the clout andsupport to do their jobs properly

without fearing the consequences. His three big themes: culture;professionalisation and improvedgovernance.

Culture, Moore argued, was moreimportant to risk management thanprocess and structure. “Governancecan be merely a veneer,” he said.“HBOS had more processes in the name of risk management than you could possibly imagine.[They became] a disease that clouded judgement.”

Developing a growing Airmic theme

PAUL MOORE 2▲Paul Moore: “Reputational risk is

often caused by cultural problems.”

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– the need to develop soft skills - hesaid that relationships with colleagueswere more important in influencingoutcomes than technical content. Infact, his message at HBOS had beenjust commonsense, but he had stillfailed because the right people werenot listening. “It was really aboutgreed,” he said.

Turning to capability, competenceand professionalism, he called for risk management to have its ownrecognised profession “to the samelevel as actuaries, lawyers andaccountants so we have a duty to our professional bodies as strong as the board.”

On governance, he said there hadbeen an “inadequate separation ofpowers between the executive and allthose accountable for overseeingtheir actions.” The executives, headded, had more power in relation

non-execs than was healthy.

Looking ahead, Moore said bankshad returned pretty much to businessas usual without grappling with theissues that had caused the financialcrisis. “There is more betting thatgoes on in banking than banking,” he commented.

Banks, he pointed out, still channelmore than two thirds of their loanstowards home buyers instead of thereal economy. Tellingly, banks havemore money on deposit fromindustry than they actually lend outto businesses.

It was, however, culture that took upthe largest chunk of his talk. Hedismissed the suggestion that it wasunimportant because it wasintangible. “Culture is a big part ofrisk ... We’ve got to find a way ofbeing analytical about it,” he said.

“Reputational risk is often caused by

cultural problems because people don’t listen,” he added in areference to the latest surveyshowing reputation to be thenumber one concern of Airmicmembers. He said that ethical failureswere often involved.

His description of the culture withinHBOS in the run-up to its failurecreated a picture of an organisationwhere sales were more importantthan anything else. This was wellsummarised by two facts: the head ofrisk in the retail division told himthat focus on risk matters had nopriority; and the person who took hisposition when he was dismissed had asales rather than risk background.

Although Moore has been portrayedin the media as an heroic figure, itwas not a happy time. “Being treatedlike toxic waste is a very unpleasantexperience,” he said.

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Soft market not over yet, conference told The soft insurance market is here to stay for a while longer, according to the panel offour top executives who took part in the conference Insurance Forum. Airmicmembers may believe that prices have stopped falling according to the latest survey,but nor are they going up very much if at all. Cover is still going at favourable pricesfor companies that can demonstrate good risk management.

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“I don’t believe in big bangs,” AllianzGlobal Corporate’s London chiefexecutive Andreas Berg told theinsurance conference forum. Despitehardening in some segments wherethere have been large lossexperiences, he had not seen anywidespread increases in rates.

“The market only movessignificantly on balance sheet events... and that’s because most insurersare in reasonably good health,”agreed Richard Pryce, president ofACE UK. More and more, he said,

insurers were seeking to differentiateon service – an area where buyerswere “increasingly discerning”.

Good news, then, for most of theaudience – insurers keeping theircosts down and falling overthemselves to provide a good service.The two brokers on the panelcontinued the optimistic theme.Brendan McManus, chief executiveofficer Willis UK, said conditionsremained soft with new insurersentering the market. “I don’t see anyhardening anywhere, so it’s good for

the buyers. Everyone’s competing forbusiness,” concurred Heath Lambertchief executive Adrian Colosso.

The discussion then moved to “thebig monster on the horizon,” as thechair Adrian Ladbury describedSolvency II. The panel were of theview that the final shape of thereform, due to come in at the end of2012, is still unclear and anypronouncement on its impact willtherefore have to wait.

Pryce questioned the value of thewhole process (“Insurer security is

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already pretty damn good ... Whatgood did Basel 2 do for the banks?”).He also expressed the possibility thatthe greater capital demands mightlead to higher insurance prices.

Inevitably, the discussion returned tothe effect of Solvency II on Captives,with similarly inconclusive results. As the panel pointed out, there aremany different types of Captive. “Itdepends what you have a Captive forin the first place,” said McManus.

Can the market meet the so-calledemerging risks, asked the chair. “Ithink carriers have a good record ofresponding to new risks,” said Pryce,stressing the importance of clients,

brokers and underwriters workingtogether to achieve the best results.

McManus said that risk managersshould assist by being more openabout their risks and pointed outthat “there’s inevitably going to be a

time lag between a risk emergingand a product emerging.”

Berger agreed with these sentiments.“Risk carriers,” he said, “aresometimes overwhelmed with thepace of change.”

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The panel. From left to right, Adrian Colosso, Andreas Berger, Adrian Ladbury (chair), Richard Pryce, Brendan McManus

▲

At the end of the day, it’s all about engagement, capacity and the ability to innovate within

brokers and underwriters.Adrian Colosso

““

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“At the end of the day,” said Colosso,“it’s all about engagement, capacityand the ability to innovate withinbrokers and underwriters.”

As the discussion turned to brokertransparency, Ladbury asked if any in

the audience felt their intermediarieswere providing insufficientinformation about theirremuneration. A few people raisedtheir hands, leading both the brokerson the panel to express surprise that

any buyer could not get the factsthey needed.

The disruption caused by volcanicash led to a discussion about non-damage business interruption. Themessage came back that the marketwas onto the case – but it would notbe easy. As Pryce pointed out, it isdifficult to assess a risk when you donot even know what it is. Whilstopen-ended cover was out of thequestion, he envisaged a gradualprocess building up from limitedamounts of cover.

Finally, the panel was wide of themark on one important issue - notthat they will be complaining. Theyfelt a big rise in Insurance PremiumTax to be inevitable in GeorgeOsborne’s first budget, withpredictions of the rate doubling orworse. It is sometimes good to beproven wrong.

FORUM 6

A lively question and answer session followed

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information. An insurer that can showthere has been a breach in that duty,even if inadvertent and unrelated tothe claim, can avoid the claim or eventhe policy itself.

“Most of our members purchasecover for companies with multipledivisions spanning many countriesand are subject to constant change.It’s just not possible for a complexorganisation to ensure that theydeclare everything which a thirdparty (i.e. the insurer) might deem tobe material at some later stage.

“The UK has the most customer-hostile disclosure legislation in anymajor western country and it risksundermining confidence in theinsurance promise. Our proposals arealso in the interests of the Londonmarket,” he said.

Airmic’s plans

The association will be sending aguide to members in the autumn with

three main objectives: to eliminateinnocent non-disclosure as a reasonfor avoiding a claim; to define whereknowledge rests within anorganisation; and to ensureproportionality of penalty where therehas been non-disclosure.

Talks have been taking place with all its insurer-partners about theinsertion of side agreements andclauses into contracts to achieve theseobjectives. Hurrell says the feedbackhas been “overwhelminglyunderstanding and supportive, butinevitably this is going to take time”.

A strong message to come back fromthe market is that it is not possible tofind a single solution that works withall insurers – a clause that would suitinsurer A may be inappropriate forinsurer B, for example.

The guide will, therefore, set out theobjectives that buyers should achieve,and the approach of each Airmic

insurer-partner to the question ofnon-disclosure. It will then be forindividual risk managers to use thisinformation in discussion with theirunderwriters and brokers. Theassociation’s Insurance SteeringGroup will liaise with members and monitor how the arrangementswork in practice.

“We’re seeking a new approach frombuyers, underwriters and brokersalike,” said Hurrell. “Above all, weneed a culture change where theunderwriting takes place when theinsurance policy is purchased. If theunderwriter has any awkwardquestions he or she should ask themat this stage, not when a claim ismade. For their part the buyers need to start their data andinformation gathering earlier in theprocess than has historically beenthe case, whilst brokers owe it totheir clients to help them avoid thepitfalls of non-disclosure.”

NON-DISCLOSURE 9

Airmic presses law commission on late claims payment (continued from front page)

Insurance companies should expect to pay damages to their clients when they areslow to pay claims, according to Airmic’s response to the Law Commissionconsultation paper on the subject.

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The association’s submission arguesthat the law as it currently standsdiscourages reasonable behaviour byinsurers since there is no penalty forlate payment. Yet delays in receivingcompensation can in some cases makeall the difference between a businesssurviving or not.

“Effective indemnity depends asmuch on the timing of payments asthe adequacy of the final settlementif a business is to survive the post-loss recovery period,” says theAirmic response. “The issue ... hasbecome even more acute in view ofthe increased difficulty and expense

of obtaining bridging finance from banks.”

The document goes on to say thatAirmic members with overseasoperations are at a competitivedisadvantage compared to localbusinesses that benefit from a morefavourable legal framework.

Airmic has attached to its response acopy of the voluntary speed ofsettlement agreement it signed withleading insurers last year and urges theLaw Commission to use it as abenchmark for future legal changes.

“The insurers that provide our

members with most of their cover aregenerally conscientious about payingin a reasonable fashion, but there arestill horror stories of where this hasnot been the case,” said Airmictechnical director Paul Hopkin. “Thelaw as it currently stands denies thecommercial buyer any right to redresswhen an insurer behaves in anunreasonable manner. Airmic’ssubmission seeks to bring the UK intoline with best practice elsewhere.”

The Law Commission issues paper,“Damages for Late Payment and theInsurer’s Duty of Good Faith,” waspublished in March.

LATE CLAIMS 7

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Airmic unveils plans to tackle failings in UK insurance law(continued from front page)

The way UK insurance law is loaded against thecommercial buyer is rapidly becoming the number oneissue for the London market’s corporate customers.

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The warning was given by Airmicchief executive John Hurrell at a newsbriefing for journalists attending theannual conference as he unveiled plansto make good shortcomings in thecurrent legal framework. He describedthe proposals as “a new way of doingbusiness, suited to the 21st rather thanthe 19th century.”

“As concern about insurer securityreduces, the spotlight is now verymuch on whether claims made ingood faith will actually be paid,” hesaid. “There’s little value in having an

insurer with the ability to pay if yourclaim is avoided on a technicality.”

He spoke as Airmic revealed that non-disclosure accounted for a thirdof all claims that members have had declined in the past two years,according to a member survey in June.

“We’re not talking here about peoplewho have deliberately withheldrelevant information. The legalframework is more than a century oldand places an impossible burden onthe buyer,” said Hurrell. “The system

would be totally unworkable were itnot for the flexible and fair-mindedattitude that insurers adopt most of the time.”

The Marine Insurance Act of 1906imposes an obligation on the buyer toanticipate what a ‘prudent insurer’would deem ‘material’ underwriting

NON-DISCLOSURE 8

John Hurrell – new culture needed

▲

Reputation the top risk manager concern as insurer solvency worries diminish(continued from front page)

Nearly a third of risk managers – 32% – regard reputation as a great or very greatcause for concern, making it the number one reason to lie awake at night.

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The subject is now a greater prioritythan insurer solvency, the issue thatdominated much of the past twoyears, which 22% still regard as asignificant worry.

Getting insurance losses paidcontinues to cause difficulties,however, with 27% of respondentshaving had a claim declined in thepast two years. Only 59% rated theirlead insurer’s speed to pay as ‘good’ or‘very good’.

43% of members say their level ofconcern about the compliance ofinternational insurance programmeshas risen in the past twelve months,whilst no one has seen animprovement. There has beenconsiderable discussion within Airmicabout the near-impossibility ofensuring that insurance programmesare internationally compliant. Failureto get it right can result in fines, non-payment of claims, gaps in cover,increased taxation and bad publicity.

The survey also found that riskmanagement resources had beensqueezed during the recession, with51% reporting lower departmentalbudgets, 26% staff reductions and38% lower bonuses or pay. At thesame time, they are being asked todo more. 53% report that theirresponsibilities have broadened whileresources are cut.

Airmic members see the softinsurance market running out ofsteam in all their main classes of

business with more of themanticipating rises than falls in thecoming year (29% v 10% inProperty/Business Interruption, 34% v 10% in Employer’s Liability,31% v 9% in Public Liability, 63% v6% in Motor third party, 40% v 11%in D&O and 41% v 4% inProfessional Indemnity).

Broker remuneration remains theissue that will not go away. 40% ofcommercial insurance buyers haveobserved an increase in the number ofbrokers seeking remuneration frominsurers for services not directlyconnected with the placement ofindividual policies. More than aquarter - 27% - believe that the waytheir brokers are paid could give riseto conflict of interest.

“Risk managers increasingly take abroad view of their responsibilities,and it comes as no surprise to seereputational risk taking the top spot

now that events have reminded us ofthe need to protect reputation,” saidchief executive John Hurrell.

“The relatively low profile of insurersolvency is a tribute to the wayinsurers handled the financial crisis.Unfortunately having the cash to paya claim and actually doing sopromptly are two different things; thisremains an enduring cause forconcern and even dissatisfaction insome cases.”

The survey took place in June with96 Airmic members taking part.

MEMBER SURVEY 10

Airmic thanks all those members who took part in the survey for their time and interest

Risk managers increasingly take a broad view of their

responsibilities, and it comes as nosurprise to see reputational risk

taking the top spot now thatevents have reminded us of the

need to protect reputation.John Hurrell

For risk managers reputation is now top concern

“

“

Boards still failing to take ownership of risk(continued from front page)

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The Cass business school is carryingout a three-year study into theimpact of big events onorganisations and their reputations,including the role or riskmanagement in reducing thenegative effects. ProfessorManMohan Sodhi, who is leadingthe research, spent an afternoonbriefing Airmic members on themain issues emanating from hiswork so far.

One of the main points to emergeis the apparent mismatch in manyorganisations between exposuresand the risk management andinsurance strategies devised to meet them.

A third of risk managers who tookpart in an in-depth questionnaire onthe subject said they were worriedthat senior management at theirfirms were not taking risk seriouslyas a board issue. Fifty percent were concerned that theirorganisations as a whole had giveninsufficient consideration to largerisks facing them.

“Many firms appear still to beplacing excessive reliance on

insurance despite the painfulreminders that this is only one partof the risk management jigsaw. Aswe have seen too often in the pastcouple of years, insurers can paycompensation for physical losses butnot for the reputational damage thatoccurs when things go badly wrong.Too many firms are leaving theprotection of their reputation tochance,” said Airmic technicaldirector Paul Hopkin, who isoverseeing the work.

“This research has alreadyhighlighted one of the critical issuesunderpinning corporate resilienceand that is the essential role of theboard in driving the risk culture ofthe organisation. Risk managers canonly be truly effective if they aresupporting corporate strategy, not

battling against it. We expect thisresearch to provide compellingevidence of the importance ofimplementing a robust riskmanagement strategy driven fromthe top,” said Airmic chief executiveJohn Hurrell.

The first substantiverecommendations are due to bepresented at next year’s annualconference.

The report has received financialsupport from Crawford & Company,whilst Lockton International hashelped to scope the project andgiven freely of its expertise.

Lockton International CEO JulianJames said: “Recent events like theDeep Water oil spill and volcanicash cloud show that we have tocontinue to plan for theunexpected. There has never been abetter time for risk managementprofessionals to prove their value. I hope that this ground breakingresearch in conjunction with CassBusiness School will act as a catalystto spark debate around the valuethat pre-emptive risk managementcan bring to organisations.”

RISK MANAGEMENT RESEARCH 11

I hope that this ground breaking research in conjunctionwith Cass Business School willact as a catalyst to spark debate

around the value that pre-emptiverisk management can bring

to organisations.

Julian James CEO Lockton International

“

“

A big ‘thank you’Conferences only succeed because of the thought and hard work of a lot of people.Special thanks are due to the members who make up the programme committee andthe small but sometimes hyperactive secretariat team.

Nicholas BaileyPaul HowardChris BarnettRichard ClementsJayne Coleman

Tom HudsonDavid KetleyRichard LathamCharlotte Thorpe

Programme Committee

Richard ClementsRobert ColemanLesley DavisEdward GreenTina GreenVictoria Hicks

Paul HopkinCarly KnottAndrew LawsSusi OzkurtMichelle Rumble

Secretariat

First Airmic casualty benchmark reveals growing cyber exposureAirmic used the annual conference to unveil the results of its first-ever benchmarkingstudy into the casualty insurance market today.

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The exercise, carried out jointly withAdvisen and sponsored by Chartis, isbased on responses from 83 UK-basedrisk managers and provides an insightinto buying patterns.

Airmic and Advisen plan to make thisan annual event, along the same linesas the RIMS surveys in NorthAmerica. The study followsbenchmark surveys carried out lastyear in the D&O and Property/Business Interruption markets, whichwill also be repeated every year. Mostof the companies surveyed haveturnovers of at least £1 billion.

Key findings include:

� Respondents identified

“maintaining compliance withlocal tax laws” “maintainingcompliance with local insurancerequirements” and “getting policiesissued timely” as especiallysignificant issues in managing aglobal casualty programme

� Cyber liability was identified asthe most significant emergingliability exposure

� Large companies – those withannual turnover greater than £1billion – are more likely thansmaller companies to have a singleglobal casualty programme ratherthan casualty coverage comprised oftwo or more regional programmes

� Public liability and product liabilityare the coverages most oftenincluded in an excess casualtyprogramme as a part of the totalprogramme limit. Employers’liability is the coverage most ofteninsured separately

� Fewer than half of respondents use acaptive insurance company forcasualty exposures

� The vast majority of respondentsuse a single broker for their entireglobal casualty programme.

Airmic and Advisen gratefully

acknowledge the support for

this project given by Chartis UK.

CASUALTY BENCHMARK SURVEY 12

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CAREER LEADERSHIP 13

The survey, based on executive searchfirm Kinsey Allen’s experience ofworking with risk managementcandidates and the businesses, showsthat risk managers who set themselvesapart by their sheer passion and energyfor the business and its objectives andwho can navigate politically-chargedcorporate environments achieve themost success.

According to participants in thesurvey, passion is the ‘keydifferentiator between being goodand being great’. This, combinedwith the ability to ensure theirachievements are recognised in theright places, to network effectively

and to build their profile across thebusiness, plays as significant a part in helping risk managers to succeedin their roles as their technical skills and knowledge of theircompany’s activities.

Enhanced communication skills arealso seen as crucial. Risk managersmust be able to communicaterelevantly, helpfully and frequentlyand understand how to engage withmany different audiences. Doing sobuilds board-level commitment andsecures buy-in and successfully fostersa risk management culture at alllevels in their organisation.

Paul Howard, chairman of Airmic at

the time of the survey, commented:“As in all other areas of business, truesuccess comes from more than thetechnical skills. Risk managers haveto deliver the full package – not justthe risk management strategy but thepolitical nous and skill to secure highlevel support for the risk agenda.”

Richard Pryce, president ACE UK,added: “Risk management still strivesto be heard against a backdrop of themany competing and complex issuesthat challenge businesses today. Theindustry needs risk managers whowill champion the cause, both at atechnical level and by inspiring allthose around them.”

Passion and politics ‘key to career development’Risk managers who can demonstrate a mastery of the so-called ‘softer’ skills areincreasingly one step ahead of their peers when it comes to unlocking the door to themost senior risk management roles. This is the key finding of a new survey supportedby Airmic and sponsored by ACE European Group.

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RISK ARCHITECTURE 14

The main finding of the research isthat the design of the riskarchitecture is related to the size,nature and complexity of thecompany, and that there is alwaysscope for risk managers to make abigger contribution. It is forindividual companies to decide the most appropriate role for therisk manager, depending on thesize, nature and complexity of the organisation.

“This research was undertaken todiscover the variations within theroles and responsibilities of riskmanagers and how these arechanging,” said Hopkin.

“These differences are often related to the company, the businesssector, and whether it is listed on astock exchange. The research alsoinvestigated other aspects of therisk management organisation andarrangements in Airmic membercompanies.”

It also found that although riskmanagers have a wide remit, manyfunctions often do not engage withthe risk manager, especially treasuryand pensions.

The report can be downloaded

from www.airmic.com

Airmic report highlights types of risk architectureAirmic used the conference to unveil a report on the risk architecture present in UKcompanies. The work, by technical director Paul Hopkin, describes the framework thatsupports risk management activities. It covers the roles, responsibilities, organisationand arrangements for implementing risk management.

Risk management roles, responsibilities,organisation and arrangements

Research undertaken by Airmic in 2010

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AIRMIC Secretariat, 6 Lloyd’s Avenue, London EC3N 3AXTel: +44 (0)20 7480 7610 Email: enquires@airmic.co.uk Web: www.airmic.com

Chairman hailssuccessful yearIn his opening remarks to conference,chairman Paul Howard was able to lookback on a successful year for Airmic.

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Speaking in his now familiar informal, relaxed style, noone could really disagree with his assertion that “we areoperating in unprecedented times”.

The recession and the uncertainty might have led to a fallin numbers, but Howard was able to reflect that the yearhad actually seen a substantial increase in membership.Clearly the message about risk being more important thanever is getting through, and Airmic is seen as the mainvehicle for the profession.

As for the conference, it was bigger than ever. He pointedout that the chance to meet fellow delegates was a keyreason for coming to these events. He urged them tomake the most of it – and they did.

Den Dekker welcomes increased links with Airmic

Airmic and Ferma (the Federation ofEuropean Risk ManagementAssociations) are working togethermore closely than ever, Fermapresident Peter den Dekker tolddelegates. He highlighted work onSolvency II, especially in relation tocaptives, and broker transparency.

He also welcomed the election of former Airmic chairJulia Graham (pictured above) as Ferma vice-president.“I’m very pleased with this appointment,” he said.

PAUL HOWARD 15

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Council becomes a board, as membershipeligibility criteria are changedOne of Paul Howard’s last actions as Airmic chairman was to address the annualgeneral meeting where a number of important changes were agreed.

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Airmic Council became a board, amove that “really gives emphasis onthe accountability and responsibility”of the people governing theassociation. At the same time theassociation’s name was changed toAirmic Ltd.

Together these adjustments “reflectbest practice among peers andreflect changes in the CompaniesAct,” he explained.

Eligibility for membership,meanwhile, has been widened toallow people whose jobs involvethem as risk managers and insurancebuyers to join the association even ifthey also have other roles within

their organisations. These broadercriteria “reflect the realities of riskmanagement today,” he said.

“Hopefully by making thesechanges we’re retaining the essenceof Airmic whilst coming into linewith best practice.”

Whilst the broader membershippotentially opens the door for thelikes of company secretaries at largeSMEs that do not have full time riskmanagers, service providers remainineligible as do people who just havean interest in the subject.

New board members

to be announced soon

Four former Council members havestood down from what is now theAirmic board: Kip Berkeley-Herring,Peter Berring, Stephen Elston andSteve Willis. All were thanked for theirwork; their replacements will beannounced shortly. All other formercouncil members were re-elected.

ANNUAL GENERAL MEETING 16

�

“We want to make Airmic a much more useful and relevantorganisation to a wider group ofpeople, not just those that callthemselves risk or insurancemanager. Risk does not recogniseorganisational silos – nor shouldwe,” she said.

Turning to her predecessor PaulHoward, she said “You have done afantastic job as chairman”.

Looking ahead, she referred to thechallenging economic and politicaltimes. “Risk management isbecoming ever more important,”she said. The situation givesmembers new opportunities todemonstrate their relevance. She highlighted the Bribery Bill as one particular measure thatwould have “far-reachingconsequences”.

Harvey is director of risk at theauctioneers Christies. The newsenior deputy chair is Paul Taylorwhilst Nicholas Bailey becomes the second deputy.

NEW CHAIR 17

Nicola HarveyHanding over the chain of office – “You have done a fantastic job”

New chair pledges inclusivenessNicola Harvey, the new Airmic chair, pledged that the association would become moreinclusive to embrace all those engaged in the management of risk or insurance withintheir organisations.

Nicholas Bailey

Second Deputy Chairman

Colin Campbell

Lisa Connolly

Paul Goulding

Julia Graham

Nicola Harvey

Chair

Helen Hayden

Paul Howard

Immediate Past Chairman

Nicholas Hughes

John Hurrell

Chief Executive

Chris McGloin

Robert Parry

Patrick Smith

Paul Taylor

First Deputy Chairman

Airmic Board members

We want to make Airmic a much more useful and relevant

organisation to a wider group of people.

““

�

CONFERENCE 18

Left: Paul Howard

congratulates conference

organiser Susi Ozkurt. His

year as chairman has seen

10% membership growth,

record participation at

Airmic events and the best

attended conference ever.

�

CONFERENCE 19

LECTURES AND WORKSHOPSBelow is a selection of workshops and lecture reports from the conference. Wedepend to a large extent on members to send us copy – so if your session is missingplease do not take it personally. To get a report, click on the relevant heading.

�

SESSION A3: Challenging

Corporate Governance

Structures: How the risk

manager can influence the

conversion of expected

outcomes into actual outcomes

Matthew Bates (Heath Lambert RiskManagement) and Lisa Connolly(RBS Group)

SESSION A4: Beyond

insurance: loss control

John Carroll and NickTilley(Chartis) and Mark Jones(Deutsche Post DHL)

SESSION A5: Maximise

potential and control exposures

in M&A transactions through

the use of transaction insurance

Anka Taylor (Aon), Andrew Graham(Chartis UK), Matthew McEwan(Honeywell)

SESSION A6: How to improve

cash flow in the event of a claim

Clive Nicholls & Andrew Neale(Crawford & Company)

SESSION B9: Pensions

de-risking: the most important

corporate issue today?

Mark Howard & James Parker(Barlow Lyde & Gilbert LLP) andMyles Pink (Paternoster)

SESSION B13: Trade Credit:

Equipping risk managers

Andrew Perry (Miller InsuranceServices Limited)

SESSION B14: Minimising the

impact of a fatal accident

Jeff Hosking (RSA), Ian McCubbbin& Steff Groch (DWF)

SESSION C17: The Hazards

of Product Recall

Stephen J Doggett, Baker & McKenzie

SESSION C22: Environmental:

Anatomy of the claim

Michael Salau (Berrymans LaceMawer LLP) and Gary Marshall(Polestar)

SESSION C23: International

Programme Design

Karen Gorman & Tracy Clayton(JLT), Ken McKenzie (Davies Arnold Cooper)Moderator: Paul Hopkin (Airmic)

LECTURES AND WORKSHOPS 20

�

The level of risk to corporatereputation and shareholder value is as high as ever, even after 18 years of independent reviews, thissession heard.

Heath Lambert head of riskmanagement Matthew Bates saidthat, after a plethora of independentreviews such as Hampel, Turnbull,Walker et al and the introduction ofthe Combined Code on CorporateGovernance guidelines introduced in2006, fundamental lessons had stillnot be learnt.

Bates said: “It has been 18 yearssince the Robert Maxwell pensionfraud highlighted the lack ofeffective executive control andcorporate mismanagement. We havehad numerous reviews since, the

introduction of the CombinedCode in the UK plus Sarbanes-Oxley in the US but the creditcrunch still happened.

“Black swan events are actuallybecoming more frequent than ever,which is putting pressure on thetraditional risk modelling approach.”

Bates spoke alongside Lisa Connolly,Regulatory and Operational RiskProcesses, RBS Group, on how riskmanagers can help influence theoutcomes of corporate governanceissues at board level. They asked theaudience to participate, usinginteractive technology, on whether thecorporate governance changes in thepast 18 years have strengthenedshareholder value or been ineffectualand counter-productive.

LECTURES AND WORKSHOPS 21SESSION A3

Challenging CorporateGovernance Structures: How the risk manager caninfluence the conversion of expected outcomes into actual outcomes

Matthew Bates (HeathLambert Risk Management)and Lisa Connolly (RBS Group)

Shareholder value “still at risk” after 18 years of corporate governance reviews

As more and more high value goodsare manufactured abroad riskmanagers are being urged to carefullyconsider all the inherent risksassociated with their supply chain and to plan accordingly.

According to the European Union,the theft of high value, high riskproducts moving in supply chains inEurope costs businesses in excess of€8.2 billion a year. The threat fromorganized criminals is increasing andbecoming more violent.

Against this background John Carrollof Chartis Insurance told a conferenceworkshop that high value theftattractive goods are increasinglytransported around the globe. He said,“It’s important for risk managers toconsider how best to work with allparties in their supply chain. Thismeans reviewing all exposures withthe manufacturer, the freight forwarderand the distributor to evaluate andcontrol the risks. Furthermoreeffective business continuity planningwhich takes account of geographicaland supplier risks is essential if they are

to ensure goods arrive both on timeand in a sellable condition.”

John Carroll and Nick Tilley ofChartis Insurance UK Limitedtogether with Mark Jones of DeutschePost DHL discussed loss control andrisk management associated withtransporting high value goods tomarket. Illustrating their views withcase studies they highlighted the valueof business continuity planning,enterprise risk management and risktransfer with a particular focus onwarehouse security risks and roadhaulage transit risks.

One risk manager who has vastexperience of the issues is wholooked in detail at how developingtrends like how temperature or dustsensitive goods were addingcomplexity to the problem. Hecommented, “The challenge is notsimply one of increasing complexitybut also resilience within the supplychain is stretched given theunwillingness to hold high stocklevels coupled with a growingunwillingness to pay for risk transfer.”

SESSION A4

Beyond insurance: loss control

John Carroll and Nick Tilley(Chartis) and Mark Jones (Deutsche Post DHL)

�

There are signs of resurgence in themergers and acquisitions marketafter the comparative down-turn in2008 and 2009, with the number ofwarranty and indemnity (W&I)policies written by ChartisInsurance in the UK in 2010forecast to increase by more than100% from 2009. There has alsobeen a 50% increase in enquiries for W&I insurance during the firsthalf of 2010 compared to the same period in 2009, according to Aon and Chartis, whoboth presented at this year’s Airmic conference.

Since the end of the recession therehas been a marked reduction inappetite for risk in mergers andacquisitions. Insurance cover isgiving parties in M&A transactionsadditional peace of mind andconfidence to complete deals. W&Icover can be bought by a seller to:

� strategically resolve deal breakersduring negotiations;

� maximize sale proceeds; and

� provide protection from a claimfor up to seven years.

Alternatively, a buyer may use it to:

� increase their financial protection in the event of abreach of warranty or tax claim;or

� differentiate themselves fromother buyers in an auction situation.

However, despite the obviousbenefits of reducing risk exposure during the merger andacquisition process, very few seniormanagers with decision makingpowers on M&A transactions areaware that this type of insurance isavailable. This creates a realopportunity for risk managers to

increase their profile within thebusiness and accentuate the value oftheir profession.

Anka Taylor, director of Aon’sFinancial Services Groupcommented: “Mergers andacquisitions are some of the riskiestventures CEOs and boards canundertake, yet perversely the verypeople who know most aboutmanaging risks, are often only toldof these deals once it is too late topurchase insurance. If the recenteconomic turmoil has shown usanything, it is that risk needs to bemanaged at board level, so bringingrisk managers in to the board roomis the logical next step.”

Andrew Graham, GroupUnderwriting Counsel ofChartis Mergers andAcquisitions Group, said: “Lessthan 1% of UK corporatetransactions make use of warrantyand indemnity insurance, yetapproximately 20% of policies weissue result in notifications. The costto buyers and sellers not covered byinsurance is significant when youconsider we are currently dealingwith claims ranging from £5millionto £50million.”

Matthew McEwan, riskmanager at Honeywell, who has used this type of insuranceremarked: “Having utilisedtransactional insurance productsboth as a buyer and sellerorganisation, in a number ofoccasions we have found it to beextremely useful to facilitate dealcompletions. One of the majorreasons for it working, was that wewere able to explain the potentialbenefits of the product option tothe deal team leadership early in the process.”

LECTURES AND WORKSHOPS 22SESSION A5

Maximise potential andcontrol exposures in M&A transactions throughthe use of transactioninsurance

Anka Taylor (Aon), Andrew Graham (Chartis UK),Matthew McEwan(Honeywell)

Risk managers urged to consider insurance for M&A deals

�

The need to maintain cashflow aftera big event is an aspect of disasterplanning that is easily overlooked,the Airmic annual conference heard today.

“In the early days of these big events there’s going to be a bigoutpouring of cash with nothingmuch flowing back in,” CliveNicholls, vice president, globalmarkets at Crawford & Companytold a workshop.

There is inevitably a time lagbetween the initial expenditure andgetting compensation from yourinsurance company. In times whencredit is tight, finance directors will demand to see the gap reducedto the minimum, he said. The onlyway to make this happen is to planin advance.

Nicholls highlighted a number ofactions that risk managers can take

to ensure a good cashflow outcome.These include checking that yourinsurance policy provides clarity andcertainty, knowing the informationthat claims managers will require andputting in place the necessaryrecording and monitoring systems to ensure that they receive it in atimely fashion.

“If you think through these issuesbefore anything goes wrong, then itwill facilitate payments and save youtime. It will also reduce thelikelihood of confusion with yourinsurers, which are the last thing youneed when there has been a bigevent,” he said.

“Having a team where each memberunderstands what is required willmake it easier. For the risk managerthis could be a once-in-a-lifetimeoccurrence so you have to get itright first time.”

LECTURES AND WORKSHOPS 23SESSION A6

How to improve cash flow in the event of a claim

Clive Nicholls & Andrew Neale(Crawford & Company)

Since the 1990’s associated withseveral corporate pension scandalsthere has been greater regulationsurrounding corporate definedbenefit pension schemes and this hasled to a greater requirement on theemployer to properly fund theirtechnical pension liabilities.

This in turn led both corporations(to protect their covenants) andpension trustees (to protect theirpersonal liabilities) to look atopportunities to de-risk the volatilityassociated with longevity, the riskthat their pensioners will live longerand longer, as medical improvementscontinue and significantly a cure forcancer might one day be found – thelatter will have a significant impacton mortality rates.

The presenters then outlined thesolution recently used for BMW,with Abbey Life, to provide futureprotection for payments – alongevity swap. The risk of BMW

pensioners, living longer thananticipated, now rests with theinsurers and not theemployer/trustees. Such insurancebecoming available as insurers andactuaries are better able to modelfuture costs related to futurepensioners through complex postcode modelling.

Report by Nicholas Bailey

SESSION B9

Pensions de-risking: themost important corporateissue today?

Mark Howard & James Parker(Barlow Lyde & Gilbert LLP)and Myles Pink (Paternoster)

�

“The recession has exposed howvital trade credit is in keepingcompanies in business” according toAndrew Perry, trade credit specialistat insurance broker Miller InsuranceServices Ltd.

“At the same time, the insurancemarket for these risks has undergonea seismic shift in the way it operates.The speed of the downturn in thelast two years took everyone bysurprise. Whole turnover carriers inparticular had to withdraw coverrapidly in order to avoid beingdowngraded, and reinsurers alsostarted to ask some tough questionsof all their insureds.

“The result of this withdrawal is thatmany whole turnover underwritershave lost the trust of the insureds.Although the market has settledslightly, there is no doubt that thereis a still a lack of capacity for certainbuyers – whether because of thetype of business they are in, orperhaps concerns about the strengthof their balance sheet.

“The objective of our workshop isto look at trade credit both frominternal and external perspectives; to talk about how businesses can co-ordinate their own activities tomaximise their credit profile andwhat other options are available fromthird parties.”

The workshop covered:

� Cross departmental strategies –looking at the inter-relationshipbetween treasury, finance, sales andcredit in order to find out howcloser collaboration can improvethe credit position.

� Prior planning – can credit vettingof new clients or understandingkey credit issues such as countryrisk help to manage expectationsof the sale force.

� Exploring other avenues – ensuring that the risk managementteam is looking at options such asexcess of loss type structures andpolicies for single risks if covergets tight.

LECTURES AND WORKSHOPS 24SESSION B13

Trade Credit: Equipping risk managers

Andrew Perry (MillerInsurance Services Limited)

The session gave a useful insight in tothe way other business may react to afatal incident as we shared ourthoughts and experiences in teams.One of the key issues consideredrelated to communication and theneed to ensure that key personnel in the business are informed and kept up to date with anydevelopments – particularly themedia relations team who may beasked to make press comment.

Something also to be considered,which may not be at the forefront ofpeoples minds who are managing theincident, is to undertake a roll call ofstaff as it was felt that some staff maydrift away from the work place inshock, these staff may be witnesses butmay also be in need of counselling.

All in all, a thought provoking session.

Report from David Weeks

SESSION B14

Minimising the impact of a fatal accident

Jeff Hosking (RSA), Ian McCubbbin & Steff Groch(DWF)

SESSION C17

The Hazards of Product Recall

Stephen J Doggett, Baker & McKenzie

�

The hazards of product recall and theneed for crisis management werediscussed at the Airmic conferencetoday at a workshop led by law firmBaker & McKenzie.

"The message we want to get acrossis that unless companies have robustrisk assessment and decision makingprocesses in place cross borderproduct safety issues can be difficultto manage, with potentiallycatastrophic consequences. It is vital to demonstrate that you aretaking considered and timely actionsor you risk the reputation of thecompany,” said head of product and operational risk partner John Leadley.

The potential problems arising fromlarge, multi-jurisdictional, productrecalls involving well known brandshave been well covered by themedia. Speed of communicationtoday means that customers haveinstant access to more informationand potential mis-information thanever before.

The session considered the issuesposed by multi-jurisdictional product recalls and provided a set of practical tips for risk managers.Guidance was given on how toensure regulatory compliance, reducethe risk of litigation and protect acompany's reputation.

LECTURES AND WORKSHOPS 25

The session demonstrated how riskmanagers and claims handlers canmanage and influence the outcomeof an environmental incident;minimising risk to theirorganisations and their clients andmaximising the chances of recovery.

Gary Marshall opened the sessionwith an example of a large scaleenvironmental contaminationincident, which the delegates wereasked to consider in two groups.

The first group examined theinsurance issues relating to theincident. Points under discussionincluded:

� The importance of finding a quickresolution to the problem, withthe cost implications to be coveredat a later date

� The need to identify whether theincident was caused deliberately

� The need to refer to the company’s existing risk strategy

� The need to involve the insurancecompany early on, and to identifyany gaps in cover

� The wording of relevant insurance policies, and consideration of participation in

the ABI working group

The second group covered theprosecution elements involved with such an incident. Thediscussion included:

� The importance in co-operatingwith regulators

� The requirement for early contactwith legal advisers

� The need to identify senior em-ployees and reduce their exposureto liability - if interviews arescheduled, establish the reason forthe interview and the capacity inwhich the individual is attending

� Mitigation arguments

� Again, the need to identify any gaps in insurance cover forsuch events.

Increasingly, environmental nuisanceclaims are being pursued on behalfof large groups of residents orlandowners. Such claims can becostly and time consuming to dealwith. After a brief discussion of theissues involved in group litigation,the delegates once again formedtwo groups to consider the incidentfrom a group claims perspective -from both the claimant and

SESSION C22

Environmental: Anatomy of the claim

Michael Salau (Berrymans Lace Mawer LLP) and Gary Marshall (Polestar)

�

defendant position.

The claimant group acted ashomeowners, many of whom werepreparing to sell their properties andwere concerned by the diminishedvalue of their property, as well as thepotential for damage and risk tohealth. They formed a plan to carryout a letter drop campaign to findothers affected by the environmentalincident, in the hope that strength innumbers would convince thedefendants to admit liability.

However the defendants anticipatedthis tactic and put an emergency planin place. They denied liability andidentified the need to appointspecialists such as toxicologists toassist with the claim, and a publicrelations representative to manageany adverse publicity. They plannedto respond with letters of apologyand deal with small claimsimmediately, but were also alert to

the fact that claims may still beadmitted up to three years after theincident - particularly from minorswho may choose to claim as adults.

There was much discussion fromboth sides in relation to legal costsand the defendants addressed howinsurers would respond to such aproactive response.

To conclude the delegates weregiven a brief overview of the recentCorby Group Litigation by PaulaWhittell who defended the localauthority position.

Overall it was a lively andcontributory session with a goodmix of practical claims handlingguidance and delegate interaction.

LECTURES AND WORKSHOPS 26Overall it was a lively and contributory session with a good mix of practical claims

handling guidance and delegate interaction.

““

Get the latest thinking and analysis on emerging risk at:

www.lloyds.com/360

In the grey area of emerging risk, get the facts in black and white from the world’s sharpest minds.

Terrorism. Climate change. Pandemic. Whatever the threat, it is vital you understand emerging risk to successfully lead your business forward.

Lloyd’s 360 Risk Insight brings together the views of business, academic and insurance experts, giving you access to an online resource, a programme of events, reports and research.

We are driving the global risk agenda as it takes shape, providing practical advice to help your business turn risk into opportunity.

Prepare for tomorrow’s risks today.

grey matters.

�

LECTURES AND WORKSHOPS 27The two JLT presenters summarisedthe options available to buyers ofglobal programmes and clearlyidentified the various pitfalls andchallenges – and potential solution –appropriate to each.

Through the use of voting keypadsavailable to everyone in the audience,they were able to identify that therewere different core drivers for buyers(wordings) and providers (compliance)of such covers. However, programmecompliance was identified as the maintrend of concern for buyers andproviders alike.

The presenters made available theJLT view of the importantcomponents of a successful globalprogramme, including identifyingpolicy wording solutions withsuggestions for clauses that buyersshould ensure are included. They alsomade clear that unfortunately atotally compliant global programmeis still generally unattainable.

Ken McKenzie provided a view froma legal perspective including someinteresting case histories illustratingkey principles and, in particular, theexpectations of reinsurers. He clearlyemphasised the importance of back-to-back cover and seeking “follow the settlement” clauses.

An interesting statistic, again obtainedfrom the audience using the votingpads was that 60% of the insurancebuyers in the room had yet toconsider commissioning anindependent audit of their globalinsurance programmes.

Report from Kip Berkeley-Herring

SESSION C23

International Programme Design

Karen Gorman (JLT), Tracy Clayton (JLT), Ken McKenzie (Davies Arnold Cooper)

Moderator: Paul Hopkin (Airmic)

Ken McKenzie provided a view from a legal perspective

including some interesting casehistories illustrating key

principles and, in particular, theexpectations of reinsurers.

““

Tower PlaceLondonEC3R 5BU 020 7357 1000 www.marsh.co.uk

Marsh Ltd. is authorised and regulated by the Financial Services Authority for insurance mediation activities only.

Where others see risk...

...we see opportunity.

Marsh helps its clients create opportunitiesthrough optimising their approach to managing risk.

�

DATES FOR YOUR DIARY 282010 These events are for Airmic members only.

JULY

7 Transportation SIG MeetingAirmic’s officesTo attend, please register at: www.eventsforce.net/transportationsigjul10

14 Government & Local Authorities SIG MeetingAirmic’s officesTo attend, please register at: www.eventsforce.net/gov&localauthsig

14 Allianz & Marsh Summer Seminar“D&O and you!!”Marsh offices, London4.00pm - 6.00pm followed by drinks receptionwww.eventsforce.net/marshaalianzjuly2010

20 Airmic Live/Conference CallA panel discussion on the ‘Bribery Act’3.00pm - 3.45pmwww.eventsforce.net/airmiclivejuly2010

SEPT

22 Airmic Annual LectureBaroness Eliza Manningham-BullerChristies, London

�

MARKETPLACE 29ACE European Group

Insurance Provider

www.aceeuropeangroup.com

Addleshaw Goddard LLP

Full service insurance and

reinsurance lawyers.

www.addleshawgoddard.com

Allianz Global Corporate & Specialty

Insurance Provider

www.agcs.allianz.com

A. M. Best

Ratings, News & Information on the insurance

industry worldwide

www.ambest.com

American Appraisal

Valuation Services

www.american-appraisal.co.uk

AON

Insurance Brokers

http://www.aon.com/uk/en/

Arch Insurance Company (Europe)

Insurance Company

www.archinsurance.co.uk

AXA Corporate Solutions

Insurance Provider

www.axa-corporatesolutions.com

AXCO

The definitive source of a global insurance

market and employee benefits information.

www.axcoinfo.com

Aviva

Aviva is the world’s fifth-largest insurance

group and the largest insurance services

provider in the UK

www.aviva.com

Bcerta Limited

Bcerta helps clients to be sure that their

workforce is fit to meet the demands of

their business.

www.bcerta.com

BT Claims

Motor Uninsured Loss Recovery

Service Provider

www.btclaims.com

Barlow Lyde & Gilbert

Law Services

http://www.blg.co.uk/

Bluefin Insurance Services Ltd

Insurance Brokers and Risk Management

Consultants.

www.bluefingroup.co.uk

Charles Taylor adjusting

Loss Adjusters & Risk Consultants

http://www.charlestayloradj.com/

Chartis UK

Insurance Provider

www.chartisinsurance.com/uk

Chubb Insurance Company of Europe

Insurance Provider

www.chubb.com/uk

CNA Insurance Company Ltd

Insurer

www.cnaeurope.com

Claimsuite

Web-based claims data management

www.claimsuite.com

Cooper Gay

Insurance and Reinsurance Broker

www.coopergay.com

Covington & Burling LLP

International law firm providing insurance

coverage advice and

representation exclusively to policyholders

www.cov.com

Crawford & Company

Claims Management

www.crawfordandcompany.com

Cunningham Lindsey

Claims management and loss adjusting

www.cunninghamlindsey.com

Detica

Leading independent specialist business and

technology solutions provider.

www.deticanetreveal.com

DLA Piper

Law Services

http://www.dlapiper.com/

eCom90 Ltd

Comprehensive on-line risk renewal data

collection and collation service.

www.ecom90.co.uk/risk

Echelon Claims Consultants

Major Claims Support

www.echelonccl.com

Edward Symmons LLP

Chartered Valuation Surveyors Providing

Reinstatement Cost Assessments for Industry

www.edwardsymmons.com/

Efisoft

Risk Management Information Systems

http://www.effisoft.com/default.aspx?langue=en

FM Global

Commercial Property Insurance

www.fmglobal.com/

Figtree Systems (Europe) Ltd

Specialist software solution provider for

Claims Management, Risk Management,

Occupational Health and Safety

Management, Asset Management

and Fleet Management.

www.figtreesystems.com

Gallagher Bassett International Limited

http://www.gallagherbassett.co.uk/

Garwyn Group

Liability Adjusters

www.garwyn.com/

HCC Global Financial Products

D&O and Other Financial Lines Insurance

www.hcc-global.com/

HDI-Gerling Industrial Insurance Company

– UK Branch

Insurance Provider

www.hdi-gerling.com

Halliwells

Halliwells is a full service law firm

www.halliwells.com

Heath Lambert Group

Insurance broker and employee benefits

consultants

www.heathlambert.com/

Herbert Smith LLP

Leading insurance policyholder practice

www.herbertsmith.com

Hill Dickinson

Lawyer led intelligent reduction

of indemnity spend.

www.hilldickinson.com

Holman Fenwick & Willan

Solicitors

www.hfw.com/

HSB Engineering Insurance Ltd

Insurance Provider

www.hsbeil.com

ICM Continuity Services

The leading UK Business Continuity Spe-

cialist, delivering Continuous Business

around the country, around the clock.

www.icm-continuity.co.uk

Ince & Co

International law services

www.incelaw.com

Jardine Lloyd Thompson Group Plc

Insurance, reinsurance, risk consulting and

employee benefits

www.jltgroup.com

JC Applications Development

Risk Management and Claims Insurance

Software Solutions

www.jcad.com/

K&L Gates LLP

Insurance coverage lawyers for policyholders

www.klgates.com/practices/ServiceDetail.asp

x?service=28

Liberty International Underwriters

Insurance Provider

www.liueurope.com/

Lloyd’s

1 Lime Street London EC3M 7HA

Specialist insurance market

www.lloyds.com

Lockton

Insurance, Reinsurance and Risk

Management Specialists

www.lockton.com/international

MAPFRE GLOBAL RISKS

Spain’s largest Insurer

www.mapfre.com/corporativo/accionistas/en/g

eneral/index.shtml

Marsh

Provider of risk and insurance services

www.marsh.co.uk/

Miller Insurance Services Limited

Insurance and Reinsurance Broker

www.miller-insurance.com/

Oval Risk Services

Risk Management Consultants

www.theovalgroup.com

Oxygen Insurance Brokers

Insurance Brokers

www.oxygeninsurance.com/

QBE European Operations

Leading specialist in the London market and

European commercial lines business.

www.QBEeurope.com

Robertson & Co

Surveillance, Fraud Investigation, Claims

Validation, Risk Control Consultancy.

www.robertsonandco.com/airmic.html

RSA

Insurance Provider

www.rsagroup.com

Rushton International

Asset valuation worldwide

www.rushton.co.uk/

Stewart Business Software

Risk Management Information Software

www.stewart-software.co.uk/

THIRTY NINE Essex Street*

Barristers Chambers

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Tokio Marine Europe Insurance Limited

Commercial Insurance

www.tokiomarine.co.uk/

TRACKER Network (UK) Ltd.

Stolen Vehicle Recovery & Vehicle Asset

Management Service providers

www.tracker.co.uk/vam

Tuffin Ferraby Taylor

Project management consultancy services

for major Property Reinstatement Projects.

www.tftconsultants.com

VP Security

Worldwide leader of vacant property

services.

www.vpsecurity.com

Willis Ltd

Insurance Brokers

www.willis.com/

XL Insurance

Insurance Providers

www.xlinsurance.com/

Zurich

Insurance Based Financial Services Provider

www.zurich.com

�

MARKETPLACE 30

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...the solution driven law firm

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