Complaint Against Insurance Company in Pakistan
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Challenges of Fronting Programs
Challenges of Fronting Programs Underwriting (often multi-line) Legal Credit (R/I agreements (transaction and indemnities/ counterparty guarantees) analysis) Financial Regulatory (local solvency, (intercompany technical reserves reinsurance) R/I recovery) Administration Accounting (loss billings, (transfer of risk, cash flow) claims) Captive Program Considerations Timing • 60 to 90 days prior to inception, depending on program complexity. • Allow sufficient time for discussion of requirements, structuring, client internal communication, multinational program design, and legal contract review, etc. Critical Information • Policy summary: insured name, coverage, terms, limit structure, reinsurance panel, special wording/endorsements, Required expiring premium. • Insured (and parent company): general information, organizational structure, exposure (asset value, turnover, headcounts, etc.), audited financial statements, credit rating, etc. • Captive info: audited financials, certificate of incorporation, insurance license, banking/wire instructions (on captive letterhead), business plan (for new captive). • 5 to 10 year loss history. • Understanding of the motivation for fronting. Program Structure • Gross line (100% cession to captive) or net line (AIG retains a portion of the risk on net position). • Captive retention (per claim and in the aggregate). • Multinational program? A list of countries/local entity info/policy terms required. Fronting Premium • Should be consistent and commensurate with owned risks. • Regulators are paying attention -
The State of the Property Insurance Market | Spring 2020
THE STATE OF THE PROPERTY INSURANCE MARKET | SPRING 2020 WHAT IT MEANS FOR INSURANCE BUYERS THE STATE OF THE PROPERTY INSURANCE MARKET | SPRING 2020 WHAT IT MEANS FOR INSURANCE BUYERS An Advisen whitepaper Rising premiums. Disappearing capacity. Tighter contract terms. sponsored by AXA XL This is the new reality for risk managers as they renew their property insurance programs. Brokers are reporting premium April 2020 increases of more than 50 percent for many insureds. The property/casualty insurance market is cyclical. A period of rising premiums and reduced capacity—a hard market—is fol- lowed by a typically longer period of falling rates and expanding capacity—a soft market. Analysts debate whether the current period of rising premiums technically qualifies as a hard market since certain key attributes are missing. Some call it a “transition- ing” market instead.1 Risk managers, brokers, and underwriters, however, aren’t overly concerned about technical definitions—this passes the duck test: it looks, feels, and acts like a hard market. For many people in the insurance ecosystem, this is their first experience of hard market conditions. While rate levels fluctu- ated somewhat over the past decade, the overall trend has been softening rates since 2004, the end of the last industry-wide hard market. Facing an uncharacteristically volatile market, many risk managers find it difficult to budget their insurance costs, or even to explain to senior management why premiums are rising so sharply. The pressure is on to find creative ways of keeping their total cost of risk in check. For insurance carriers, rising rates are finally bringing relief from a prolonged period of chronically underpriced business that took a toll on the bottom line. -
New Agcs Biographies of Selected Key Appointments
ALLIANZ GLOBAL CORPORATE & SPECIALTY NEW AGCS BIOGRAPHIES OF SELECTED KEY APPOINTMENTS JULY 2020 NEW MEMBERS OF THE AGCS SE BOARD OF MANAGEMENT DR. RENATE STRASSER, Chief Underwriting Officer Specialty* Since 2016, Renate Strasser has been Chief Executive Officer of NewRe, a carrier of Munich Re Group. In her current role, she is responsible for the entire legal entity, including traditional P&C reinsurance business and structured reinsurance solutions. Strasser spent six years as an Assistant Professor for Corporate Finance at the University of Klagenfurt, before joining the Munich Re Group in 2004 as a pricing expert for Aviation. From 2007 onwards, she took over the role of Head of Aviation Facultative, where she was responsible for the worldwide portfolio. Strasser holds an MBA from the University of Graz (Austria) and a PhD in Business Administration/Corporate Finance from the University of Klagenfurt (Austria). TONY BUCKLE, Chief Underwriting Officer Corporate* Tony Buckle started his career in financial consulting with Andersen, before moving into the insurance sector with GE Capital. He has subsequently held senior underwriting and portfolio management positions both in reinsurance (Swiss Re, GE Frankona) and corporate insurance (Swiss Re Corporate Solutions, RSA and AXA XL), most recently as Chief Underwriting Officer International P&C at AXA XL, based in Zurich. Buckle is a graduate of Cambridge University and holds an MPhil from the University of London as well as an MBA from Instituto de Estudies Superiores de la Empresa (IESE) in Barcelona, Spain. AGCS SE BOARD OF MANAGEMENT* CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER CHIEF REGIONS & CHIEF REGIONS & OFFICER Claire-Marie MARKETS OFFICER 1 MARKETS OFFICER 2 Joachim Müller Coste-Lepoutre Henning Haagen William Scaldaferri CHIEF CLAIMS OFFICER CHIEF UNDERWRITING CHIEF UNDERWRITING CHIEF OPERATING OFFICER CORPORATE OFFICER SPECIALTY OFFICER Dr. -
Xl Bermuda Ltd. Financial Condition Report December 2019
XL Bermuda Ltd An AXA Group Company Financial Condition Report ("FCR") December 31, 2019 forming part of the annual regulatory reporting package submitted to the Bermuda Monetary Authority (“BMA”) by June 16 2020 1 | Page 2 | Page Declaration Statement To the best of our knowledge and belief, the financial condition report fairly represents the financial condition of XL Bermuda Ltd in all material respects. Patrick Tannock Simon Argent Chief Executive, Insurance Chief Risk Officer - Bermuda June 16 2020 June 16 2020 3 | Page Table of Contents A. Business and Performance 6 A.1. Name of Insurer 6 A.2. Supervisors 6 A.3. Approved Auditor 6 A.4. Ownership Details 6 A.5. Group Structure 6 A.6. Insurance Business Written by Business Segment and by Geographical Region 6 A.7. Performance of Investments and Material Income and Expenses for the Reporting Period 8 A.7.1. Performance of Investments for the Reporting Period 8 A.7.2. Material income and Expenses for the Reporting Period 9 A.8. Other Material Information 10 B. Governance Structure 12 B.1. Board and Senior Executive 12 B.1.1. Structure of the Board and Senior Executive, Roles, Responsibilities and Segregation of Responsibilities 12 B.1.2.Executive/Employee Compensation 13 B.1.3. Pension or Early Retirement Schemes for Members, Board and Senior Employees 13 B.1.4. Shareholder Controllers, Persons who Exercise Significant Influence, the Board or Senior Executive Material Transactions 13 B.2. Fitness and Propriety Requirements 14 B.2.1. Fit and Proper Process in Assessing the Board and Senior Executive 14 B.2.2. -
Jubilee Life March-2018 NEW.FH10
Our Vision Our Mission Our Core Values Certified True Copy Najam Ul Hassan Janjua Company Secretary QUARTERLY REPORT MARCH 31, 2018 TABLE OF CONTENTS Profile Vision, Mission & Core Values Our Company 02 Company Information 06 Directors Review (English) 08 Directors Review (Urdu) Financial Data 10 Condensed Interim Statement of Financial Position 12 Condensed Interim Profit and Loss Account 13 Condensed Interim Statement of Comprehensive Income 14 Condensed Interim Cash Flow Statement 16 Condensed Interim Statement of Changes in Equity 17 Notes to the Financial Information 49 Statement of Directors 50 Statement of Appointed Actuary 51 Branch Network opy Certified True C assan Janjua Ul H ecretary ajam pany S N Com 01 02 QUARTERLY REPORT MARCH 31, 2018 Rating of the Company Rating Date September 23, 2016 03 04 QUARTERLY REPORT MARCH 31, 2018 05 Directors Review The Board of Directors of Jubilee Life Insurance Company Limited have pleasure in presenting to the members, the condensed interim financial information (un-audited) of the Company for the quarter ended March 31, 2018. The Company continued to focus on business development through multiple distribution channels and commitment towards maintaining high service and persistency standards, enabling it to achieve growth in premium revenue as well as profitability. The Gross Written Premium (GWP) during the quarter was Rs.12,515 million which is 14% higher than the GWP of Rs.10,999 million for the comparative quarter of 2017. All business lines have shown stability in premium revenue. As witnessed in 2017, business written through Window Family Takaful Operations has maintained its impressive growth during the first quarter of 2018, and the aggregate Gross Written Contribution was recorded at Rs.2,240 million, as against Rs.1,148 million in the comparative quarter of 2017, i.e. -
ADAMJEE LIFE ASSURANCE COMPANY LIMITED List of Associated Undertakings As of September, 2018
ADAMJEE LIFE ASSURANCE COMPANY LIMITED List of Associated Undertakings as of September, 2018 Parent / Holding Company Website Adamjee Insurance Co. Ltd http://www.adamjeeinsurance.com/ Associated Companies Website Hollard Life Assurance Company Limited/ IVM Intersurer B.V. https://www.hollard.co.za/ D.G.Khan Cement Co. Ltd. http://www.dgcement.com/ Din Leather Pvt Ltd. http://www.dinleather.dingroup.com.pk/ Din Textile Mills Ltd. http://www.dinleather.dingroup.com.pk/ Euronet Pakistan (Pvt.) Limited https://www.euronetpakistan.com/ Gulf Nishat Apparel Limited https://www.nishatpak.com/gna.html Hyundai Nishat Motor (Pvt) Limited http://www.nishatmillsltd.com/ Lalpir Power Limited (Formerly AES Lalpir (Pvt.) Ltd.) http://www.lalpir.com/ MCB Arif Habib Saving & Investment Ltd. http://www.mcbah.com/ MCB Bank Ltd. https://www.mcb.com.pk/ MCB Financial Services Ltd. https://www.mcb.com.pk/ MCB Foundation http://www.mcbef.com.pk/ MCB Islamic Bank Limited https://www.mcbislamicbank.com/ MNET Services (Pvt) Ltd. https://www.mcb.com.pk/about-mcb/group-companies Nishat Agriculture Farming (Pvt.) Limited (Common Directorship) http://www.nishatmillsltd.com/nishat/nishat-group.htm Nishat Chunian Power Limited. http://www.nishat.net/ Nishat Dairy Pvt Ltd (Common Directorship) http://www.nishatdairy.com/ Nishat Developers (Private) Limited http://www.nishatmillsltd.com/nishat/nishat-group.htm Nishat Farm Supplies (Pvt.) Limited http://www.nishatmillsltd.com/ Nishat Hospitality Pvt. Ltd. http://nishathospitality.com/ Nishat Hotels & Properties Ltd. https://nishathotels.com/ Nishat Linen https://www.nishatlinen.com/ Nishat Mills Ltd. http://www.nishatmillsltd.com/ Nishat Paper Products Co Ltd. http://www.nishatpaper.com/ Nishat Power Ltd. http://www.nishatpower.com/ Pakgen Power Limited (Formerly AES Pak Gen (Pvt) Co) http://pakgenpower.com/ Security General Insurance Co. -
Ireland Insurer Consulting Agreements
Insurer Consulting Group Marsh receives compensation from the following insurers for the provision of consulting, data analytics or other services. These services are designed to improve the offerings available to our clients, assist insurers in identifying new opportunities, and enhance insurers’ operational efficiency. AIG Group Allianz Global Corporate & Specialty (UK Branch) Allied World Assurance Company Arch Insurance Company (Europe) Limited Aspen Insurance UK Limited and Aspen Managing Agency Limited Assicurazioni Generali S.P.A (UK Branch) Aviva Insurance Limited Axa XL AXIS Specialty Europe SE, Axis Managing Agency Ltd, Axis Re and Axis Specialty Limited Beazley Management Limited Brit Syndicates Limited Catlin Insurance Company Ltd Chaucer Syndicates Limited Chubb Group Holdings Inc / Chubb Group Management and Holdings Ltd CNA Insurance Company Limited/Hardy (Underwriting Agencies) Limited Endurance Specialty Insurance Limited Everest National Insurance Company Hiscox Limited Liberty Insurance Limited Liberty Mutual Insurance Europe Limited Markel International Insurance Company Limited and Markel Syndicate Management Limited MS Amlin Underwriting Limited Neon Underwriting Limited QBE Insurance (Europe) Limited Royal & Sun Alliance Plc RSA Insurance Limited DAC SCOR Global P&C SE Starr Global Holdings AG, Starr USA Asset Holdings LLC, Starr Global Financial Inc., Starr Surplus Lines Insurance Company Swiss Re Corporate Solutions Limited Tokio Marine Kiln Insurance Services Limited Travelers Insurance Company Limited and Travelers -
Liability Settlement
FURTHER INFORMATION ON AGENDA ITEMS 10 AND 11 I. Settlement agreement between Volkswagen Aktiengesellschaft, AUDI AG and Profes- sor Martin Winterkorn of 9 June 2021 Liability Settlement between (1) VOLKSWAGEN AKTIENGESELLSCHAFT, Berliner Ring 2, 38440 Wolfsburg (“VOLKSWAGEN” or “VOLKSWAGEN AG”), represented by the Supervisory Board, (2) AUDI Aktiengesellschaft, Auto-Union-Strasse 1, 85045 Ingolstadt (“AUDI” or “AUDI AG”), represented by its Board of Management and Supervisory Board, – VOLKSWAGEN and AUDI also referred to hereinafter as “Companies” – (3) Prof. Dr. Martin Winterkorn, represented by Dr. Kersten von Schenck, M.C.J. (NYU), law- yer and notary, Arndtstrasse 28, 60325 Frankfurt am Main and by CYRUS Rechtsanwälte PartG mbB, Mainzer Landstrasse 50, 60325 Frankfurt am Main, each being authorised to represent him on their own. (VOLKSWAGEN, AUDI and Professor Winterkorn also referred to hereinafter individu- ally as “Party” and collectively as “Parties”). Preamble (A) From 1996 to 2005, Prof. Dr. Winterkorn was a member of the Board of Management for the Volkswagen Passenger Cars brand, where he was responsible for the Technical Development Division. Between 2000 and 2002, he was responsible for the Research and Development Division on VOLKSWAGEN’s Group Board of Management. He was Chairman of the Board of Management of AUDI from 2002 to the end of 2006, before becoming Chairman of the Board of Management of VOLKSWAGEN on 1 January 2007, taking over responsibility for, among other things, the Research and Develop- ment, Sales, Quality Management and Legal Divisions as well as the position of Chair- man of the Board of Management for the Volkswagen Passenger Cars brand. -
Emerging Risks and Opportunities in Insurance: Technology and Innovation
MILLIMAN WHITE PAPER Emerging risks and opportunities in insurance: Technology and innovation George Barrett As innovation continues to transform the Then follows the United Kingdom, with over 190 insurtech companies, three-quarters of which are found in London. The transparency, availability and consumer- geographical distribution of insurtech companies can be seen friendliness of insurance products, slow in Figure 1 below. reactions can leave traditional FIGURE 1 PROPORTION OF INSURTECHS BY HEADQUARTERS companies trailing behind. COUNTRY Developing new solutions to manage complex risks has underpinned the culture of the insurance market for centuries. United States Constant innovation to suit the changing needs of its customers has always been particularly evident in the London United Kingdom insurance market. Germany Canada The explosion of funding for insurtech companies in recent years France demonstrates that the insurance industry will continue to evolve. Insurance provides a natural platform for technology. Companies Other Countries seeking new opportunities to take advantage of AI, big data and autonomy may do very well while others will be left behind. Although risk management will need to adapt existing risks and controls for the changes that innovation brings, emerging risks Source: Crunchbase should not be ignored. This paper investigates innovation in the THE SCALE OF INSURTECH global insurance market driven by insurtech, and considers the Over the course of the last decade, the number of insurtech emerging risks faced by insurance companies. companies being founded has increased from fewer than 10 per year, to almost 100 in each of 2015 and 2016. The level of Insurtech funding continues to escalate. From 2010 to 2012, global Insurtech is a term used to group innovative, technology-driven publicised funding averaged approximately $250m p.a. -
QUARTERLY REPORT MARCH 31, 2021 Table of Contents
QUARTERLY REPORT MARCH 31, 2021 Table of Contents Profile 02 Vision, Mission & Core Values Our Company 03 Rating of the Company 04 Company Information 08 Directors’ Review (English) 10 Directors’ Review (Urdu) Financial Data 13 Condensed Interim Statement of Financial Position 14 Condensed Interim Profit and Loss Account 15 Condensed Interim Statement of Comprehensive Income 16 Condensed Interim Cash Flow Statement 17 Condensed Interim Statement of Changes in Equity 18 Notes to the Condensed Interim Financial Statements 41 Statement of Directors 42 Statement of Appointed Actuary Window 44 Condensed Interim Statement of Financial Position Takaful 45 Condensed Interim Profit and Loss Account Operations 46 Condensed Interim Statement of Comprehensive Income 47 Condensed Interim Cash Flow Statement 48 Condensed Interim Statement of Changes in Equity 49 Notes to the Condensed Interim Financial Statements VISION Enabling people to Overcome uncertainty MISSION To provide solutions that protect the future of our customers COREOvercome VALUES uncertainty Team Work Integrity Excellence Passion Rating of the Company Insurer Financial Strength (IFS) Rating: AA+ (Double A Plus) Outlook: Stable Rating Agency: JCR VIS Rating Date: February 23, 2021 AA+ Stable Company Information BOARD OF DIRECTORS Kamal A. Chinoy John Joseph Metcalf (Chairman) Non-Independent Independent Non-Executive Director Non-Executive Director R. Zakir Mahmood Shahid Ghaffar Non-Independent Independent Non-Executive Director Non-Executive Director Yasmin Ajani Sultan Ali Allana Independent Non-Independent Non-Executive Director Non-Executive Director Javed Ahmed Sagheer Mufti Managing Director & Non-Independent Chief Executive Officer Non-Executive Director (Executive Director) Amyn Currimbhoy Independent Non-Executive Director BOARD COMMITTEES Audit Committee Risk Management Committee Amyn Currimbhoy Chairman John Joseph Metcalf Chairman John Joseph Metcalf Member R. -
Jubilee-Annual-Financial-2017.Pdf
Table of Contents 2. Vision, Mission & Core Values 02 4. Code of Conduct Profile 6. Corporate Strategy 8. Company Information 12. Rating of the Company 15. Profile of the Directors 20. Awards and Accolades 24. Statement of Value Addition 23 26. Key Operating & Financial Data Key Financial Data 29. Vertical Analysis 31. Horizontal Analysis 35. Life at Jubilee 48. Calendar of major events 2017 47 50. Share Price Analysis Corporate 51. Chairman’s Review Governance 54. Directors’ Report 70. Risk and Opportunity Report 74. Review Report on the Statement of Compliance 75. Statement of Compliance with the Code of Governance 80. Shariah Advisors’ Report 82. Auditors’ Reasonable Assurance Report on Shariah Compliance 84. Statement of Compliance with the Shariah Principles 85. Independent Auditors’ Report to the members 88. Balance Sheet 87 90. Profit & Loss Account Financial 91. Statement of Changes in Equity Statements 92. Cash Flow Statement 94. Revenue Account 96. Statement of Premiums/Contributions 97. Statement of Claims 98. Statement of Expenses 100. Statement of Investment Income 101. Notes to the Financial Statements 191. Statement of Directors 192. Statement of Appointed Actuary 194. Notice of 23rd Annual General Meeting 193 198. Pattern of shareholdings Shareholders 203. Proxy Form Information 205. Branch Network ANNUAL REPORT 2017 LIFE INSURANCE THE PROMISE OF TOMORROW Introduction ANNUAL REPORT 2017 INTRODUCTION Our tomorrows begin with a sunrise. At Jubilee Life, we believe in making the sunrises of your future financially secure and peaceful, by delivering on our commitments at every level. Whether it is our array of tailored insurance solutions to meet your specific needs, or our professionalism in service delivery, or making our plans accessible at the touch of your finger, we strive for excellence every day. -
Un-Claim Dividend and Shares for Upload in Company Web Site
UN-CLAIM DIVIDEND AND SHARES FOR UPLOAD IN COMPANY WEB SITE. Company FOLIO Name Address Amount Shares Abbott 41 BILQIS BANO C-306, M.L.COMPLEX MIRZA KHALEEJ1,507.00 BEG ROAD,0 PARSI COLONY KARACHI Abbott 43 MR. ABDUL RAZAK RUFI VIEW, JM-497,FLAT NO-103175.75 JIGGAR MOORADABADI0 ROAD NEAR ALLAMA IQBAL LIBRARY KARACHI-74800 Abbott 47 MR. AKHTER JAMIL 203 INSAF CHAMBERS NEAR PICTURE600.50 HOUSE0 M.A.JINNAH ROAD KARACHI Abbott 62 MR. HAROON RAHEMAN CORPORATION 26 COCHINWALA27.50 0 MARKET KARACHI Abbott 68 MR. SALMAN SALEEM A-450, BLOCK - 3 GULSHAN-E-IQBAL6,503.00 KARACHI.0 Abbott 72 HAJI TAYUB ABDUL LATIF DHEDHI BROTHERS 20/21 GORDHANDAS714.50 MARKET0 KARACHI Abbott 95 MR. AKHTER HUSAIN C-182, BLOCK-C NORTH NAZIMABAD616.00 KARACHI0 Abbott 96 ZAINAB DAWOOD 267/268, BANTWA NAGAR LIAQUATABAD1,397.67 KARACHI-190 267/268, BANTWA NAGAR LIAQUATABAD KARACHI-19 Abbott 97 MOHD. SADIQ FIRST FLOOR 2, MADINA MANZIL6,155.83 RAMTLA ROAD0 ARAMBAG KARACHI Abbott 104 MR. RIAZUDDIN 7/173 DELHI MUSLIM HOUSING4,262.00 SOCIETY SHAHEED-E-MILLAT0 OFF SIRAJUDULLAH ROAD KARACHI. Abbott 126 MR. AZIZUL HASAN KHAN FLAT NO. A-31 ALLIANCE PARADISE14,040.44 APARTMENT0 PHASE-I, II-C/1 NAGAN CHORANGI, NORTH KARACHI KARACHI. Abbott 131 MR. ABDUL RAZAK HASSAN KISMAT TRADERS THATTAI COMPOUND4,716.50 KARACHI-74000.0 Abbott 135 SAYVARA KHATOON MUSTAFA TERRECE 1ST FLOOR BEHIND778.27 TOOSO0 SNACK BAR BAHADURABAD KARACHI. Abbott 141 WASI IMAM C/O HANIF ABDULLAH MOTIWALA95.00 MUSTUFA0 TERRECE IST FLOOR BEHIND UBL BAHUDARABAD BRANCH BAHEDURABAD KARACHI Abbott 142 ABDUL QUDDOS C/O M HANIF ABDULLAH MOTIWALA252.22 MUSTUFA0 TERRECE 1ST FLOOR BEHIND UBL BAHEDURABAD BRANCH BAHDURABAD KARACHI.