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- Insurance Industry Market Research Report
Summary
The global outlook series on the Insurance Industry provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. An easy guide to What, Why, When, How, Where, and Who of an industry, the report offers the reader a bird’s eye view of the global insurance industry. The report discusses the economic fundamentals driving growth, and challenges/threats, and trends influencing both the life and non-life market sectors, in addition to offering an extensive coverage of all recent mergers, and acquisitions that have irreversibly changed the industry’s landscape beyond recognition. The US market is intensively reviewed both descriptively and statistically, with 19 fact rich tables, and accompanying pictorial representations. Other regional markets covered include Canada, Japan, Austria, Belgium, Central and Eastern Europe, Czech Republic, Denmark, Finland, France, Germany, Greece, Italy, Lithuania, Netherlands, Russia, Scandinavia, Slovenia, Spain, Switzerland, UK, Australia, China, Hong Kong, India, Malaysia, New Zealand, Singapore, South Korea, Taiwan, Thailand, Vietnam, Middle East, Argentina, Brazil, Chile, Mexico and Colombia, among few others. The purpose of the abstracted regional market discussion is to provide the reader a prelude, and a macro-level understanding of the unique dynamics of each of the markets. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of 2,566 companies worldwide.
TABLE OF CONTENTS
TABLE OF CONTENTS
INSURANCE INDUSTRY GOS-074
A GLOBAL OUTLOOK, SEPTEMBER 2008
CONTENTS
1. Industry Overview 1
Emerging Markets Take Center Stage 1
Insurance Policies to Witness Increased Flexibility 1
Traditional Regulations Plague Insurance Markets 1
Alternative Risk Transfer - Gaining Popularity 2
Insurance Density and Penetration 2
Outlook 2
Insurance - A Dynamic Industry 2
Move Towards Moderate Growth 3
Potential Focus Areas 3
Europe, USA and Japan - The Largest Markets 4
Table 1: Global Market for Insurance Industry by Geographic
Region - USA, Canada, Japan, Europe, Asia-Pacific (excluding
Japan), Latin America, and Rest of World Markets
Independently Analyzed with Annual Premiums in US$ Billion
for Years 2006 through 201 4
Life Insurance 5
Non-Life Insurance 5
Competitive Landscape 5
Table 2: Leading Players in the Global Insurance Industry
(2006): Revenues in US$ Billion for ING Group, AXA, Allianz,
American International Group, Assicurazioni Generali,
Berkshire Hathaway, Aviva, Prudential, Zurich Financial
Services, and State Farm Insurance 5
Key Market Drivers 5
Health Insurance 6
Global Health Care Industry - Opportunities Abound 6
Auto Insurance 6
Homeowners' Insurance 6
Major Trends and Issues 7
Emerging Area 7
Companies Refocus on Core Underwriting Business 7
Consolidations Continue 7
Graying of Baby Boomers Boost Insurance Market 7
Bancassurance Gains Wide Acceptance 8
New Regulations Improve Corporate Governance 8
Credit Insurance Sector Poised for Substantial Growth 8
Anti-Money Laundering Laws for Insurers 8
Global Warming Posing Threat to Insurance Industry 8
Capital Constraints Aggravate Industry's Woes 8
Analytical Underwriting Arrests Price Downfall 9
Manufacturing or Distribution - The Dilemma Continues 9
North America Witnesses Renewed Consolidation Activity 9
European Insurers Pull Out from Foreign Markets 9
Emerging Markets 9
"Look East Policy" of Investors 9
Mix of the Strategies 10
Global Reinsurance Industry - A Review 10
Global Catastrophe Reinsurance Industry Witnesses Stability 11
Intensification of World Reinsurers 11
Reinsurance in the Aftermath of September 11 11
9/11 - The Worst Nightmare for Reinsurance World 12
Hope Amidst Gloom 12
The New Role 12
Leading Global Reinsurers 13
Table 3: Leading Players in the Global Reinsurance Industry
(2006): Net Reinsurance Premiums Written in US$ Billion for
Munich Re, Swiss Re (excluding GE Insurance Solution Corp.),
Berkshire Hathaway Re, Hannover Re, Lloyd's, SCOR (including
Revios), Reinsurance Group of America, Everest Re, PartnerRe,
and Transatlantic Holdings 13
Global - Multi-line Insurance 13
Competitive Landscape 13
Leading Players 13
Table 4: Leading Players in the Global Multi-line Insurance
Market (2005): Percentage Breakdown of Value Sales for ING
Groep, AXA, American International Group, Assicurazioni
Generali, Aviva, Fortis, and Others 14
Table 5: Global Multi-Line Insurance Market (2004 & 2005):
Percentage Breakdown of Revenues by Region - North America,
Europe, Asia-Pacific, and Rest of World 14
Review of Global Insurance Market by Sector 14
Life Insurance 14
Changing Landscape 14
Table 6: Global Market for Life Insurance Industry by
Geographic Region - USA, Canada, Japan, Europe, Asia-
Pacific (excluding Japan), Latin America, and Rest of World
Markets Independently Analyzed with Annual Premiums in US$
Billion for Years 2006 through 2010 15
Golden Era -Yet to Come 15
International Growth - A High Priority Factor 15
Changes in Group Life Sector 16
Mortality Rates: Rejuvenating Reinsurance 16
Regional Markets 16
General/Non-Life/ Property/Casualty Insurance 17
Table 7: Global Recent Past, Current & Future Analysis for
Non-Life Insurance Industry by Region - US, Canada, Japan,
Europe, Asia-Pacific (Excluding Japan), Latin America and
Rest of World Markets Independently Analyzed with Annual
Premiums in US$ Billion for the Years 2006 through 2010 17
Table 8: Leading Players in the Global Property & Casualty
Insurance Industry (2006): Revenues in US$ Billion for
Allianz, American International Group, Berkshire Hathaway,
Zurich Financial Services, State Farm Insurance, Munich Re
Group, Millea Holdings, Allstate, Swiss Reinsurance, and
Hartford Financial Services 17
Primary Casualty 18
Commercial Risk Market 18
Marine Insurance 18
Table 9: Global Marine Insurance Industry (2006 & 2007):
Percentage Breakdown of Premiums by Region - Asia-Pacific,
Europe, North America, and Rest of World 18
Political Risk Insurance 18
Healthcare Professional Liability Insurance 19
Offshore Energy Insurance 19
Industry Paradigm Shifts 19
Restoring Confidence 19
Regulatory Ripples 20
Pursuing Global Growth 20
Emerging Opportunities in the Retirement Market 20
Unlocking Profits in Closed Books of Business 20
Driving Performance through Embedded Values 20
The Off-shoring Decision 20
Developing Creative HR Strategies 20
Enterprise-wide Approach to Risk Management 20
The Challenge of International Accounting Standards 20
2. Mergers and Acquisitions 21
AIG Acquires 21st Century Insurance Group 21
AmTrust Completes Acquisition of Associated Industries 21
Allied World Assurance to Take Over Converium Insurance 21
American Financial Group to Acquire Strategic Comp Holdings 21
Alleghany Acquires EDC 21
AEGON to acquire Merrill Lynch Life 22
AIG Acquires Württembergische und Badische Versicherungs 22
AIG Takes Over Direct Travel Insurance 22
AXA Acquires Davis Group 22
AXA to Acquire Ukrainian Insurance Alliance 22
AXA and UkrSibbank to Acquire Vesko 22
AXA Acquires Alpha Insurance 22
Allianz Acquires ATF-Polis 22
Allied Bank to Increase Stake in New York Life Insurance 23
Aviva's Turkish Subsidiary and Ak Emeklilik to Merge 23
AR Growth to Acquire Stake in Probenefit 23
BUPA Australia and MBF in Merger Negotiations 23
Bank Austria Creditanstalt and UNION Versicherungs Merge 23
Citi Acquires BISYS' Investment Service Division 24
Coventry Health Care Acquires Certain Mutual of Omaha 24
CUNA Mutual Insurance Society to Merge with CUNA Mutual Life
Insurance 24
CUNA Acquires Stake in Producer's Ag 24
CMLIC & CUNA Mutual Insurance Society to Merge 24
Euler Hermes Acquires Stake in ICIC 24
ERGO Acquires Stake in Daum Direct Auto Insurance 24
Enstar Australia Acquires AMP's Australian Insurance Operations 25
Euler Hermes Acquires United Mercantile 25
Endurance Acquires ARMtech 25
Fort Dearborn Life Acquires Northstar Life 25
Franklin Holdings' Subsidiary Acquires James River Group 25
Farmers Insurance Acquires Bristol West Holdings 26
Generali Receives Approval to Acquire PPF's Insurance Business 26
Hiscox acquires Kidnap and Ransom Business from Aon 26
HSBC Insurance to Acquire Stake in Hana's Life Insurance
Subsidiary 26
Humana Acquires KMG America 26
ING to Acquire Origenes AFJP and Origenes Seguros de Retiro 27
Kardan Acquires Stake in Sigma Albania 27
KBC to Acquire Stake in DZI Insurance 27
Liberty Mutual Acquires Ohio Casualty 27
Manulife Acquires Berkshire-TWC Financial Group 27
MetLife to Acquire AFORE Actinver 28
Munich Re to Acquire Midland Company 28
Pearl Assurance Acquires Resolution 28
Ping Acquires Minority Share in Fortis 28
Rockhill to Acquire RTW 28
Royal & Sun Alliance to Take Over Canadian Northern Shield 29
SICO USA Acquires Republic Insurance 29
SNS REAAL Acquires AXA's Dutch Insurance Operations 29
Storebrand to Acquire SPP 29
Tawa to Acquire PXRE Reinsurance Company 30
TBIH Acquires Ukrainian Insurance Group 30
The Doctors Company to Acquire SCPIE Holdings 30
UkrSibbank to Acquire Stake in Vesko Insurance 30
Unipol to Acquire Stake in ING Insurance 30
UnitedHealth Group and Sierra Health Services Obtains Merger
Approval from California Department of Insurance 30
Unitrin's Subsidiary Acquires Merastar 31
USI Holdings Acquires Treadwell & Harry 31
Validus Acquires Talbot 31
Vienna Insurance Acquires Stake in Asirom 31
Vienna Acquires Majority Stake in Sigma Sh.a. 31
Wiener Staedtische Acquires Sigma 31
W.R. Berkley Acquires American Mining Insurance 31
ZB Financial Acquires Stake in Cell Insurance 32
Zurich Acquires Wrightway Underwriting 32
Zurich Beteiligungs to Acquire Real Garant 32
China Pacific Insurance to Buy Further 25% of China Pacific
Life Insurance 32
Sompo Japan Acquires Stake in Universal Sompo 32
HDFC to Acquire Chubb's Stake 32
Aviva Teams Up Induslnd Bank 33
AXA to Acquire 75% Stake in Kyobo Auto 33
Allianz to Buy Remaining Stake in Allianz President 33
QBE Group Acquires Seguros Cumbre 33
Enstar Acquires Inter-Ocean Holdings 33
Munich Re Acquires Bell & Clements 33
AXA France to Acquire Nationale Suisse 33
HSBC France to Buy Remaining Stake in Erisa and Erisa IARD 33
CNP Acquires Ecureuil 34
APS Acquires APIE 34
Ameritas to Take Over LifeRe 34
Willis Acquires Chilean MGT 34
Insurance Australia Acquires Stake in Safety Insurance 34
Aviva Takes Over Stake in Eagle Insurance of Sri Lanka 34
K+H Bank's General and Life Insurance Units Merge to Form K+H
Biztosito 34
Veritas Life Insurance Merges with Aktia Life Insurance 35
Resolution Acquires Abbey National's Life Insurance Business 35
ACE Sells its Three Run-off Re-insurance Subsidiaries 35
Forum Assurances Merges Forum Assurances with Resolution 35
Allianz Insurance Co and Nordic Insurance Co Plan Merger 35
Unity Life Acquires Prudential Insurance 35
RBC Insurance to Merge Core Insurance Business in United States 35
Eastern Holdings Completes Conversion and Acquisition 36
American Whol7esale Insurance Group Acquires Web TPA 36
Wachovia Corp. Acquires Insurance Brokering Firm 36
Lincoln National Merges with Jefferson-Pilot 36
Gallo Insurance Acquires Individual Policy Division of Slaton
Agency 36
Security National Financial Corp Acquires Memorial Insurance 36
Hub International Acquires eBenefits Group 37
Arthur J. Gallagher Takes Over S. P. Tarantino Insurance
Brokerage 37
Protective Life Corporation Acquires Stake in Chase Insurance
Group 37
Pan American Acquires Sunland Insurance 37
Erie Insurance and Erie Indemnity Acquire Erie Family Life
Insurance 37
Dakin Insurance Agency Acquires Altemeier Oliver and Company 37
Fiserv Takes Over Insurance Wholesalers 38
HCC Insurance Acquires G.B. Kenrick & Associates 38
ChoicePoint Takes Over Insuratec Inc. 38
Brown & Brown Takes Over Setser Bill Insurance 38
BellGroup Acquires McCone Insurance Group 38
Beecher Carlson Acquires Cramer & Giles Insurance 38
Brown & Brown Acquires Benefit Development Group 38
Stewart Acquires Longmont Title Holdings 39
Life of the South Acquires Lyndon Southern Insurance 39
XL RE Life Acquires Servus Life Insurance 39
CIGNA Acquires Star HRG 39
Health Benefits Acquires Insurance Specialist Group 39
Manufacturers Life Insurance Acquires Pramerica Life 39
Hull & Co Acquires High Country Insurance 39
Arthur J. Gallagher Takes Over Sobieski & Bradley 39
Great American Life Insurance Company Acquires Fixed Annuity
Block from Old Standard Life Insurance Company 40
Brown & Brown Acquires Axiom Intermediaries 40
Motors Insurance Acquires MEEMIC Holdings 40
Arthur J Gallagher Purchases Benefit Management Group 40
AssuranceAmerica Purchases The Insurance Centre 40
Seattle Financial Purchases Turnure & Associates 40
CTG Takes Over Flood Zone 40
Grupo Security Pockets Inter-Rentas for US$128 Million 40
First Acceptance Acquires Plus and Yale 40
AssuranceAmerica Acquires Tampa No-Fault 40
Aegon Purchases 49% Stake in Seguros Argos 41
Liberty Mutual Group Acquires Majority Stake in Seker Sigorta 41
QBE Buys Stake in Allianz 41
AIG Buys Out Central Insurance 41
AXA Takes Over Two Insurers in Asia 41
Genworth Buys Out Vero Lenders 41
Aviva Buys Stake in Infocus 41
Swiss Re Snaps Up GE Insurance Solutions 41
Capita Life & Pensions Bags Contract from Scottish Life 41
Swiss Re Acquires UK GE Life Business 42
Towergate Snaps Up Paymentshield 42
CFS Forms a New Wing for General Insurance 42
Lloyds TSB Acquires Pearl's General Insurance Business 42
Liverpool Victoria Snaps Up ABC Insurance 42
CIGNA Acquires Vielife 42
Enstar Group Buys Cavell Management 42
Allianz Completes Merger With RAS 42
TREK Holdings Takes Over American Medical & Life Insurance 42
Appalachian Underwriters Acquires Assets of US Administrators 43
Cairnstone Re Completes Acquisition of CapRisk 43
Aviva Acquires AmerUs 43
AIG Takes over Travel Guard Companies 43
NBIS Buys Out Special Risk Services 43
Lightyear Capital Purchases Stake in Sirius America 43
Principal Financial Group Acquires WM Advisors 43
Great Northwest Takes Over Hawaiian Insurance & Guaranty 43
CIGNA Acquires UnitedHealth's Health Care Divisions 43
La Capitale Snaps Up UAFC 44
Hartford Divests Omni Insurance Group 44
Stewart Information Services Acquires Texas State Title 44
Stewart Information Services Acquires Telluride Mountain Title 44
Gard Services Snaps Up Trimar Defence 44
Stewart Information Services Acquires The Title Co 44
Murray Insurance Buys Out Lancaster Insurance 44
Medical Mutual Acquires Summit's Health Insurance Business 44
Assurant Snaps Up SAFECO FIS 44
Old Republic Takes Over Sentry Abstract 44
Delek Acquires Republic Cos 44
WellPoint Acquires QualChoice 44
Yukon Acquires People's Bank 45
Unity Life Acquires Prudential's Arm 45
Securian Financial Snaps Up CNL Financial 45
Universal American Financial Acquires Harmony Health 45
Affordable Residential Communities Acquires NLASCO 45
LandAmerica Snaps Up Napa Land 45
LandAmerica Buys Out Mar-Vel Enterprises 45
Carlyle Group Acquires MultiPlan 45
US Energy Holdings Buys Out Lakeside Insurance 45
Brooke Snaps Up Generations Bank 45
Reliance Standard Acquires Integrated DisAbility Resources 45
New York Life Enters into an Agreement with Institutional Capital 45
Brandquest Acquires InsurElec 45
Grupo Financiero Acquires Stake in Inter National Bank 46
AmTrust Takes Over Wesco 46
UnitedHealth Takes Over Student Resources 46
Health Care Service Acquires Highmark's Life and Disability
Business 46
Berkshire Snaps Up Huff Realty 46
Groupama Buys Stake in Basak 46
Pets Best Acquires General Fire's Pets Division 46
Life of the South Takes Over American Guaranty Insurance 46
HUB Buys Out Fortun Insurance 46
Manhattan Life Takes Over Family Life 46
Castlewood Acquires Enstar Group 46
TPG-Axon Buys Stake in DaVinci ReInsurance 46
Christian Fidelity Takes Over Dallas 47
Genworth Acquires Continental Life 47
HUB Snaps Up Citizens Clair and Other Firms 47
The First American Acquires UKValuation 47
Great American Financial Snaps Up Ceres 47
Intersections Acquires Chartered Marketing 47
Answer Financial Acquires InsLogic 47
WL Ross Buys Stake in Blue Ocean 47
Bradford Acquires Best Title & Processing LLC 47
Aviva Snaps Up AmerUs 47
MultiPlan Acquires Private Healthcare Systems 47
UTG Acquires ACAP 47
American International Snaps Up Arch Insurance 47
ONEX Takes Over Aon Warranty 48
Old Republic Snaps Construction Program Group 48
AmeriNet Buys Out Insurance Businesses of AllHealth 48
Hanmi Financial Acquires California-Based Firms 48
Medical Mutual Acquires 1st Medical Network 48
Berkshire Acquires Converium Reinsurance 48
Ameritas Acacia Merges with Union Central Life Insurance Company 48
Arthur Acquires Benefit Management Group 48
CBIZ Takes Over Valley Global Insurance Brokers 48
Duncan, Fraser & Bridges Purchases Edmond, Deaton & Stephens 49
Hinduja Group Signs an MoU with European Insurer 49
Sky Financial Buys Peter B. Burke 49
USI Holdings procures Mahoney & Associates 49
3 Mark Buys Gateway Financial Distributors 49
Access Insurance Acquires Century American 49
Accident Fund Procures United Heartland 49
ACE Medical Risk Purchases Renewal Rights to Alternative Risk
Hospital Portfolio of GE Insurance 49
Acordia Purchases Somerton Student Insurance Services 50
Aegon Reaches an Agreement to Take Over Nationwide Towarzystwo 50
Aero Insurance Merges with AirSure 50
Aetna Acquires HMS Healthcare 50
Affirmative Insurance Buys IPA 50
Afro-Asian Lure Causes Merger Ripples in the Middle East 50
Alegro Health Takes Over Canadian Division of Concentra
Integrated 50
Alliance Bank Acquires Insurance Agency 51
American International Increases Stake in Richmond Insurance 51
American Television Acquires First Pet Life 51
American Wholesale Insurance Enters into Agreement to Acquire
Stewart Smith 51
Anthony Clark International Insurance Buys Schuneman Insurance
Agency 51
Aon Buys Versicherungs-Maklerbüro 51
AON Italia Procures Lenzi Broker Assicurazioni 51
Aon makes an Agreement to Purchase Assurantie Advies Nederland 51
Aon Procures French company Lange 52
Arthur Acquires Marine Insurance 52
Arthur J Gallagher Acquires WorkCare Northwest 52
Arthur J Gallagher Buys Chris Schroeder Insurance 52
Arthur J Gallagher Buys Classic Insurance Services 52
Arthur J Gallagher Snaps Up Interpacific Underwriting Agencies 52
Arthur J Takes Over Brokerage Professionals 52
AssuranceAmerica Acquires Cannon Insurance Agency 52
Aurora Acquires Pega Risk Managers 53
Aviva PLC Acquires RAC 53
AXA Canada Signs an Agreement to Acquire Citadel 53
Balcos Insurance Acquires Barkley Associates 53
Bangkok Bank Acquires 10% Stake in PICC Life 53
Bankers Warranty Group Acquires VAC Service 53
Beazley Buys Omaha Property & Casualty Insurance 53
Beech Street Corp Acquires BestCare Inc. 53
Beecher Carlson Holdings Purchases Jewett Barton Leavy & Kern 53
Beneficial Insurance Services Acquires Paul Hertel & Co. 53
Berkshire Acquires Medical Protective 54
BIG Acquires Two Insurance Agencies 54
Blue Cross Merges with HCSC 54
BlueCross BlueShield of Tennessee Acquires Gordian Health
Solutions 54
Bridge Street Enters Into an Agreement with Ladd 54
British Union Buys Amedex Insurance 54
Brown & Brown Acquires Assets of ECC 54
Brown & Brown Acquires De Arrieta Insurance Agency 54
Brown & Brown Acquires Emerald Benefits 54
Brown & Brown Acquires Hull & Co. 54
Brown & Brown Acquires Nichols & Associates 55
Brown & Brown Acquires USI Holdings 55
Brown & Brown Acquires Weible & Cahill 55
Brown & Brown Assumes BeneTec 55
Brown & Brown Buys Alliance Insurance Services 55
Brown & Brown Buys Axiom Intermediaries 55
Brown & Brown Takes Over Downey Insurance 55
Brown & Brown Takes Over The Fossi Group 55
Capital Assurance Corp Acquires Standard Life Insurance Co. 55
Capital One Financial Acquires InsLogic 56
CapTech to Acquire National Security 56
Cardiff Holdings Acquires Industrial Underwriters Insurance 56
CareWorks Acquires CRA Managed Care 56
CBCA Administrators Purchases Bridge Benefits 56
CBIP Acquires Salem Insurance 56
Cendant Settlement Takes Over Herbert L. Williams Operations 56
Centene Acquires US Script 56
Century Surety Acquires Firemans Fund Insurance of Texas 56
CH Insurance Brokerage Purchases DHH Insurance Agency 57
Chicago Acquires Service Link 57
Chicago Title Land Buys LaSalle National Bank Land Trust
Operation 57
Chinese Auto Insurance Sector Gears up for a Big Bang Entry of
SAIC 57
Clark Consulting Acquires MedEx 57
Codan Plans Acquisition of Topdanmark's Marine Insurance Business 57
Compass Acquires the Assets of Warren Benefits 57
CompcareBlue Takes Over Atrium Health Plan 58
Comprehensive Benefit Services Merges with IBI Benefits 58
Concentra Operating Acquires Beech Street 58
ConnectedCare Acquires Bay Benefits LLC 58
Crawford Sets Foot in India 58
CRC Insurance Services Acquires Vista Insurance Partners 58
Crédit Suisse Buys USHealth Group 58
CSI Partners Buys ComSearch 58
Cunningham Lindsey International Acquires Axis USA 58
Cypress Merges with Arrowhead 59
Darwin National Assurance Acquires Ulico Casualty 59
Darwin Resources Acquires Health Benefits Direct 59
Dawson of Florida Acquires Collier Insurance Services 59
Delaware Street Group Buys Minority Interest in Affirmative
Insurance 59
Diederich Insurance Agency Acquires Doctors' Financial Group 59
Educators to Buy Eastern Holding 59
Emergis Buys National Health Corp 59
Encore Bank Acquires Houston Insurance Agency of John A
Bumstead & Associates 59
Enterprise Financial Completes Acquisition of Millennium
Brokerage 60
Equus Acquires Dunnottar 60
Equus Resources Purchases 1st Metro Insurance 60
eRx Network Acquires Allwin Data 60
Eureko's Achmea Merges with Rabobank's Interpolis 60
Farmers Capital & Hamburg Insurance Acquires Kentucky Home 60
FFL and H&F Snap up CATRisk Operation 60
Fidelity National Financial Acquires Sedgwick CMS Holdings 60
Fidelity National Financial Buys STG Associates 61
Firemans Acquires International Film Guarantors 61
First Acceptance Acquires HCS Claims Service 61
First Acceptance Acquires LGNP Enterprise 61
First American Signs an Agreement to Acquire TransContinental 61
First American Title Acquires United General Financial Services 61
First Niagara Risk Management Acquires Brooks- Byer Associates 61
First Niagara Risk Management Acquires Hatch Leonard Naples 62
First Niagara Signs Agreement with LA Lama 62
Fiserv Acquires Administrative Services Group 62
FMT of Billings Acquires First Montana Title 62
FNIA Acquires Penn Group 62
FPA Enters Inks an LOI to Acquire IBC 62
Fred A Moreton & Co Acquires Town & Country Life Insurance 62
Gabelli Equity Acquires Sterling Capital 63
Gallagher Merges Reinsurance Brokerage Subsidiaries 63
GE Insurance Solutions Offloads Reinsurance 63
GoldK Acquires Retirement Plan Co 63
Goldman Executes an Agreement to Acquire UICI 63
Goldman Takes Over Allmerica Financial Life Insurance 63
Great American Insurance Group Acquires Farmers Crop Insurance
Alliance 64
Group Health Acquires ABC Health Plan 64
Group Health Acquires KPS Health Plans of Bremerton 64
Guaranty Insurance Services Snaps Up Walter Mortensen 64
Gulf Insurance Enters Into an Agreement to Acquire Arab Misr
Insurance 64
Hallmark Gears to Acquire Aerospace 64
Harbor Point Acquires Chubb Re 64
Harvard Pilgrim Buys Health Plans 64
HBOS Strides Ahead for Pocketing ML sLife Insurance Company 65
HCC Completes the Acquisition of Perico 65
HCC Insurance Takes Over MIC Life Insurance 65
HealthExtras Agrees to Acquire EBRx 65
Heath Insurance Brokers led Private Acquires Heath Lambert Group 65
Hellman & Friedman and Texas Pacific Group Acquires
Controlling Interest in Linsco/Private Ledger 65
Hicks Muse Tate & Furst and Banc of America Capital Investors
to Buy Swett & Crawford 65
Hilb Rogal & Hobbs Acquires Doherty 65
Hilb Rogal & Hobbs Acquires KYBA 66
Hilb Rogal Acquires Ed Murray & Sons 66
Hilb Rogal Acquires True Benchmark 66
HNB Signs an Agreement to Acquire Cornerstone Companies 66
Honua Investment Management Buys Interest in Sechung Chemical 66
HSBC Holdings Buys Stake in Ping An Insurance (Group) 66
HUB International Acquires Employee Benefit Specialists 66
HUB International Acquires Kline Transportation Insurance 66
Hub International Limited Acquires Personal Lines Brokerage 66
HUB International Takes Over Impact Insurance Services 67
Hull & Co Acquires E & S Brokerage Services 67
Humana Buys CorpHealth 67
IAG to Buy 30% Stake in AmAssurance Berhad 67
IAT Reinsurance Buys SIRVA Insurance Businesses 67
Imagine Acquires Abacus 67
Industrial Alliance Makes Quick Moves for Creating a High
Profile Asset Management Company 67
Insurers Administrative and Independence Acquire majority
interest in Health Plan 67
Integro Acquires Humphreys Haggas Sutton & Co 68
International Insurance Brokers Enters into Agreement with
Team Bank 68
Inviva Reaches an Agreement to Acquire Utica National Life
Insurance 68
Ion Health Holdings Acquires Community Health Plan of Ohio 68
JC Flowers & Co Buys Crump Group 68
Jelco Ventures Acquires Interest in Zenith Administrators 68
Jinright-Turner Merges with Maxwell Haley & Castleberry and
Escambia Insurance Agency 68
Kingsway Financial Services Acquires HI Holdings 68
LandAmerica Financial Group Acquires Century Title Services 69
Lawson-Hawks Acquires USI Healthcare Property & Casualty 69
Lawson-Hawks Insurance Associates Gets Dillenback & Lomanto
Insurance Agency 69
Leesport Financial Acquires First HSA 69
Liberty Mutual Buys Stake in Basak 69
Liberty Mutual Purchases ING Seguros Generales 69
LIC's Global Expansion Drives the Insurance Giant to Middle East 69
Life of the South Acquires Insurance Co of the South 69
Lightyear Capital Acquires Minority Interest in the NAU Group 70
Lindsay Goldberg & Co Acquires Major Stake in Alliant
Resources Group 70
Livingston International Acquires Great Lakes Custom Brokerage 70
Long Term Care Buys Nation's CareLink 70
LTC Global Solutions Acquires the Ft. Myers Agency of Kanawha
Insurance 70
Mapfre Asistencia Acquires Abraxas 70
MedData Acquires Insurance Benefit Spot Check 70
MEM Acquires Integrity Research 71
Mercer Buys Financial Pacific Insurance Group 71
Merrill Lynch & Co to Acquire AMVESCAP Retirement 71
MetLife Acquires Travelers Life 71
MetLife Buys Citistreet Associates 71
MetLife Buys Stake Mitsui Sumitomo CitiInsurance Life
Insurance Co 71
MidWestOne Financial Group Acquires Cook & Son Agency 71
MIIX Group Buys MDAdvantage Insurance 71
Motors Insurance Acquires MEEMIC Holdings 72
Munich Re Finds a Buyer for Stake in HVB 72
NASDAQ Snaps up Carpenter Moore 72
National Interstate Insurance Acquires Triumphe Casualty 72
National Investment Managers Acquires Duncan Capital Financial
Group 72
National Investment Managers Acquires Haddon Strategic Alliances 72
National Penn Acquires Krombolz 72
National Security Title Announced To Acquire Your Title Choice 72
Nationwide Previdência Agrees to Buy Nationwide's Life Operations 73
Navigators Group Acquires Remainder Interest in Lloyds Syndicate 73
Neace Lukens Acquires Integrity Insurance Agency 73
NELX Takes Over West Virginia Fire & Casualty 73
Octagon Risk Services Acquires Managed Care Holdings Corp. 73
Old Mutual Eyes Purchase of Skandia 73
Old National Bancorp Acquires JWF Insurance Cos 73
OneBeacon Insurance Acquires First Media Insurance Specialists 73
Optimum General's Subsidiaries Merge 73
Oswald Cos Buys JA Ice & Associates 74
Perot Systems Acquires Technical Management 74
Peterson Partners LP-led Group Acquires Interest in Southern
California Risk Management 74
PIC Wisconsin Merges with ProAssurance 74
Preferred Care Merges with MVP Health Care 74
Principal Financial Acquires Stake in Avani Insurance Services
(AIS) 74
Principal Financial Group Acquires Minority Interest in
Jianxin Asset Management 74
Private Group Signs an Agreement to Acquire Universal
Underwriters 75
ProAssurance Signs a contract to Acquire Physicians Company of
Wisconsin 75
QBE Insurance Buys National Farmers Union Property & Casualty 75
Rainier Pacific Acquires Holman Insurance Agency 75
Rainier Pacific Bank Buys Christopherson- Boze Insurance Services 75
Renaissance Agrees to Acquire Central National Life Insurance 75
Rockhill Holding Buys United Coastal Insurance 76
Roger Bouchard Insurance Led Private Group Acquires Roger
Bouchard Insurance 76
S&T Bancorp, Inc. Acquires Bennett Associates, Inc. 76
S&T Bank Acquires Cowher Nehrig & Co. 76
S&T Bank Pens an Agreement to Acquire Holsinger 76
SafeGuard Health Buys General Co's Dental and Vision Health Unit 76
Savage & Associates Acquires Christie Financial Services 76
Schweizerische Agrees to Acquire GE Insurance and Employers 77
Security Bancshares Acquires Apex Lloyds Insurance Co and
Texas APEX 77
Security National Financial Acquires Memorial Insurance Co of
America 77
Sentry Insurance a Mutual Company Acquires ALF Insurance Agency 77
Sentry Insurance Acquires Viking Insurance Holdings 77
Sequel LP-led Group Gets Homeowners of America Holding Corp's
Stake 77
Servco Procures John Grosseto Marine Insurance 77
SIGI Divests Subsidiary for Over US$15 million 78
Silverado Financial Acquires Liberty Settlement Services 78
Sky Financial Acquires Steiner Insurance Agency 78
Sky Financial Procures Becker-McDowell 78
Sky Financial Purchases Benefit Design Agency of Ohio 78
SMS Inc. Announces Merger with Insuractive, Inc. 78
South Financial Group Acquires Bowditch Insurance 78
State Street Acquires Stake in Northeast Retirement Services 78
Stewart Acquires Abstract & Title 79
Stewart Acquires Pine Island Title Insurance 79
Stewart Information Acquires Burnt Store 79
Stewart Information Acquires Midwest Title 79
Stewart Sneed Hewes Group Acquires Kyzar 79
Stewart Title Acquires Advance Title Holding 79
Stewart Title Acquires Central Title 79
Stewart Title Acquires Effingham Title 79
Stewart Title Acquires Jackson Kahl 79
Stewart Title Acquires Moritz Title Co Grand County 79
Stewart Title of California Purchases North Bay Title 80
Strategic Health Associates Obtains Stake in GroupLink 80
Sun Life Financial Completes the Acquisition of CMG Asia 80
Suravenir Signs an Agreement To Buy GE Assurances Vie Plus 80
Swiss Re Snaps up GE Insurance Solutions 80
Swisscanto Holding Acquires Swiss Pension Fund Business of
PricewaterhouseCoopers 80
Talbot Agency Acquires Blanchard Insurance 80
Taurus Acquires Kohlrusch Title Services 80
Terrill Group-led Private Management Group Acquires Old
National Bancorp's Terrill Group 81
The First American Acquires Certified-Closing Network 81
The NASDAQ Stock Market Acquires Balance 50% stake in Nasdaq
Insurance Agency 81
The South Financial Acquires Lossing Insurance 81
The State Life Insurance Acquires Golden Rule Financial Corp's
Financial Services 81
TLC Vision Acquires TruVision 81
Tokio Marine Merges with Newa Insurance Co. 81
Tompkins Trustco. Signs an Agreement to Acquire AM&M 82
Tower Group Inks Agreement with American Lumber Insurance 82
Triple-S Management Agrees To Acquire Great American Life
Insurance 82
UMRe Merges with National Re 82
Unisource Acquires O'Steen Adjusting Services 82
Unisource Procures Hilb & Hobbs of Atlanta Inc.'s Third Party
Business 82
United America Integrates Penn America's Operations 82
UnitedHealth Group Acquires United Medical Resources 82
UnitedHealth Group Snaps Up PacificDental Benefits 82
UnitedHealth Purchases PacifiCare Health Systems 83
UnitedHealthcare Makes an Agreement to Buy John Deere Health 83
Unitedhealthcare of Florida Acquires Neighborhood Health 83
USI Holdings Acquires Benefits Unlimited 83
USI Holdings Acquires Dascit/White & Winston 83
USI Holdings Acquires HRB Benefits 83
USI Holdings Acquires Winthrop Insurance Plans 83
USI Holdings Buys Humanex 83
USI Holdings Buys Richard B. Cross & Associates 83
USI Holdings Enters into an Agreement with Patterson Smith 84
USI Holdings Purchases Cross & Associates 84
Wachovia Acquires Minority Interest in Zenith National Insurance 84
WellPoint Combines Health Insurance Subsidiaries to Form UniCare 84
Wells Fargo Buys MJ Beaven Agency 84
Wells Fargo Purchases JS Crop Insurance 84
Western and Southern Financial Group Pockets Lafayette 84
Wiener Purchases Majority Stake in Royal Polska 84
Willis Group Acquires International Insurance Brokers 85
Willis Group Acquires International Insurance Brokers 85
Willis Group Acquires two Brokerage Firms 85
Willis Group Enters into an Agreement with Primary 85
Wisconsin Takes Over Prevea Health Plan 85
Wood Interbrok Takes Over Adams & Porter Brasil 85
3GON Acquires Towarzystwo Ubezpieczen 85
Acordia Acquires Baldwin & Whitney 85
Acordia Acquires Feeney Durler West Insurance Services LLC 85
Addison York Acquires the Assets of Al Vinciguerra 86
Advent and Conning Acquires Long Term Care Group 86
Advent International Acquires Stake in J Malucelli 86
Alaska USA Federal Credit Union to Acquire Ribelin Lowell
Insurance Brokers 86
AllHealth Acquires The Holland Co 86
Alliant Resources Acquires Benefit Partners 86
Alliant Resources Group Acquires Gaddy Ward & Co 86
American International Acquires Royal & Sun 86
American Management Acquires Cargill Sherman & Associates and
Embassy Insurance Group 86
American Title Acquires Chelsea Title 87
American Wholesale Acquires Property Risk 87
AMERIGROUP Enters into Acquisition Agreement with CarePlus LLC 87
Anthem Acquires Towarzystwo Ubezpieczen na Zycie Royal PBK SA 87
Anthem Merges with WellPoint 87
Aon Acquires Remaining Stake in Aon Inchibrok 87
Aon Corp. Acquires Assural BV 87
Aon Jauch & Huebener Acquires ATS Assekuranz 87
Aon Risk Acquires Wrightson Ltd 87
Arkansas and BlueShield of Florida Enter into Agreement to Merge 88
Arthur Acquires Burch Marcus 88
Arthur Acquires Obrien 88
Arthur J Gallagher & Co Acquires Don Laster Agency 88
Arthur J Gallagher & Co Acquires Health Care Insurers 88
Arthur J Gallagher & Co Acquires I. Arthur Yanoff & Co Ltd 88
Arthur J Gallagher Acquires balance fifty percent of Risk
Management Partners 88
Arthur J Gallagher Acquires FPE Insurance Brokers 88
Arthur J Gallagher Acquires Persac Insurance Agency 88
Arthur J Gallagher Acquires Sheridan Insurance Group 89
Arthur J Gallagher Acquires Specialty Advisory Services 89
Arthur J Gallagher Acquires the Kooper Group 89
Arthur J. Gallagher & Co Acquires Johnsey Insurance Agency 89
Arthur J. Gallagher Acquires B&P International Insurance 89
Arthur J. Gallagher Acquires the Assets of Benefitport Northwest 89
Assurance America Acquires Thomas-Cook Holding 89
AssuranceAmerica Acquires The Insurance Market 89
Bailey Insurance Agency Acquires Gooder Agency 89
Bankers Insurance Acquires Cabell Insurance 89
Barresi Financial Acquires Murch & Dyer Associates 90
BenefitMall Acquires Colorado Group 90
BISYS Group Acquires Uhlemeyer 90
BlueCross BlueShield Acquires USAble Life 90
Brown & Brown Acquires Assets of Manchester Insurance Agency 90
Brown & Brown Acquires Balcones-Southwest 90
Brown & Brown Acquires Blumberg Associates 90
Brown & Brown Acquires CF Lake 90
Brown & Brown Acquires Chapman Simmons Agency and Professional
Surety Services 90
Brown & Brown Acquires CWC Managing Insurance and
International E & S 90
Brown & Brown Acquires Doyle Consulting and Doyle Consulting
of New Jersey 91
Brown & Brown Acquires Gregory Brown 91
Brown & Brown Acquires Hardin & Wilson 91
Brown & Brown Acquires Insurance Marketing Group, LLC 91
Brown & Brown Acquires Niagara Insurance Group 91
Brown & Brown Acquires Pashley Agency 91
Brown & Brown Acquires Powers Agency 91
Brown & Brown Acquires Proctor Homer Warren 91
Brown & Brown Acquires Risk And Insurance Consulting and
Barker Heslip 91
Brown & Brown Acquires Robert Wiita, Tribal Benefits, and
Wiita Insurance 91
Brown & Brown Acquires Statfeld Vantage Insurance 92
Brown & Brown Acquires The McDuffee Insurance Agency 92
Brown & Brown Acquires Title Pac and PayEase Financial LLC 92
Brown & Brown, Inc. Acquires Waldor Agency 92
Brunswick Acquires assets of MIW 92
Business Venture Enters into Agreement to Acquire Stake in Aon
South 92
Campbell & Associates Acquires North Insurance Brokerage 92
Capital Z Acquires PGH 92
Capital Z Financial Services Acquires SBJ Group 92
Castlewood Holdings Takes Over Turegum Insurance Co 93
CBSS Takes Over Sevier Insurance Agency 93
Ceridian Acquires Cigna Healthcare and Cobra 93
Certified Services Acquires Kenneth I Tobey 93
CFC Bank Enters into Acquisition Agreement with American Life 93
CFC Enters into an Agreement to acquire Fear & Fear 93
CI Sells Cars Acquires Strategy Holding 93
Citizens Insurance Acquires Security Plan Life Insurance 93
CJ McCarthy Acquires Lyman Insurance and Conly- Lyman Insurance 93
CJD & Associates Acquire Texas All Risk 94
Coface Takes Over Arkwright Insurance 94
Community First Acquires Arnold & Arnold 94
Community First Insurance Agencies Acquires Shepherd Insurance
Agency 94
Crawley Warren Acquires International Space Brokers 94
Credit Insurance Consultants Acquires Credit Insurance Brokers 94
Delaware Valley Acquires Zimmerman Specialty Insurance
Brokerage Inc 94
Devlin Group LLC Acquires Forethought Financial Services 94
ebix.com Acquires Lifelink Corp 95
ENB Insurance Acquires Ulrich 95
Enstar Group Inc Acquires Turegum Insurance Co 95
Eye Care International Acquires LBI Brokerage LLC 95
Eye Care International Acquires Self Funded Alternatives 95
FAC Acquires Bayshore 95
FAT Acquires Columbian National Title Insurance Co 95
FAT Acquires First American Title Co of Marin 95
FAT Acquires MTA 95
FCB Acquires Smith & Associates 95
Fidelity Insurance Acquires ACT Action Insurance 96
Fidelity National Acquires Geotrac 96
First American Title Insurance Acquires Northwest Title 96
First American Title Insurance Co Acquires Island Title Corp 96
First American Title Insurance Co Acquires Public Abstract Corp 96
First American Title Insurance Co Acquires Safeco Land Title
of Forth Worth 96
First American Title Insurance Co Acquires Western Pioneer
Title Co 96
First Financial Bancorp Acquires White & Havens 96
First Financial Holdings Acquires Kimbrell 96
First Health Group Corp. Acquires COMP Medical 96
First Mainstreet Insurance Group Acquires Value Quote Insurance 96
First Place Financial Corp Acquires Weigel Lackey & Ross
Insurance 97
First Title Acquires Enact Conveyancing 97
First Western Trust Bank Acquires Westcor Insurance Group 97
FNB Corp Acquires Morrel Butz & Junker 97
Fort Dearborn Acquires Combined Services 97
Fortis Acquires Seguros Genesis Metlife 97
Frontenac Acquires WNC Insurance Services Inc. 97
Frost Insurance Acquires The Sammons Group 97
Gateway Insurance Services Acquires Whitehurst 97
Glens Falls National Bank Acquires Capital Financial Group 97
Goldman Sachs Acquires Endurance Specialty 98
Hartland Insurance Acquires Bosquett 98
HCC Insurance Acquires cineFinance 98
Health Care Service Acquires Omaha Life Insurance 98
HealthExtras Acquires Managed Healthcare Systems Inc. 98
HIC Acquires Payne & Co Insurance Brokers, Inc. 98
Hilb Acquires Assets of Rose Smith Tucker 98
Hilb Rogal & Hamilton Acquires Banack Insurance 98
Hilb Rogal & Hobbs Co Acquires Frank F. Haack & Associates 98
Hilb Rogal & Hobbs Co Acquires Insurance Services 98
Hilb Rogal Acquires Casey Wolfe 99
Hilb Rogal Acquires Smith Bell & Thompson 99
Hilb Rogal Acquires Surplus Ltd. 99
Hilb Rogal Acquires The Federau Group 99
Hilb Rogal Acquires TJ Adams Group 99
HIP Health Plan Acquires Connecticare 99
Hub International Acquires B & DA Weisburger 99
Hub International Acquires Bush Cotton 99
Hub International Acquires Talbot Financial Unit 99
Hub International Acquires TILCO Financial Services Limited 100
IBM Forays into Insurance BPO Sector with Acquisition of LIS 100
IMG Travel Acquires Assets of GMC 100
Ipacq Holdings Inc Acquires The Chandler Group of Cos. 100
Jack Henry Acquires Banc Insurance 100
Jefferson-Pilot Acquires Canada Life Assurance 100
Jenkins Athens Group Acquires Seibert Insurance Services 101
JumpStart Acquires Stake in Cleverland Holdings 101
Kibble & Prentice Acquires BGI Inc 101
LandAmerica Acquires Apache Title and Trust 101
LandAmerica Acquires Buyers/Best 101
LandAmerica Acquires Closing Co 101
LandAmerica Financial Group Inc Acquires Taos Title Inc 101
LandAmerica Financial Group Inc Acquires Universal Title
Services Inc 101
Lawley-Andolina LLC Acquires Luellen Insurance 101
Lawyers Title Acquires Channel Islands 101
Lawyers Title Insurance Corp Acquires Lawyers Title Agency of
North Florida Inc 102
Liberty Mutual Insurance Group Acquires AGF Allianz 102
Lusitania Acquires Insurance Business of Genesis Metlife 102
Manulife Merges with John Hancock 102
Marsh Acquires the Australian Operations of Heath Lambert Group 102
Maryland Insurance Takes Over Mutual Fire Insurance 102
Mercer Human Resource Consulting Acquires RCM Consulting Group 102
MetLife Acquires Stake in Banco del Estado 102
Millea Acquires Allianz President General 103
Milne Scali & Co Acquires Finkbeiner Agency 103
Milne Scali Acquires Assets of Richard Q Perry 103
Milne Scali Acquires IAS 103
Minnesota Life Enters into a Purchase Agreement with Allied
Solutions 103
MMI Acquires Certain Operations of Liberty Mutual Group 103
Molina Healthcare Acquires Health Care Horizons 103
MultiPlan Acquires US Health 103
National Penn Acquires Pennsurance 104
National Penn Bancshares Acquires D.E. Love Associates 104
Newtek Business Services Acquires Vistar Insurance Services 104
Niagara National Inc Acquires Hauser Ortolano Agency 104
North American Group Acquires Commercial Insurance Service 104
Northeast Financial Services Acquires Sargent Insurance Agency 104
Ohio National Life Insurance Acquires Security Mutual Life
Insurance 104
PacifiCare Health Systems Inc Acquires American Medical
Security Group 104
Peoples Insurance Acquires Barengo Insurance 105
POMCO Acquires HRH Risk Management 105
Popular Insurance Acquires J Argomaniz & Associates 105
Primary Acquires Benchmark Management 105
Primary Group Acquires Site Inspections 105
Private Healthcare Systems Acquires Statewide Independent PPO 105
Protective Underwriting Enters into an Agreement with Arch
Capital 105
Quadrant Acquires Majority Stake in US RE Cos 105
QualSure Holding Acquires Sunshine State Insurance 105
Quotesmith.com Acquires Life Quotes 105
Royal & Sun alliance Divests UK Life Insurance Business to
Resolution Life Group 106
Sandy Spring Insurance Acquires Sandy Spring Bancorp Inc. 106
Scandent Acquires Stake in Cambridge Integrated Services 106
Senn Dunn Acquires Corpening Insurance Center 106
Senn Dunn Acquires Sterling Financial Services 106
SIRVA Acquires Move-Pak 106
Sitzmann Morris & Lavis Acquires James J Barnes Insurance
Services 106
Sky Financial Group Acquires EOB 106
Sky Financial Group Acquires Spencer-Patterson Agency 106
Stahl & Associates Insurance Acquires Tampa operations of
Rogers Atkins Gunter 106
Stanton Acquires Harris-Homeyer 106
STC Acquires Homeowners Closing Services 107
Stewart Title Acquires Cuesta Title 107
Stewart Title Acquires First American Title Co of Southern
Colorado 107
Stewart Title Co Acquires Security Title of Billings 107
Stewart Title Co Acquires Stewart Title of Pueblo Inc 107
Strategy International Enters into an Agreement to Acquire RS
Group 107
Straus Capital Group Inc Acquires MMM Healthcare 107
Summit Financial Group Acquires Sager Insurance Agency 107
Swanson Acquires Dime Insurance 107
Swiss Medical Group Acquires Principal Retiro and Principal Life 108
Swiss Reinsurance Acquires Valley Forge Life Insurance 108
Temple-Inland Acquires TCT Insurance 108
The First American Acquires Baker Brinkley & Pierce 108
Trustmark Investment Advisors Acquires Fisher-Brown 108
United American Healthcare Acquires Omnicare Health Plan 108
UnitedHealth Acquires Advana 108
UnitedHealth Group Acquires Definity Health 108
UnitedHealth Group Acquires Fidelity Insurance Group 109
UnitedHealth Group Acquires Health Maintenance Organization 109
UnitedHealth Group Acquires Oxford Health Plans 109
Universal American Financial Acquires Heritage Health Systems 109
USI Holdings Acquires Benefit Partners of America 109
USI Holdings Acquires Bertholon-Rowland 109
USI Holdings Acquires Diversified Insurance Services 109
USI Holdings Acquires Future Planning Associates 110
USI Holdings Acquires Summit Global Partners 110
Vesta USK Acquires Garant-Pharm 110
VidaCaixa Takes Over Seguros Genesis 110
Ward-US Risk Acquires Subro Net, Spectrum Managed Care and
Ward North America 110
Wellington Acquires AXA's Insurance Business 110
Wellington Underwriting Acquires Surplus Lines Insurance 110
Wells Fargo Acquires Speare & Co. 110
Wescom Credit Union Acquires Hallmark Associates Insurance
Services 110
White Mountains and Berkshire Hathaway Acquire Life Insurance
and Investment- Management Arm of Safeco Corp 110
Willis Group Holdings Ltd. Acquires Vision Insurance Group 111
Wm Rigg Acquires Webber 111
Woronoco Bancorp Acquires The Colton Agency 111
3. Strategic Corporate Developments 112
Aviva Enters into Joint Venture with Bank Zachodni WBK 112
AEGON and CAJA CANTABRIA Enters Joint Venture Agreement 112
AXA to Divest Dutch Insurance Operations 112
AXA & BMPS to Form a Strategic Partnership 112
Allianz China to Expand Business 112
Aviva Life Insurance's Indian Joint Venture Ties Up with Apex
Bank 112
Andhra Bank to Form Joint Venture for Life Insurance 113
Apollo Hospitals Enters the Health Insurance Market 113
AMP Divests Gordian and Cobalt Insurance Wings for A$585 Million 113
AIG Forms Alliance with Seoul Guarantee 113
AXA Enters into Strategic Partnership with Bao Minh Insurance 113
Aviva Obtains Regulatory Consent for Joint Venture in Taiwan 113
AEGON & Taishin Enters into Joint Venture 114
ACE and JLT Enter Joint Venture 114
AEGON and Sony Life to Set-Up a New Life Insurance Company 114
Bank of Maharashtra to Form Joint Venture for Non-life Insurance 114
Bank of India to Establish Joint Venture for Life Insurance 114
Bao Minh Insurance and Federal Insurance Enter into Agreement 114
Brit Insurance to Establish New Reinsurance Company 115
China Reinsurance to Increase Stake in CLR 115
Cholamandalam MS Partners with IndusInd Bank 115
Canara Bank, HSBC and Oriental Bank Teams Up to Float Life
Insurance Venture 115
Darwin to Enter into Strategic Partnership with K&B 115
DRB-HICOM to Divest Interests in Insurance Businesses 116
FIC Secures Chinese Regulatory Approval to Set Up an Insurance
Subsidiary 116
Future Generali Commences Insurance Business in India 116
Great-West Lifeco to divest its U.S. Based Great-West
Healthcare Business 116
Hainan Airlines to Form Joint Venture with SKLI of Taiwan 116
HDFC Divests General Insurance Stake to ERGO International 117
HSBC Enters into Joint Venture with Aviva 117
HSBC Insurance to Form a Joint Venture with NTL 117
HSBC Establishes Life Insurance Company in Taiwan 117
ICICI and SCB to Form Alliance 117
ICICI Secures Approval to Divest Stake in Insurance Business 117
ING Divests Insurance Belgium 118
Japan Post to Distribute Aflac Japan's Cancer Insurance Product 118
Kookmin Bank to Divest Interest in ING Life Insurance 118
Morley to Form a Fund Management Joint Venture in China 118
PAC Partners with TIA Technology to Gain Greater Market Share
in Malaysia 118
QBE Enters into Agreement with Rajan Raheja Group 118
Shanghai Dragon to Divest Interest in Dazhong Insurance 119
SocGen to Divest Equity in La Marocaine to GBP 119
Tata AIG Enters into Partnership with BISWA 119
Tata AIG Plans Major Expansion in Orissa 119
TTK to Commence Retail Health Insurance 119
Union Life Insurance to Divest Stake 119
Unitrin to Divest UBI to AmTrust 120
Van Gilder & EnRisk to Offer Risk Counsel and Insurance 120
Vijaya Bank to Quit PNB-PFG Life Insurance Venture 120
Western National and Farmers Home Policyholders Support Merger
Plan 120
Yugoriya Insurance Company Signs Deal with Ural Precision 120
Zimre Establishes First Reinsurance Company in Mozambique 120
Zurich to Set-Up New Business Unit in Asia-Pacific 121
Aviva, Akbank and Akisgorta to Setup Life and Pensions Business 121
Aviva to Form Joint Venture with FFHC 121
HSBC to Form Joint Venture with Norwich Union 121
HSBC Enters into Joint Venture 121
Genworth Partners with GMAC 121
Millea Enters into Partnership with JP Morgan 121
ISM Enters into Collaborative Agreement with SAS 121
OCBC Bank (M) Bhd Partners with Pacific Insurance 122
IDBI, Federal Bank and Fortis Sign MoU to Establish a New Life
Insurance Firm 122
Aviva Enters into Agreement with Centurion Bank of Punjab 122
Allianz Versicherung Splits to Form Allianz Global Corporate &
Specialty 122
Hinduja Group Signs MoU with European Insurer 122
Hiscox Pens Reinsurance Agreement with WL Ross & Co 122
Seguros Divests its Annuity Business 123
Aviva Life Forms Alliance in Qatar 123
Standard Chartered and Eagle Insurance Form Alliance 123
HSBC and AIG Collaborate to Provide Joint Insurance in Indonesia 123
Prudential Secures License for Islamic Insurance 123
Radian Insurance to Commence Operations in Hong Kong 123
Federal Bank, IDBI and Fortis in a Joint Venture for Life
Business in India 123
Aegon Signs Joint Venture with Religare 123
Heng An Standard Life Opens Unit in Beijing 123
ING Capital Alliances with BEA 123
AIA Receives Approval to Offer Group Insurance 124
ING and Astron Enter into Outsourcing Agreement 124
Aviva Divests Stake in Ennia Caribe 124
Zurich Insurance Ireland Expands in Europe 124
Fortis Enters Ukrainian Life Insurance Market 124
Winterthur Sells Health Insurance Business 124
ING to Commence Life Insurance Business in Bulgaria 124
R & SA and Direct Insurance Financial Investments Forms Joint
Venture 124
Aviva to Sell Protection Products in Russia 124
Hinduja Group Signs MoU with European Insurer 124
Postal Life Insurance Under Postal Administration Cover 125
Advisen Signs Co-Marketing Agreement with ASHRM 125
AIG in Alliance with Bank of Tokyo 125
AmWINS Wraps Up Divestiture of Stake to Parthenon Capital 125
Aon Sells Swett & Crawford 125
Ark Life and Hibernian in a Life Insurance Venture 125
Assetinsure Forays into General Aviation Insurance 126
BCP Completes Sale of Insurance Units 126
Benchmark Causes Vibes in Investment Property Insurance 126
BiceCorp Amalgamates La Construccion and Bice Vida 126
CCI Seeks Roadmap to Insurance Market in Chinese Mainland 126
Central Insurance Offers Abduction Insurance for Taiwanese
Businessmen 126
English Court Approves Insurance Scheme by Dutch Companies 126
Frontier Insurance Group Files for Liquidation 126
GAIC Puts up Stake in Cincinnati Reds for Sale 126
Gecis Partners with Liberata of UK 127
General Aviation Insurance by Assetinsure 127
HDFC Chubb Ventures into Liability Insurance 127
Hyundai Eyes the US Market 127
LIC International Receives License for Operating in UAE 127
LIC's Global Expansion Drives the Insurance Giant to Middle East 127
Mapfre Insular Insurance - A Philippino-Spanish Venture Takes
Wings 128
Met Life Inc Divests Unit in Indonesia 128
New China Life Insurance Co. Restructures into New China
Insurance Holding Co Ltd., Group 128
PICC Obtains CIRC's Nod for Tri-Nation Partnership for Life
Insurance 128
Pohjola Group Reorganizes Non-Life Operations 128
Prudential Financial Eyes China 128
Resolution Life's Expansion Drive Continues 128
Tokio Marine in Alliance with Nisshin Fire 128
Allianz Divests Life Insurance Business 129
BaoViet and BaoMinh Join Hands 129
Chinese Companies Foray Health Insurance Business 129
Promina's Vero forms Joint Venture with CTIL 129
Royal & Sunalliance Divests UK Life Insurance Business to
Resolution Life Group 129
4. Product Introductions/Developments 129
Accident Insurance for Indian Workers in Gulf 129
Aetna Introduces Insurance Products for New and Small Businesses 129
Agis Launches Health Insurance Policies for Gays and Lesbians 129
Allianz Elementar Offers Savings Products 130
Allianz Life Launches Capital Protected Plan II 130
Allianz Releases Catastrophe Bond 130
Allstate Introduces New Landlord Insurance Product in Texas 130
Anthem Launches New Insurance Plans for Small Businesses 130
Anthem Life Rolls Out Resource Advisor 130
Aviva Introduces Non-Unit Linked Investment Plan 130
Aviva Introduces Systematic Individual Savings Plans 131
Ben-e-lect Offers New Dental Plan 131
BIBA Launches PPI Products 131
Buddies Launches Discount Pet-Insurance Scheme 131
Darwin Introduces CRLI 131
Direct Line to Introduce Four New Commercial Insurance Policies 131
Emirates Bank Launches meTRAVEL Insurance 131
Friends Provident Provides Tax Relief With New Life Cover 132
Greenbee.com Offers New Pet Insurance Cover 132
Guy Carpenter Introduces SelectCat 132
Halifax Rolls Out New Insurance Product 132
Humana Unveils New Health Insurance Policies 132
Health Net Introduces Medicare Plan 132
Humana Launches Affordable Health Care Plans 132
ICICI Lombard Introduces First Health Insurance Plan 132
ICICI Prudential & Dignity Foundation Introduces ActivAge 132
ICICI Prudential Life Teams Up with mChek 133
ING Introduces Variable Annuities in Spain 133
John Hancock Annuities Provides Optional Withdrawal Benefit 133
Hiscox USA to Introduce Allied Healthcare Insurance 133
Lexington Enhances BioChem Shield (SM) Capacity 133
LIC Introduces New Unit Linked Plans 133
LIC Introduces Group Critical Illness Rider 133
LIC to Launch Health Insurance Plan 133
Madison National Life Insurance Launches '360 Plan' 134
Manulife Launches LivingCare Long Term Insurance Product 134
Markel International Introduces Medical Malpractice Product 134
Max New York introduced SMART Invest Pension Scheme 134
Nationwide Financials Launches New Corporate Owned Life
Insurance Policy 134
Norwich Union Introduces Guaranteed Whole Life Policy 135
Performance Insurance Introduces Low Cost Car Insurance 135
PNB Introduces New Health Insurance Product 135
Post Office Introduces New Life Insurance Policy 135
Precedent Introduces Innovative Health Insurance Plans 135
Quadrant's Nursing Home Liability Program Now in Texas 136
Reliance Introduces New Life Insurance Service 136
RMS to Launch Reinsurance Platform to Transform Portfolio Risk
Management 136
SBI Life to Introduce New Insurance Policy 136
SBI Life Introduces Pension Product 136
Sino-US MetLife Introduces New Insurance Product 136
SLFP Introduces Sachetized Insurance Packages 137
Sterling Life Offers Life Cover for Armed Forces 137
Tesco to Provide Private Health Insurance 137
Tesco Launches Cheap Health Insurance 137
Texas Mutual to Launch e-Billing System 137
United India Insurance to Introduce 3 New Health Insurance
Policies 137
Virgin Money Introduces Cancer Insurance 137
Vsurance to Launch Insurance Product for New Pet Owners 137
Vsurance Introduces Pet Boarding Kennel Insurance 137
WPA Introduces Mycancerdrugs 138
Warba Insurance Launches New Scheme for Expatriates 138
XL Insurance Introduces Product Recall Insurance 138
Zurich to Introduce Unicover VI Policy 138
Zurich to Re-Launch its Home Solutions Product 138
AAMI Launches Flexi-Premium Offer for Young Drivers and Customers 138
American National Introduces New Indexed Annuity 138
AXA Launches Group Individual Accident Insurance 139
Bendigo Bank Introduces Health Insurance 139
Fort Dearborn Introduces Dental Insurance Program 139
Guardian Life and Health Net Launches Healthcare Policy 139
Homeland Launches BADHU BIMA Scheme for Married Women 139
Kentucky State Introduces New Law to Check Uninsured Drivers 139
Loyal American Life Unveils New Policy for Baby Boomers 139
Suncorp Launches Family Discount Scheme on Insurance Premiums 139
American Specialty Launches a New Health Plan 139
AutoOne Insurance Establishes AutoOne Claim Services Company 140
Berkley Starts Aviation Insurance 140
China Commences Operations of First Auto Insurance Company in
Shanghai 140
Establishment of CPIC Insurance in China 140
Guaranty Insurance Services Snaps Up Walter
Mortensen140Kanetix Launches Online Version of Term Life
Insurance140Manulife Launches New Group Retirement Income
Plan140Nanshan Life to Foray in Vietnamese Insurance
Market140Prudential Launches PMI Policy 141
Samsung Establishes Wholly Owned Subsidiary in China 141
Storebrand Life Targets Swedish Pension Market 141
Twelve New Branches from Huaan Insurance Company 141
Volkswagen Enters Athens with the Establishment of Banking and
Insurance Units (ROE) 141
Western and Southern Financial Group Pockets Lafayette 141
Canada Life Reintroduces Lifetime Protector Whole-of-Life
Insurance Policy 141
Coface Establishes New Insurance Company 141
Experian Offers AutoCheck with Buyback Insurance Facility 141
5. A US Perspective 142
Industry Overview 142
Year 2005: Going Gets Tough 142
Market Snippets 142
Life Insurance - Good Going 142
Property Insurance - Stunned by Storms 142
Casualty Insurance - Renewals Slump 142
Title Insurance - Operating Revenues Dip 143
Reinsurance - Storms Set to Settle Prices? 143
Marine Insurance 143
Construction Insurance - Shrinking Coverage 143
Onshore Property Insurance Markets - The Worst Affected 144
Surging Losses from Asbestos and Environmental (A&E) Claims 144
Liability Insurance - A Major Concern 144
Aviation Insurance 145
Challenging Times 145
Corporate Aviation - Soft Market 146
Impact of Hurricane Season 146
Space Insurance 146
Trouble Brewing in the US Space Insurance Industry 146
Space Tourism to Propel the Future 146
Regulatory Issues 146
Pet Insurance 147
Petco 147
Veterinary Pet Insurance 147
PetPartners 147
An Overview of Arson 147
Key Market Snapshots (A Historic Review) 148
Competitive Landscape 149
Functioning of Insurance Companies 149
Comparative Study of the US vis-à-vis Europe 149
Outlook 150
Property & Casualty Reinsurance 150
Life and Health Insurance 150
Market Trends and Issues 150
Trends Prevailing in the Industry 150
Regional Insurers Gain Ground 150
'Risk' is the Bait for Business 150
Small Insurers Keep Afloat 151
Wave of Demutualization Activity Marks US Insurance Industry 151
Several Re-insurers Pull Out of the US Market 151
US Insurance Industry Hit Hard by Global Climate Change 151
Need to Overcome Hurdles 152
General Trends 152
September 11: The Aftershocks 152
9/11 - The Costliest Insured Disaster 153
US Government Opposes Terrorism Insurance 153
Insurance Frauds - A Major Challenge to the Industry 153
Insolvencies 154
Managing Solvencies/Insolvencies 155
Guaranty Funds 155
Mails Play a Vital Role in the US Insurance Industry 156
401(K) Plans 156
Challenges Facing the Property/Casualty Industry 156
P&C Insurers Increasingly Rely on Segmentation to Cut Pricing
Risks 157
Homeowner's Earthquake Policies on Decline as Insurers Reduce
Benefits 157
Huge Losses Deter Insurers from Offering Rich Earthquake
Policies 157
US Auto Insurers Gear Up to Tap Generation Y Market 157
Competition Heats Up in the US Private- Passenger Auto Market 157
Demand for Credit Insurance on Rise 158
US Life Insurance Industry Looks to Keep Afloat 158
Changing Face of Life Insurance Distribution 158
US Variable Life Market Faces Key Challenges 159
Hard Times Lie Ahead 159
Demand for LTC Insurance Likely to Prop Up 159
LTC Insurance Witnesses Rapid Consolidation and Stricter
Underwriting 159
Life/Health Insurance Companies in Transition Mode 159
Individual Disability Insurance Market Makes a Turnaround 160
Life Insurance 160
Table 10: Leading Players in the US Life Insurance Market
(2003): Premiums in US$ Million for Blue Cross & Blue Shield
of Ks, Mutual of America Life Ins, Pacific Life & Annuity,
Employers Reassurance, Mony Life Ins, Trustmark Insurance,
Healthy Alliance Life Ins, Union Central life Insurance,
First Colony Life Insurance, Golden Rule Insurance, TIAA
CREF Life Ins, AIG Life Ins, General & Cologne Life Re,
Allstate Life Ins, and USA Life Ins 161
Table 11: Leading Players in the US Life Insurance Market
(2004): Individual Life Insurance In-Force in US$ Billion for
Reassure America Life Ins, First Penn Pacific Life Ins,
American General Life Ins, Continental Assurance, Nationwide
Life Insurance, Connecticut General Life Ins, Hartford Life
& Annuity Ins, Pruco Life Insurance, West Coast Life Ins,
General Electric Capital Asr, US But of Canada file Assur,
Principal Life Insurance, Security Connecticut Life Ins,
Phoenix Life Ins, and Reliastar Life Insurance 161
Table 12: Leading Players in the US Life and Health
Insurance Market (2004): Non-Cancelable Premiums Less
Dividends in US$ '000 for Colonial Life & Accident Ins,
National Life Insurance, The Traveler Ins, Ohio National
Life Assur, Conseco Life Insurance, Life of the South Ins,
IDS Life Ins, Pan American Life Ins, USAA Life Insurance,
and United Teacher Associates 162
Property and Casualty Insurance 162
Market Parameters 162
Table 13: Leading Players in the US Property and Casualty
Insurance Market (2005): Percentage Breakdown of Written
Premiums for State Comp Fund California, Liberty Mutual
Ins., American Intl. Group, Zurich / Farmers Group,
Travelers PC Group, Hartford Ins. Group, CNA Ins., Kemper
Ins., Royal & Sun Alliance, St. Paul, and Others 163
Table 14: Leading Players in the US Property and Casualty
Market (2003): Insurers' Net Premiums Written in US$
Million for State Farm Mutual Group, Allstate Insurance
Co. Group, American International Group, National
Indemnity Co. Group, Travelers Hartford, Nationwide Group,
Farmers Insurance Group, Liberty Mutual Group, Progressive
Casualty Group, Hartford Fire Group, Combined Federal
Insurance Co., United Services Automobile Assurance Group,
Zurich Insurance Co. Group, Continental Casualty Group,
and St. Paul Fire and Marine Insurance Co. 164
Table 15: Property and Casualty Insurance Companies' Net
Premiums in the US (2004): Premium US$ Billion by Company
Size - Greater than US$100 Million, and US$100 Million or
Less 164
Homeowners Insurance 165
Home Insurance Coverage 165
Seven Basic Kinds of Home Insurance Policies 165
Covered and Not Covered Events of Casualty/ Damage in Home
Insurance 166
Disaster Prone Areas Face Lesser Insurance Coverage 167
Deductibles in Homeowners Insurance 167
Renters Insurance in Brief 167
Automobile Insurance 168
Increase in Auto Insurance Premium Comes Down 168
Table 16: Auto Insurance Market in the US (2005): Average
Expenditures and Liabilities in US$ by Region - Alabama,
Alaska, Arizona, Arkansas, California, Colorado,
Connecticut, and Others 169
Factors Affecting Cost of Insurance 170
Factors Affecting Insurance Premium 170
Average Expenditure on Auto Insurance 170
Table 17: Auto Insurance Market in the US (1995-2004):
Average Expenditure in US$ 170
Table 18: Leading Groups in the US Automobile Insurers'
Market (2004 & 2005): Percentage Breakdown of Direct
Premiums Written for State Farm Group, Allstate Ins Group,
Zurich/Farmers Group, Progressive Group, Nationwide Group,
and Others 171
Commercial Auto Insurance 172
Table 19: Leading Groups in the US Commercial Auto
Insurers' Market (2004 & 2005): Percentage Breakdown of
Direct Premiums for Zurich/Farmers Group, Travelers P C
Group, Progressive Group, St Paul Cos, CNA Ins Cos, Amer
Intl Group Inc, Liberty Mutual Ins Cos, and Others 172
Auto Liability Insurance 173
Table 20: Leading Groups in the US Auto Liability Insurers'
Market (2004 & 2005): Percentage Breakdown of Direct
Premiums for State Farm Group, Allstate Ins Group,
Progressive Group, Zurich/Farmers Group, Nationwide Group,
Berkshire Hathaway, Travelers P C Group, USAA Group, and
Others 173
Auto Physical Damage Insurance 174
Table 21: Leading Groups in the US Auto Physical Damage
Market (2004 & 2005): Percentage Breakdown of Direct
Premiums for State Farm Group, Allstate Ins Group, Zurich/
Farmers Group, Progressive Group, Nationwide Group,
Berkshire Hathaway, USAA Group, Liberty Mutual Ins Cos, and
Others 174
All Private-Passenger Auto Insurance 175
Table 22: Leading Groups in the US All Private-Passenger
Auto Insurers' Market (2004 & 2005): Percentage Breakdown
for State Farm Group, Allstate Ins Group, Progressive
Group, Zurich/Farmers Group, Berkshire Hathaway,
Nationwide Group, USAA Group, Liberty Mutual Ins Cos, and
Others 175
Fire and Allied Insurance 176
Table 23: Leading Groups in the US Fire and Allied Insurers'
Market (2004 & 2005): Percentage Breakdown of Direct
Premiums for Zurich/Farmers Group, FM Global Group, Amer
Intl Group, Ace INA Group, Allianz of America, Travelers PC
Group, Royal & Sun Alliance, Acceptance Ins Cos, and Others 176
Inland Marine Insurance 177
Table 24: Leading Groups in the US Inland Marine Insurers'
Market (2004 & 2005): Percentage Breakdown of Direct
Premiums for Amer Intl Group, Zurich/Farmers Group, CNA Ins
Cos, FM Global Group, State Farm Group, Hartford Ins Group,
Allianz of America, Assurant Group, and Others 177
Ocean Marine Insurance 178
Table 25: Leading Groups in the US Ocean Marine Insurers'
Market (2004 & 2005): Percentage Breakdown of Direct
Premiums for CNA Ins Cos, Amer Intl Group, Ace INA Group,
Allianz of America, White Mtns Ins Group, St Paul Cos,
Zurich/Farmers Group, XL America Group, and Others 178
Homeowners Multiple Peril Insurance 179
Table 26: Leading Groups in the US Homeowners Multiple Peril
Insurers' Market (2004 & 2005): Percentage Breakdown of
Direct Premiums Written for State Farm Group, Allstate Ins
Group, Zurich/Farmers Group, Nationwide Group, USAA Group,
Travelers P C Group, Chubb Group of Ins Cos, and Others 179
Health Insurance 180
Market Parameters 180
Table 27: Health Insurance Market in the US (2003 & 2004):
Expenditure in US$ Billion 180
Market Players 180
Health Insurance Companies 180
Health Groups 180
Online Life and Health Insurance 180
Overview 180
Electronic Invasion 180
Factors Driving the Industry 181
Factors Affecting Growth 181
Table 28: Online Life and Health Insurance Market in the US
(2003 & 2004): Sales in US$ Billion 181
Outlook 181
Fundamental Risks Loom Large 182
6. A Canadian Perspective 182
Market Overview 182
Expanded Capacity in P&C Eases up Rates 183
Mergers & Acquisitions and Overseas Sales: Driving the Market 183
Insurance-Related Organizations and their Functions 183
Insurance Rate System 184
Insurance Types & Coverage 184
Property 184
Boiler and Machinery 184
Crime 184
Marine 185
Engineering/Construction 185
Automobile 185
Liability 185
Workers Compensation/Employers Liability 185
Reinsurance 186
Reinsurance Witnesses Rapid Growth 186
Trends 186
Industry on a Consolidation Spree 186
Industry Shows Glimpse of Maturity 186
Changing Face of Canadian Insurance Distribution 186
Fraud Detection System 187
Two-Tiered Landscape 187
The Traditional Channel 187
Career Agency System 187
Direct Brokerages 187
The Contemporary Channel 187
National Distribution Model 187
Distribution Consolidators 188
Bank Distribution 188
IDA Firms Witness Decline in Insurance Sales 188
Life Insurance 188
Leading Players 188
Table 29: Leading Players in the Canadian Life Insurance
Market (2005): Percentage Breakdown of Net Written Premiums
for Sun Life of Canada, Manufacturers Life, Canada Life,
London Life, Great-West Life, Industrial Alliance Life,
Maritime Life, Desjardins Financial, IOF Foresters, and
Transamerica Life Canada 188
The Property and Casualty Insurance Compensation Corporation
(PACICC) 189
Property & Casualty Insurance 189
Table 30: Property & Casualty Insurance Market in Canada
(2004): New Written Premiums in C$ Million by Category -
Auto, Commercial Property, Personal Property, Liability, and
Others 189
A Fragmented Industry 189
Key Issues 189
Mounting Health Care Costs Threaten Industry 189
Stringent Regulations Create Market Imbalance 190
Frequent Natural Disasters Hamper Industry's Growth 190
High Taxes Burden Industry 190
Financial Services Sector Reforms 190
Insurance Crimes on Rise 191
Regulatory Framework 191
Key Players 191
Table 31: Leading Players in the Canadian Property &
Casualty Insurance Market (2005): Percentage Breakdown of
Net Written Premiums for ING, Aviva, Co-operators,
Economical, State Farm, Desjardins, Wawanesa, Royal & Sun
Alliance, AXA, Dominion, and Others 191
7. Japanese Perspective 192
Industry Review 192
Japan - The Second Largest Insurance Market Worldwide! 192
Foreigners' Reign 192
Continuing Transformation 192
Foreign Players Make Presence Felt 193
Life Insurance on Brink of Saturation 193
Key Players 193
Table 32: Leading Players in Japanese Life Insurance Market
(2004): Gross Written Premiums in US$ Million for Nippon,
Dai-Ichi, Sumitomo, Meiji, Yasuda, Daido, Mitsui, Taiyo,
American Family, and Asahi 193
Automobile Insurance 194
Property Insurance 194
Fire Insurance 194
Personal Accident Insurance 194
Non-Life /P&C/General Insurance 194
Distribution 194
Key Players 195
Table 33: Leading Players in Japanese Non-Life Insurance
Market (2004): Gross Written Premiums in US$ Million for
Tokio Marine, Mitsui Sumitomo, Sompo Japan, NipponKoa, Aioi,
Nichido, Fuji, Nissay Dowa, Kyoei, and Nisshin 195
8. A European Perspective 196
Industry Overview 196
The Changing Face of the European Insurance Market 196
Deregulation Regulating the Market's Growth? 196
UK Leads the Way 196
Table 34: Life Insurance Market in Europe (2002-2005):
Premium Income in € billion by Select Country - France,
Germany, Italy, and UK 196
Outlook 196
Eastern Europe Promises Huge Potential 197
Characteristics of Insurance Sector 197
Major Trends 197
Changing Market Environment 197
Europe Leads in Bancassurance 198
New Competition Rules 198
Multi-Trip Policies Gaining Attention 198
Health Insurance 198
Travel Insurance 199
In Sync with Health Insurance 199
8a. Belgium 199
Market Overview 199
Life Insurance 199
8b. Central and Eastern Europe 200
Market Overview 200
Life Insurance Sector Flourishing 200
Motor Insurance Stimulates Growth in Non-Life 200
8c. Czech Republic 200
Industry Structure 200
Insurance Groups 201
Financial Services Companies 201
Outlook 201
Headed for a Reforms-Driven Growth 201
8d. Denmark 201
Market Overview 201
Competitive Landscape 201
8e. Finland 202
Market Overview 202
Financial Services Convergence Takes Wings 202
Competitiveness Reaches New Heights 202
Forming Alliances: Order of the Day 202
8f. France 202
Market Overview 202
Motor Insurance Hogs the Limelight 202
New Products Drive Growth 202
Review of Sectors 203
Life Insurance 203
Health Insurance 203
Non-Life Insurance 203
Property and Casualty Insurance: Market Overview 203
Commercial Property Insurance 203
Auto Insurance 204
High Mortalities from Auto Accidents 204
Marine Aviation Transport (MAT) Insurance 204
Distribution Channels Play a Vital Role 204
Competitive Scenario 204
8g. Germany 205
Market Overview 205
Insurance Linked to the Economy 205
Challenges Facing the Sector 205
Insurance Penetration in German Households 205
Significance of a Single Market 205
Life Insurance Sector 206
Key Players 206
Table 35: Leading Players in German Life Insurance Market
(2004): Gross Written Premiums in US$ Million for Allianz
Leben, Aachener/Mchn. Leben, Hamb. Mannheimer LV, R+V
Lebensvers. AG, DT. Herold Leben, Victoria Leben,
Volksfuersorge DT. LV, AXA Leben, Gerling-K. Leben, and
Debeka Leben 206
Non-Life Sector 206
Key Players 206
Table 36: Leading Players in German Non-Life Insurance
Market (2004): Gross Written Premiums in US$ Million for
Allianz Vers., Gerling-K. Allgemeine, AXA Vers., R+V
Allgemeine Vers., Zurich Vers. AG, Wurtt. Vers., HUK-
Coburg, Victoria Vers., Gothaer Allg. Vers. AG, and LVM Sach 206
Health Insurance 206
Principal Issues 207
Non-Life Insurance Sector 207
8h. Greece 208
Market Overview 208
8i. Italy 208
Market Overview 208
Italian Insurance Industry - A Perspective 208
Market Structure 208
Insurance - A Move Towards Rationalization 209
Banks in the Italian Insurance Business 209
Distribution System in Italian Insurance Industry 209
Key Players 209
Life Insurance 209
Table 37: Leading Players in Italian Life Insurance Market
(2004): Gross Written Premium in US$ Million for Creditras,
Sanpaolo, Poste Vita, Intesa, Alleanza, Ina, Generali,
Montepaschi, Finecovita, and Fideuram 210
Non-Life Insurance 210
Table 38: Leading Players in Italian Non-Life Insurance
Market (2004): Gross Written Premium in US$ Million for
Fondaria, Ras, Generali, Milano, Assitalia, Winterthur,
Unipol, Lloyd Adriatico, AXA, and Reale Mutua 210
Key Market Statistics 211
Table 39: Insurance Market in Italy (2002 & 2003): Premiums
in € Million by Category - Non-Life (Motor Liability, Land
Vehicles, Accident, Sickness, Fire and Natural, General Third
Party Liability, Other Damages to Property, and Other Non-
Life Classes), and Life (Class I, Class III, and Other Life) 211
8j. Lithuania 211
Market Overview 211
8k. Netherlands 212
Industry Overview 212
Review of the Sectors 212
Life Insurance - Growing Significantly 212
Health/Disability Insurance 212
8l. Russia 212
Industry Overview 212
Rationalizing Growth 213
Insurance Industry Outpaces GDP Growth 213
Role of Foreign Insurers in Russia 213
Review of the Sectors 213
Life and Savings Market 213
Automobile Insurance 213
Outlook 213
8m. Scandinavia 214
Unit Linked Business in Scandinavia 214
A Prosperous Region 214
Good Prospects 214
Baltic Countries: Pension Reforms - Agenda for Growth 214
8n. Slovenia 215
Industry Overview 215
8o. Spain 215
Industry Overview 215
Review of Sectors 215
Life Insurance 215
Life and Pensions Sector - Growing Robustly 215
Growth Barriers 215
Motor Insurance 216
Property Insurance 216
Medical Insurance 216
Reinsurance Market 216
Distribution/Marketing Channels 216
8p. Switzerland 216
Industry Overview 216
Outlook 216
8q. United Kingdom 217
Market Overview 217
Consumer Trends 217
Consumer Preferences 217
Mutual Insurance Gains Ground 217
Online Insurance on Rise 217
Structure Insurance on Decline 218
Motor Insurance Offer Low Returns on Capital 218
Life Insurance Highlights 218
Property Insurance Highlights 218
Reinsurance 219
Table 40: Leading Players in the UK Life Insurers and
Bancassurers Market (2003): Net Reinsurance in GBP Million for
Prudential, Axa Equitable Life, Standard Life, Legal &
General, Allied Dunbar, AIG/Norwich Union, Axa Sun Life,
Black Horse Life, CGU Life, Scottish Windows, Britannia Life,
NatWest Life, Midland Life, and Barclays Life 219
Outlook 219
Future Trends 219
9. An Asia-Pacific Perspective 220
Market Overview and Outlook 220
Potential of the Asia-Pacific Region 220
Bancassurance Growing Swiftly 220
Life and Health Reinsurance Market 221
Property & Casualty Insurance Market 221
Table 41: Property & Casualty Insurance Market in Asia-
Pacific (2004): Direct Premiums in US$ Million by Country -
South Korea, China, Taiwan, India, Singapore, Hong Kong,
Malaysia, Indonesia, Thailand, and Philippines 221
9a. Australia 222
Industry Overview 222
An Effective Distribution System 222
Review of the Sectors 222
Life Insurance 222
Table 42: Composition of Life Insurance Premium Paid (2004) 223
General/Non-Life Insurance 223
Table 43: Leading Players in the Australian Private Sector
General/Non-Life Insurance Conglomerates Market (2004):
Premiums in A$ million for IAG, Promina, Suncorp, QBE,
Allianz, Munich Re, Zurich, Wesfarmers, Swiss Re, Gerling,
and Others 223
Health Insurance 224
Reinsurance Industry 224
9b. New Zealand 224
Market Overview 224
Regulatory Framework 225
10. An Asian Perspective. 225
10a. China 225
Market Overview 225
Table 44: Insurance Market in China (2001-2004): Direct
Premiums Written in Yuan million by Sector - P&C Insurance,
and Life insurance 226
Market Trends and Issues 226
Rise in Foreign Insurers Energize Insurance Market 226
Deregulation of Insurance Industry Boosts Growth of P&C
Insurance Sector 226
Chinese Export Credit Insurance Market Picking Up 226
High Savings Rates Prop Growth 226
Market Segments 226
Life Insurance Market 226
A Marked Tilt Towards Life 226
Table 45: Life Insurance Market in China (2004): Premiums
in US$ Billion 226
Non-Life Insurance Market 227
Healthcare Insurance Market 227
Key Players 227
Table 46: Leading Players in the Chinese Life Insurance
Market (2004): Gross Written Premiums for China Life, Ping An
Life, China Pacific Life, New China Life, Tai Kang Life,
Taiping Life, AIA (Shanghai), AIA (Guangzhou), Chinga
Pacific, and Zhong Hong 227
10b. Hong Kong 227
Market Overview 227
A Leading Insurance Market in Asia-Pacific 227
Table 47: Insurance Market in Hong Kong (2005): Number of
Authorized Insurers by Category - General Insurance, Long
Term Insurance, and Composite 228
Strong Foothold of Foreign Insurers 228
Long Term Insurance Services 228
CEPA Agreement Sparks Growth in Hong Kong Insurance Market 228
Multi-Channel Distribution Grows in Popularity 228
Life Insurance 229
Key Players 229
Table 48: Leading Players in the Hong Kong Life Insurance
Market (2004): Gross Written Premiums in US$ Million for AIA
(Bermuda), Manulife (International), HSBC Life, AXA China
(Bermuda), Prudential (UK), CMG Asia, Winterthur Life, Hang
Seng Life, ING Life, and Pacific Century 229
Non-Life/General Insurance 229
Key Players 230
Table 49: Leading Players in the Hong Kong Non-Life
Insurance Market (2004): Gross Written Premiums in US$
Million for Ming An, Bank of China Group, American Home, QBE
HKSI, HSBC Insurance, AXA General, Asia Insurance, CGU, Hang
Seng Insurance, and SA & London Insurance 230
10c. India 230
Market Overview 230
A Promising Market 230
New Distribution Channels Gaining Acceptance 231
Industry Perspective 231
Table 50: Insurance Market in India (2003 & 2004): Annual
Premium Collection in INR Million by Segment - Life
Insurance, and Non-Life Insurance 231
Life Insurance 231
Penetration of Life Insurance 231
Table 51: Life Insurance Market in India (2005): Percentage
Breakdown of Premium Income by Sector - Government Sector,
and Private Sector 232
Key Players 232
LIC - The Undisputed Leader 232
Table 52: Leading Players in Indian Life Insurance Market
(2004 & 2005): Percentage Breakdown of Value Sales for
LIC, ICICI Prudential, Birla Sunlife, Allianz Bajaj, HDFC
Standard, SBI Life, Tata AIG, Max New York Life, Om Kotak
Mahindra, Aviva Life, ING Vysya, AMP Sanmar/Reliance, and
Met Life 232
Non-Life Insurance 233
Table 53: Non-Life Insurance Market in India (2005):
Percentage Breakdown of Premium Income by Sector -
Government Sector, and Private Sector 233
Key Players 233
Table 54: Leading Players in Indian Non-life Insurance
Market (2004): Gross Written Premiums in US$ Million for
New India, United India, National, Oriental, ECGC, Bajaj
Allianz, Tata AIG, IFFCO-Tokio, ICICI Lombard, and
Reliance 233
Outlook 233
10d. Malaysia 234
Market Overview 234
A Booming Insurance Industry 234
Remarkable Growth in Life Insurance 234
General Insurance/Property & Casualty Industry 235
Innovative Policies and Measures Reinforce Insurance Sector 235
10e. Singapore 236
Market Overview 236
Among the Most Prominent Reinsurance Centers 236
Steps in the Right Direction 236
Government's Support Drives the Growth of Insurance Market 236
Tax Exemption Scheme for Offshore Marine Hull & Liability
Insurance Business 236
Abolition of Withholding Taxes on Financial Guarantee
Insurance Contracts 237
Scheme for Tax-Deductible Special Reserves 237
Life Insurance 237
Key Players 237
Property & Casualty Insurance 237
Key Players 237
Table 55: Leading Players in the Singaporean Property &
Casualty Insurance Market (2005): Percentage Breakdown of
Direct Written Premiums for NTUC Income, American Home,
Aviva, SAGI - Captive 2, AXA Singapore, India
International, Mitsui Sumitomo, AIA, QBE, ACE Insurance,
Liberty Insurance, Allianz Singapore, Royal & Sun Alliance,
and Others 238
10f. South Korea 238
Insurance Market - Key Snapshots (2004) 238
Major Trends 238
Chinese Market Offers Greener Pastures for Korean Insurers 238
Online Motor Insurance Rapidly Gaining Ground 239
Battle Heats Up in the Korean Online Motor Insurance Market 239
Quasi-Insurers Enhance Penetration in Korean Life Insurance 239
Bancassurance Boosts Life Insurance Market 239
But also Brews Rift Between Banks and Insurers 240
Bigwigs Lose Share 240
Key Players 240
Life Insurance 240
Table 56: Leading Players in the South Korean Life Insurance
Market (2004): Gross Written Premiums in US$ Million for
Samsung Life, Korea Life, Kyobo life, Allianz, SK Life, Tong
Yang Life, Hungkuk Life, ING, Shinhan Life, and Kumho Life 240
Non-Life Insurance 241
Table 57: Leading Players in the South Korean Non-Life
Insurance Market (2005): Percentage Breakdown of by Direct
Premiums Written for Samsung, Hyundae, LG, Dongbu, Oriental,
Shindongha, Seoul Guarantee, Ssangyong, First, Daehan,
Green, Kyobo Auto, and Others 241
10g. Taiwan 241
Market Overview 241
Life Insurance 242
Trends 242
Interest Rate Environment Restricts Growth of Life Insurance
Products 242
Opportunity to Expand to Mainland China Sparks Insurance
Industry Growth 242
Establishment of Appointed Actuary System to Boost Growth 242
Property and Casualty Insurance 242
Table 58: Property & Casualty Insurance Market in Taiwan
(2004): Premiums in NT$ Billion 242
Leading Players 242
Table 59: Leading Players in the Taiwanese Property &
Casualty Insurance Market (2004): Direct Premiums and Net
Premiums in NT$ Billion for Fubon, Mingtai, Shin Kong,
Union, Cathay Century, Central, and Others 243
10h. Thailand 243
Market Overview 243
Group Policies - Exhibiting Fantastic Growth 243
10i. Vietnam 244
Market Overview 244
Foreign Insurers Make Mark in Vietnamese Insurance Market 244
Foreign Insurers Increasingly Rely on Joint Ventures to Enter
Vietnamese Market 244
Leading Players 244
Table 60: Leading Players in the Vietnamese Life Insurance
Market (2005): Percentage Breakdown of Value Sales for
BaoViet, Prudential, Manulife, BaoMinh CMG, and AIA 244
Table 61: Leading Players in the Vietnamese Non-Life
Insurance Market (2005): Percentage Breakdown of Value Sales
for BaoViet, BaoMinh, PV insurance, and PJICO 245
11. A Middle East Perspective 245
Market with Significant Potential 245
Iraq Offers Great Opportunity for Insurance Industry 245
Major Challenges 246
Outlook 246
Reinsurance Sector 246
Life and Non-Life Insurance 247
Table 62: Life and Non-Life Insurance Market in the Middle
East (2003): Premiums in US$ Million for Saudi Arabia, UAE,
Egypt, Iran, Lebanon, Kuwait, Oman, Qatar, Jordan, Libya,
Bahrain, Syria, and Yemen 247
United Arab Emirates (UAE) 247
Industry Overview 247
East Africa 248
Market Overview 248
12. A Latin American Perspective 248
Market Overview 248
Outlook 249
Consolidation and Globalization Lends Positive Impact 249
Potential Growth Markets in the Region 249
Private Pension and Life Insurance - In the Growth Mode 249
The Foreign Dominion 249
Changing Face of Reinsurance 250
Promotion of Intra-Regional Trading 250
Infrastructure Development Attracts Foreign Investment 250
Reinsurance 251
Table 63: Leading Players in the Latin American Reinsurance
Market (2003): Premium Income in US$ Million for IRB-Brasil
Re, Swiss Re, Munich Re, General Cologne Re, Mapfre Re, SCOR,
St Paul Re, Transatlantic Re, Zurich Re, Hannover Re, ERC
Group, Reinsurance Group of America, Axa Re, Everest Re,
Latin American Re, Le Mans Re, Copenhagen Re, PartnerRe, and
Sorema 251
12a. Argentina 251
Market Overview 251
Foreign Participation - Positive for the Market 252
Key Players 252
Life Insurance 252
Table 64: Leading Players in the Argentinean Life Insurance
Market (2004): Gross Written Premiums in US$ Million for
Caja Seguros Vida, HSBC-NYL Retiro, HSBC-NYL Vida,
Internacional Vida, ALICO, Siembra Vida, Eagle Star,
Origenes Retiro, Estrella Retiro, and Nacion Retiro 252
Non-Life Insurance 253
Table 65: Leading Players in the Argentinean Non-Life
Insurance Market (2004): Gross Written Premiums in US$
Million for Caja Seguros, HSBC-Buenos Aires, Provincia,
Federacion Patronal, Meridional, Mapfre Aconcagua, San
Cristobal, Zurich Argentina, Sancor, and Provincia Art 253
Insurance 253
Table 66: Leading Players in the Argentinean Insurance
Market (2003): Gross Premiums in US$ Million for La caja, La
Buenos Aires, Provincia, Omega, Consolidar, Siembra /
CitiGroup, Nacion, Mapfre, Federacion Patronal, and San
Cristobal 253
12b. Brazil 254
Market Overview 254
Reinsurance - The End of Monopoly 254
Banks and Foreign Capital - The Lifeblood of Brazilian
Insurance Industry 254
Life and Health Insurance - Growth Avenues of Future 254
Agricultural Insurance Expands 254
Major Perils 255
Key Players 255
Life Insurance 255
Table 67: Leading Players in the Brazilian Life Insurance
Market (2004): Gross Written Premiums in US$ Million for
Bradesco Vida, Itau Vida Previdencia, Alianca do Brasil,
COSESP, Seguros, Seguros de Vida, HSBC Seguros, Itau
Seguros, Vera Cruz Vida, and Icatu Hartford 255
Non-Life Insurance 255
Table 68: Leading Players in the Brazilian Non-Life
Insurance Market (2004): Gross Written Premiums in US$
Million for Bradesco Vida, ITAU Vida, Bradesco, Unibanco
AIG, Porto, ITAU, Sul America, Caixa, Real, and AGF Brasil 256
Insurance 256
Table 69: Leading Players in the Brazilian Insurance Market
(2003): Gross Premium in US$ Million for Bradesco Segurossul
America Aetna, Seguros e Previdenciaporto Seguro Cia. De,
Seguros Geraissul America Companhia, Nacional de Seguros,
Itau Seguros, Agf Brasil Seguros, Unibanco Seguroshsbc
Bamerindus, Seguros, Maritima Segurossasse Cia. Nacional de,
and Seguros Gerais 256
12c. Chile 257
Market Overview 257
A Well Developed Market 257
Insurance 257
Bancassurance 257
Table 70: Leading Players in the Chilean Insurance Market
(2003): Gross Premiums in US$ Million for Consorcio,
Chilena Consolidada, Aetna, La Construccion,
Interamericana, Santander, Cruz del sur, Principal, AGF
Allianz, and Las Americas 257
12d. Mexico 258
Market Overview 258
Market Infancy Paints Brighter Prospects 258
Competitive Landscape 258
Outlook 258
A Segmental Perspective 258
Life Insurance 258
Health Insurance - A Growth Prospect 258
Auto Insurance 259
12e. Colombia 259
Market Overview 259
Table 71: Leading Players in the Colombian Insurance Market
(2003): Gross Premiums in US$ Million for Suramericana,
Colseguros, Bolivar, Previsora, Seguros Colpatria, Liberty
Seguros, Compania Agricola de Seguros, Estado, Royal & Sun
Alliance, and Alfa 259
GLOBAL DIRECTORY
Warranty Information
Number of Pages: 585
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