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Welcome to our Monthly Newsletter – July 2009

An Established and Successful Force in International Insurance.

Worldwide Risk Solutions is a U.K. based commercial organisation which has the sole objective of facilitating global business strategies and business development in the international insurance industry. For more information about us, please go to www.worldwiderisksolutions.com.

What Is Going On Out There?

The relative calm we talked about last month continues and what we are actually seeing is that some of the largest insurance corporations hit by the downturn in the global economy are recovering from shell shock and taking steps to sort themselves out. Refining international strategies, management changes, stricter underwriting controls have sharpened carrier focus on the bottom line and there have not been too many stories of clients jumping ship. There is still an acquisition, a market entry, a new joint venture, somewhere in the insurance world. We keep you abreast of these developments through our Talks Around the Bazaar. Brokers and other service providers still have sufficient markets at their disposal for them to get the right product to their client.

In the Spotlight article below we take a look at a small market in a very pleasant part of the world. Being situated at the historical and traditional crossroads of important shipping lanes connecting Europe with South America and the Far East, the Netherlands Antilles, and notably Curaçao, have always been very active in commercial trade of all kinds. The Spotlight series helps you understand how different aspects of the insurance industry around the world operate, so that those of you who do business there can feel more “at home abroad.” Different does not need to mean difficult but knowledge of the needs and characteristics of specific geographic markets is an advantage to those who are active in the global economy. This helps avoid misunderstandings and unfulfilled expectations.  We continue to receive very positive feedback on the articles we publish and if you would like copies, please let us know. If you would like to discuss your international strategies with us, please contact us. Details are below.

Spotlight – THE ANTILLES

Once the centre of the Caribbean slave trade, the island of Curaçao (the largest island of the Netherlands Antilles) was hard hit by the abolition of slavery in 1863. Its prosperity (and that of neighbouring Aruba) was restored in the early 20th century with the construction of oil refineries to service the newly discovered Venezuelan oil fields. The island of Saint Martin is shared with France; its southern portion is named Sint Maarten and is part of the Netherlands Antilles; its northern portion is called Saint-Martin and is part of Guadeloupe (France).

To read the complete report, Please Click Here.

In introducing this SPOTLIGHT article, we are grateful to Ennia N.V. in Curaçao (www.ennia.com and to INI, the International Network of Insurance (www.ininetwork.com).

If you would like Worldwide Risk Solutions to conduct an economic, business and insurance survey of any international markets please contact us – Details below.

Worldwide Risk Solutions has access to a wide client base of internationally oriented organisations. Why not utilise this knowledge and experience? We can conduct a swift appraisal of your global activities or answer any questions you may have about international developments. Call +44 (0)1444 450 919 or send us an e-mail and we will respond immediately. And should you be passing through London, please let us know.

George Worsley, Director
Worldwide Risk Solutions
Telephone +44 (0)1444 450 919
Mobile: +44 (0)7968 191 511
E-mail info@worldwiderisksolutions.com

Talk Around the Bazaar

  • People say that the insurance world moves in cycles but in Belgium it has moved a full circle. Decades ago Assurances Générales (known as AG) was one of the country's leading insurance companies. It became Fortis and now Fortis Insurance Belgium has become & AG Insurance. You can find more about Fortis at www.holding.fortis.com/insurance/index.asp
  • In the Netherlands Fortis Corporate Insurance has been acquired by Amlin and the question there is: what new/old name will be chosen? For more information, go to www.fci.fortis.com/content/default.asp?PageID=698 and www.amlin.com
  • The European Commission has called for a cross border system of financial services supervision. This has the backing of the E.U. president, E.U. finance ministers and the CEA, the European Insurance and Reinsurance Federation. See their press release at this link
  • News that this year Taiwan will export more than 500 tons of lemons may not escape readers' attention. Mainland China is one of the major markets and political parties are still nervous about relationships across the Straits. Click Here for the latest political discussion
  • Bancassurance dominates sales in Taiwan but not in China's yet. There is growing interest and Finchannel discusses this in www.finchannel.com/index.php?option...
  • The world seems to be getting smaller and smaller as 62% of insurers plan international expansion and in the next few years the BRIC countries (Brazil, Russia, India and China) will see the most investments. For a closer look at why this zeal is intensifying, go to Accenture's website and study their research at this link
  • Ratings of insurance companies can make or break deals. The same cannot be said about captive insurers and A.M. Best has discussed this at recent conference. For an insight into this much debated subject take a look first at what rating is all about, http://www3.ambest.com/ratings/default.asp
  • Once again, an insurance company is making moves to bring Turkey closer to Europe. ACE has opened up a branch in Istanbul. Not only is the plan to develop products in the domestic market but also to act as a springboard into neighbouring countries. Their announcement does not mention E.U. expansion but, again, business is leading the way: http://www.aceeuropeangroup.com/AceEuropeRoot...
  • After the RIMS conference in Orlando and various other national conferences taking place between April and September, FERMA will open its doors in Prague early in October. For more information about the conference in this wonderful city, go to www.ferma-forum.eu/site/-Homepage,418-
  • Not to be outdone, Kurdistan is holding a trade and investment conference in London in September. For more about this ideal networking opportunity for insurance companies and brokers, go to the conference website at www.krgsummit.com/programme.html
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    We are currently discussing projects in the following markets and are regularly being asked to attend the annual conferences and meetings of the major networks:

  • Australia
  • Canada
  • France
  • Germany
  • Italy
  • Netherlands
  • Poland
  • Portugal
  • Switzerland
  • United Kingdom
  • U.S.A.
  • Vietnam
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    We continue to work with a growing number of networks to improve and expand their international capabilities.  If you have not already spoken to us about expanding your international markets, now might be the right time for us to conduct a feasibility study. For more information, please see the contact details below.

    What Clients Say

    “Worldwide Risk Solutions knows who to talk to”

    “They went the extra mile to get the information we needed”

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    Worldwide Risk Solutions LLP
    20 Blunts Wood Road
    Haywards Heath
    West Sussex
    RH16 1NB, England

    Telephone: +44 (0)1444 450 919
    Mobile: +44 (0)7968 191 511


    Skype Name: georgeworsley

    Information appearing in WoRdS is checked for technical accuracy but is not intended to provide a basis of knowledge upon which advice can be given. Worldwide Risk Solutions accepts no responsibility for any loss occasioned to any person acting or refraining from action as a result of the material included in this newsletter.