Press Room

Lloyd’s Old Library was the unlikely setting for heated discussions about Justin Beiber this week as finalists in the 18^th Tower Hamlets Schools Public Speaking Competition shared their views on university, social mobility and a celebrity obsessed society.

Paul Marden, Head of marketing, communications and Corporate Social Responsibility was one of the five judges for the event.  He said, “It’s not just the delivery of the speeches that has been impressive, it’s also the content.  It’s so good for the students to be able to come to a professional environment like Lloyd’s for the finals and have their achievements appreciated like this”

10 Schools out of 15 in Tower Hamlets entered teams in the competition with 250 students overall taking part.

Sagicor hosted the semi-final the previous week where 4 members of staff made up the judging panel, Hannah Jones from Sagicor said “the standard was excellent”.

The final winners were:

First place: Darcey Mc.Guinness  (Morpeth School)

Second Place: Omar Mohammed (St. Paul’s Way Trust School)

Third place: Rebecca Lambert Neua (Swanlea School)

If anyone is interested in taking part next year please contact Paul on 02030036924

Sagicor’s Contaminated Products Underwriting team discuss their views on the on-going horsemeat issue.  Underwriters Stewart Eaton and Andrew Blackburn have both achieved a distinction in the Highfield Level 4 Award in Managing Food Safety.

Have the supermarkets done anything wrong?

Supermarkets, for the most part, conduct significant due diligence in respect of their suppliers, and have robust supplier approval processes in place.  These would include conducting supplier audits, requiring certificates of conformity, or particular standards to be in place.  This is essential as the first port of call of the unsatisfied customer will invariably be the supermarket – especially if the food product has their brand name attached.  The customer need not concern themselves with the fact that in almost all cases, a third party would have manufactured the product on behalf of the supermarket.  Whilst these measures are in place to safeguard the integrity of the products being supplied, the reality is that it’s impossible to assure everything being supplied is (a) safe, and (b) what it is labelled as – giving rise to the frequent product recalls we see today.  With the complex and elongated supply chains in the food industry, “bad” product has always the potential to slip through the net, no matter how diligent the supermarkets’ practices.

What the scandal should do is force retailers and final product manufacturers to redouble their efforts to safeguard the integrity of the food that they sell, and in doing so ensure they are completely in control of their supply chains and achieve traceability that goes beyond their direct supplier. 

Will insurers avoid claims?

In the main part, the suggestion at this early stage is that they will avoid claims.  A standard Contaminated Products insurance policy is triggered by the potential for bodily injury, manifesting itself within 365 days of the product being consumed.  Whilst the substitution of horsemeat for beef may be undesirable to consumers, it would need to be proven to cause actual bodily harm when consumed for a policy to trigger.  The only reason to suspect this may be the case is the potential for the presence of the veterinary drug Phenylbutazone, also known as bute, in the meat.  Even then, its effect would be carcinogenic, almost universally excluded by contaminated products insurance policies, notwithstanding the fact that even excessive consumption of affected meat would not cause sickness within 365 days of consumption, as is required to trigger the policy.

Policy extensions that are available do, however, increase the likelihood of claims being successfully brought to insurers.  Adverse Publicity is an optional add-on, generally sublimited, and this covers the loss arising out of an allegation in the media that there has been a contamination.  Assuming the allegation is unsubstantiated and erroneous, the policy extends to cover loss of business and other costs attributable to the adverse publicity.  It is foreseeable that due to the breath of media coverage surrounding this issue, policies with the Adverse Publicity extension are liable to be triggered.

Government Recall is another policy add-on.  This covers any situation where a regulatory authority, such as the Food Standards Agency, intervenes and mandates a recall on food safety grounds, regardless of whether the insured can actually find fault with their product.  A recall due to fraud or product substitution, assuming no food safety threat, would still not be covered under this extension.

Will insurers look at supplier verification and is it a condition of the insurance?

Supplier verification is a major underwriting factor in this class of business.  Prudent underwriters may request various pieces of information to give themselves reassurance that the proposer was sufficiently diligent in this area.  Details of any supplier approval programmes in place, including supplier audits, and whether rights of recovery are maintained against suppliers would be good examples of the sort of underwriting factors considered.

Currently, testing of incoming raw materials is a minimum requirement for food manufacturers, but it may be the case that DNA testing also becomes an underwriting consideration in the future.

What will happen if the anti-inflammatory veterinary drug phenylbutazone, also known as bute, has entered the food chain?

There are strict laws in place governing what should and should not enter the food chain.  European Regulation (EC) No 854/2004 lays down specific rules and controls on products of animal origin intended for human consumption. 

The legislation dictates that animals treated with the anti-inflammatory drug phenylbutazone are not fit to enter the human food chain and should be labelled accordingly.   Animals should have passports or similar documentation recording their medical history amongst other things.  If it is proven that such animals are being slaughtered for human consumption, it points to a system failure, whether this is criminal, fraudulent or accidental. 

It has been estimated that when administered to humans, bute would cause harmful effects for 1 in 30,000 people.  However, eating the meat of an animal treated with the drug is a very inefficient intake method, and it is suggested that a person would have to eat over 500 contaminated horsemeat burgers (250g) every day to receive an effective dose.  Anyone doing this would probably have more pressing health issues.  

Does product recall Insurance cover reputational protection?  

A product recall (contaminated products) policy, if triggered, covers any loss of sales attributable to the contamination incident.  It also provides cover for rehabilitation expenses – including any promotional activity conducted or product discounts offered by the affected firm, to re-establish demand for its goods.  So the tangible and financially quantifiable effects of reputational damage can be covered, should the policy be triggered.  This insurance would also provide crisis management assistance for firms, such as funding the services of product recall or public relations consultants.

Will you be looking to review your product wording in light of this situation?

We have recently undergone a revamp of our wording and its various extensions, and we are confident that we offer coverage that is as wide and unambiguous as anywhere in the marketplace.  It must not be overlooked however that product contamination insurance exists to safeguard against food safety issues, and compelling evidence linking the horsemeat to a food safety breach has yet to come to light.

Sagicor at Lloyd’s Life operations are delighted to launch their Master Trust – available for all UK Group Life schemes.

Developed in conjunction with Temple Trustees (part of Burges Salmon) the Master Trust provides the following benefits:

 •           Reduces clients cost’s as they do not need to create an individual trust.

•           Saves time by eliminating the need to register an individual scheme with the HMRC and obtain a PSTR No.

•           Access to the Master Trust is extremely straightforward with just one simple form to be completed.

•           The Master Trust is available free of charge to all clients that place their Group Life business with Sagicor Life.

 The Master Trust will add to Sagicor’s small scheme proposition where we already have a compelling offering of competitive rates and a generous Free Cover Limit. 

Whilst the Master Trust is ideally suited to smaller firms, it can be used by firms of any size. 

All a firm needs to do to become part of the Master Trust is to complete the Participation Agreement form.  The Master Trust itself has already been pre-registered with the HMRC & a PSTR No. obtained. 

The Participation Form, together with the full rules of the Master Trust can be viewed and downloaded from the Sagicor Life website at http://sagicoratlloyds.com/sagicor-life-documents-download-page. The website has also been updated to include downloadable Application forms, Key Facts Documents & Direct Debit Mandates. 

Commenting on the Master Trust, Active Underwriter Martin Herrick said “We see the Master Trust as a major part of our offering.  The Master Trust will deliver great savings in terms of cost & time for both clients & intermediaries alike.  We anticipate that this will prove to be extremely popular, especially with the SME sector where we intend to build upon the considerable success that we have had to date” 

Sagicor staff volunteered to help out at their partner school The Globe’s Christmas Fair last Friday 7^th December in Bethnal Green.

Volunteers took along bags full of donations from staff and the wider London market which were used as tombola and raffle prizes as well as being sold on other various stalls.  Staff were asked to run the stalls and generally help the day go smoothly.

This was the second year that Sagicor have attended the event and they very much enjoyed their festive day with the children.  Paul Marden, head of marketing communications and corporate social responsibility officer said “I really enjoyed meeting the parents of the children that we look after each week and everybody seemed to have a fun afternoon.” 

If you are interested in finding out more about Sagicor’s Corporate Social Responsibility scheme please contact paul.marden@sagicor.eu

Below: Hannah Jones (Sagicor at Lloyd's) writing names on raffle tickets:

Sagicor at Lloyd's attended and sponsored the Insurance Day London Market Awards last Thursday evening at the Royal Lancaster Hotel, Hyde Park.
The evening was very successful with Sagicor being highly commended for supporting children in Tower Hamlets as part of our Corporate Social Responsibility Scheme.
Sagicor's Cheif Operations Officer Gary Ross presented the Broking Team of the Year award to JLT’s aviation team (as seen pictured below) and all who attended had a brilliant evening.

For more info on the awards visit: http://www.insurancedayawards.com/ipi/lma/index.jsp

Sagicor are to be the first underwriter to officially start offering Skype video calls to their regional brokers giving the opportunity to contact Sagicor face to face without leaving the comfort of their office.

Paul Marden Head of Marketing, Communications and CSR said “we believe the best way to talk business with our brokers is face to face. However this is not always possible, using a free Skype account is the next best thing.”

Skype will be initially trialled through Sagicor Underwriting Ltd along with Sagicor Life Syndicate 44 being the first Underwriters to offer a “Skype Hour” from 9:30am to 10:30am daily and will look to expand this if brokers are finding it useful.

Adrian Harris General Manager of Sagicor Underwriting commented “Being able to chat to brokers around the UK and face to face, we hope, will become a valuable service to offer. It will certainly allow us to explain our new offerings such as our Business Advantage product in more detail.”

Martin Herrick Active Underwriter of Life Syndicate 44 said “We have a broad network of supporting intermediaries throughout the United Kingdom. Using Skype allows us to have more face to face contact with our brokers without adding additional cost and carbon footprint to the company. We will of course still have traditional meetings but Skype gives us added flexibility and convenience”

Sagicor will be promoting Skype at Broker Expo in Coventry and then trial it in the UK. If successful, they will offer this service to their brokers and coverholders around the world.

Brokers wanting to try this service should contact ‘sagicoratlloyds’ through their free Skype accounts, use the Skype button within the Sagicor website or email info@sagicor.eu

Sagicor at Lloyd's is a wholly owned subsidiary of Sagicor Europe Ltd.

Sagicor at Lloyd’s held their first charity lunch at the Lime Street Exchange on Friday 22^nd June in aid of the Willow Foundation Charity.

The lunch was attended by the top 50 winners in Sagicor’s fantasy football which included brokers and clients from London and a far.

Stephen Pert from Cavere Limited was the overall fantasy football winner, he was given a bottle of champagne at the lunch as well as a holiday for two in Florida which he is going to take early next year.

Graeme Coutts from Central Insurance Services Ltd. was also given a bottle of champagne on Friday for travelling the furthest on Friday coming all the way from Aberdeen.

Frank Mclintock entertained the room as the guest speaker with some great stories of his time at Arsenal and the afternoon ended with a very successful auction run by Clare Brooking from Miller Insurance Brokers.

Overall the afternoon raised over 4 thousand pounds for the Willow Foundation. David Williams, head of donor relations at the Willow Foundation said he was “delighted by the money raised, it was a very generous gathering.” 

Frank Mclintock making his guest speech:

This Thursday 21^st June, Sagicor will join two other businesses selected by M&C Saatchi advertising agency to offer London 2012 Games travel advice live on Twitter.

• Transport for London, Unilever and Sagicor at Lloyd’s come together to give travel advice to other businesses via the live Get Ahead of the Games Twitter chat.

• To participate, follow #GAOTG from 13:00-14:00 BST on Thursday 21 June 2012

After the success of the first Twitter chat for businesses last month, Transport for London (TfL) will be hosting a second live Twitter chat this week, and is calling for businesses and commuters to join in to learn more about how they can Get Ahead of the Games.

TfL will be joined by experts from Unilever and Sagicor at Lloyd’s, who will answer questions to help Britain’s employers and commuters plan their transport ahead of the London 2012 Games.

Ben Plowden, Director of Planning at TfL Surface Transport; Jacobina Plummer, Global Change and Communications Manager, Agile Working for Unilever; and Paul Marden, Marketing, Communications and CSR officer at Sagicor at Lloyd’s (an insurance syndicate operating in Lloyd's of London insurance market)  will be available between 13:00-14:00 BST on Thursday 21 June 2012 on Twitter.

Unilever and Sagicor are well-placed to answer questions having already developed best practice Games-time travel plans to suit their businesses. Their plans include offering flexible or home working options and encouraging employees to use alternative forms of transport, such as cycling or walking all or part of their commute.

The chat will be hosted by the official London 2012/TfL Get Ahead of the Games transport advice twitter feed @GAOTG, using the hashtag #GAOTG. Questions for the panel can be submitted to @GAOTG beforehand, using the hashtag #GAOTG.

Firms – and their employees – can  ask questions to help them maximise the business benefits of the Games, and to plan ahead for an exceptionally busy transport network. Potential topics for the live chat include:

•          How businesses are planning ahead to minimise the travel impact of the Games on operations;

•          Ways to communicate plans to employees and stakeholders;

•          Advice on alternative forms of transport, such as cycling or walking to work

•          Key hotspots that commuters will need to avoid;

•          Tools and information needed about road events and how to plan journeys;

•          Challenges experienced to date with travel planning and how to overcome them;

•          How to test travel plans;

•          Sending and receiving deliveries during Games time;

•          Legacy: How to continue with any travel plans put in place after the Games.

Businesses affected by the Games can follow #GAOTG on Twitter from 13:00-14:00 BST on Thursday 21 June 2012.

Ben Plowden, Director of Planning at TfL Surface Transport, said: “After the success of the first ever Olympic Twitter chat for businesses, we’re engaging with businesses once again, as well as tweeting directly to commuters. By teaming up with influential organisations already planning ahead for Games-time, this Twitter chat offers a direct channel for firms and London commuters to speak to other companies and workers as well as to TfL.

“During the Games, London will be turned into a massive sporting and cultural venue. As a result central London, the ORN and areas around venues will be exceptionally busy. This is why we’re communicating with businesses to help them avoid delay and disruption and ensure they have all the advice and support they need to plan ahead.”

Jacobina Plummer, Global Change and Communications Manager, Agile Working for Unilever, said: “Like many companies, business continuity will be critical for Unilever during the Games. Our approach to planning for Games-time is to raise employee awareness around the impact on the transport network, and the range of solutions to overcome this. Key to Unilever’s Games-time plan is our approach to flexible working, which is ingrained in our business and available to all employees. As a result, 92% of our London-based employees said they felt confident working away from the office during the Olympics. While it’s taken us years to foster that culture, via Twitter I can share our experiences and some tips with other companies looking for last minute quick wins to help get ready for the Games.”

Paul Marden, Marketing, Communications and CSR officer, Sagicor at Lloyd’s, said: “We are taking planning very seriously as we’re based in City of London, a key hotspot area. We have five staff managing different aspects of the planning from HR to IT and we’re communicating all plans to employees in ‘lunch and learn’ sessions.  Non-essential employees are being encouraged to work from home, while essential staff, like those trading at Lloyd’s, are encouraged to walk or cycle into work. To make this as easy as possible, we’re allowing ‘dress down’ during Games-time and looking to install bike storage. We’ve been planning since October last year and I’ll draw on our experiences to answer questions during the live chat.”

London 2012 and TfL have provided free travel advice to business programmes to companies operating in areas of London and the rest of the UK that will be affected by the Games. Five hundred major businesses employing more than 600,000 people have signed up for specific travel advice and have drafted travel plans which they have shared with TfL, and 24,000 businesses across London and other affected areas of the UK have attended TfL arranged or supported workshops.

Businesses are encouraged to use the support available at www.GetAheadoftheGames.com to prepare and test in advance of the Games.

Sagicor at Lloyd’s

Sagicor at Lloyd’s (SAL) announced today that David Jones will be, with immediate effect, promoted to Class Underwriter of its Liability Department. In January of this year David joined Sagicor from Markel with the opportunity of developing the current Professional Lines account.

SAL are now looking for David to expand its Liability offering in conjunction with Professional Lines.

Geoff Halpin Active Underwriter and CEO, Syndicate 1206 commented: 

“The promotion of David to head our Liability team is in line with our business plan to grow our Liability offering. I am delighted that David has accepted this expansion of his role and look forward to working with him as we continue to develop Sagicor at Lloyd’s.”

David Jones added:

“This is an exciting new role I have here at Sagicor. To develop and grow a great book of business is one of the reasons I joined Sagicor and I now have a great opportunity of building for the future and very much look forward to the challenge this will bring.”

David has over 30 years’ experience in the insurance industry covering a wide range of Insurance and Reinsurance classes.

David started his insurance career at Sphere Drake before moving on to Scottish Lion. He later moved to Mapfre Re where he started their Branch operation in London. For the past 13 years he has been running the Professional Liability team at Markel International as Managing Director.

Sagicor at Lloyd's is a wholly owned subsidiary of Sagicor Europe Ltd.

Ends

8th May 2012

For further information, please contact

As part of Sagicor's strategy to help brokers transact quicker, more efficiently with single keying and include full cycle policy production, SUL have launched their first product, a combined PA and Business Travel, on the Acturis platform.

This is the first time a product like this has been made available to brokers, who use the Acturis platform, on an open market basis.

Ian Josephs, Head of E-trading commented:

"Working in partnership with Acturis will enable us to quickly deliver our growing number of products to brokers who appreciate and embrace e-traded solutions. Our core aim is to provide solutions that will give our brokers the flexibility and efficiency that they require in today's market place."

Theo Duchen commented:

"TBA"

As part of their service levels to brokers, Sagicor have confirmed they will respond to all referrals within 2 hours of notification.

Sagicor Underwriting Ltd writes on behalf of Sagicor at Lloyd's, and is a wholly owned subsidiary of Sagicor Europe Ltd.

Ends 6th June 2011

For further information please contact:

Sagicor at Lloyd's   +44 (0) 20 3003 6800
Paul Marden

College Hill   +44 (0) 20 7457 2020
Roddy Watt
Tony Friend

About Sagicor at Lloyd's:

Sagicor at Lloyd's Ltd is a Lloyd's Managing Agent operating through Syndicates 1206 and 44. Sagicor Underwriting Ltd offers regional brokers a gateway to the Lloyd's marketplace, its chain of security and S&P "A+" and AM Best "A" ratings.

Syndicate 1206 offers a broad range of coverages to the broker market, including Special Lines; PI and D&O; Product Recall and Terrorism; Property; Liability; Personal Accident and Treaty.

Syndicate 44 allows Sagicor to offer UK and International Group Life and bespoke scheme coverages.

www.sagicoratlloyds.com

About Sagicor:

Sagicor is a leading provider of financial services in the Caribbean. Operating in 22 countries, including the UK, USA and Latin America, - Sagicor has total assets in excess of US $4.5 billion. Sagicor is a widely-held publicly-traded company with over 37,000 Shareholders, and is listed on the stock exchanges of Barbados, Trinidad and Tobago and London.
www.sagicor.com

Lloyd’s Old Library was the unlikely setting for heated discussions about Justin Beiber this week as finalists in the 18^th Tower Hamlets Schools Public Speaking Competition shared their views on university, social mobility and a celebrity obsessed society.

Paul Marden, Head of marketing, communications and Corporate Social Responsibility was one of the five judges for the event.  He said, “It’s not just the delivery of the speeches that has been impressive, it’s also the content.  It’s so good for the students to be able to come to a professional environment like Lloyd’s for the finals and have their achievements appreciated like this”

10 Schools out of 15 in Tower Hamlets entered teams in the competition with 250 students overall taking part.

Sagicor hosted the semi-final the previous week where 4 members of staff made up the judging panel, Hannah Jones from Sagicor said “the standard was excellent”.

The final winners were:

First place: Darcey Mc.Guinness  (Morpeth School)

Second Place: Omar Mohammed (St. Paul’s Way Trust School)

Third place: Rebecca Lambert Neua (Swanlea School)

If anyone is interested in taking part next year please contact Paul on 02030036924

Sagicor at Lloyd’s Marketing & Communications team; Paul Marden and Hannah Jones will be sharing their social media experiences with the insurance industry at Effective Image’s social media breakfast briefing.

The event is taking place on 5^th March between 8:30am – 10:30am at 117 Fenchurch Street, London, EC3M 5DY.

Hannah Jones from Sagicor’s marketing team said “I am delighted to be able to talk about how we have used social media here at Sagicor. We have found it really interesting exploring which outlets work for us and which have proven more difficult for B2B marketing.”

Paul Marden, head of marketing and communications added “We will be covering how we first approached using social media to the everyday upkeep of our media accounts and hopefully provide some good advice to other insurers looking to venture into the world of social media.”

This is the second time Sagicor have been noticed for their use of social media, after they took part in a live twitter chat run by Get Ahead of the Games last summer, advising other businesses on how to prepare for the hectic Olympic period.   Paul Marden said “It’s great to be noticed for our hard work once again.”

Sagicor’s Contaminated Products Underwriting team discuss their views on the on-going horsemeat issue.  Underwriters Stewart Eaton and Andrew Blackburn have both achieved a distinction in the Highfield Level 4 Award in Managing Food Safety.

Have the supermarkets done anything wrong?

Supermarkets, for the most part, conduct significant due diligence in respect of their suppliers, and have robust supplier approval processes in place.  These would include conducting supplier audits, requiring certificates of conformity, or particular standards to be in place.  This is essential as the first port of call of the unsatisfied customer will invariably be the supermarket – especially if the food product has their brand name attached.  The customer need not concern themselves with the fact that in almost all cases, a third party would have manufactured the product on behalf of the supermarket.  Whilst these measures are in place to safeguard the integrity of the products being supplied, the reality is that it’s impossible to assure everything being supplied is (a) safe, and (b) what it is labelled as – giving rise to the frequent product recalls we see today.  With the complex and elongated supply chains in the food industry, “bad” product has always the potential to slip through the net, no matter how diligent the supermarkets’ practices.

What the scandal should do is force retailers and final product manufacturers to redouble their efforts to safeguard the integrity of the food that they sell, and in doing so ensure they are completely in control of their supply chains and achieve traceability that goes beyond their direct supplier. 

Will insurers avoid claims?

In the main part, the suggestion at this early stage is that they will avoid claims.  A standard Contaminated Products insurance policy is triggered by the potential for bodily injury, manifesting itself within 365 days of the product being consumed.  Whilst the substitution of horsemeat for beef may be undesirable to consumers, it would need to be proven to cause actual bodily harm when consumed for a policy to trigger.  The only reason to suspect this may be the case is the potential for the presence of the veterinary drug Phenylbutazone, also known as bute, in the meat.  Even then, its effect would be carcinogenic, almost universally excluded by contaminated products insurance policies, notwithstanding the fact that even excessive consumption of affected meat would not cause sickness within 365 days of consumption, as is required to trigger the policy.

Policy extensions that are available do, however, increase the likelihood of claims being successfully brought to insurers.  Adverse Publicity is an optional add-on, generally sublimited, and this covers the loss arising out of an allegation in the media that there has been a contamination.  Assuming the allegation is unsubstantiated and erroneous, the policy extends to cover loss of business and other costs attributable to the adverse publicity.  It is foreseeable that due to the breath of media coverage surrounding this issue, policies with the Adverse Publicity extension are liable to be triggered.

Government Recall is another policy add-on.  This covers any situation where a regulatory authority, such as the Food Standards Agency, intervenes and mandates a recall on food safety grounds, regardless of whether the insured can actually find fault with their product.  A recall due to fraud or product substitution, assuming no food safety threat, would still not be covered under this extension.

Will insurers look at supplier verification and is it a condition of the insurance?

Supplier verification is a major underwriting factor in this class of business.  Prudent underwriters may request various pieces of information to give themselves reassurance that the proposer was sufficiently diligent in this area.  Details of any supplier approval programmes in place, including supplier audits, and whether rights of recovery are maintained against suppliers would be good examples of the sort of underwriting factors considered.

Currently, testing of incoming raw materials is a minimum requirement for food manufacturers, but it may be the case that DNA testing also becomes an underwriting consideration in the future.

What will happen if the anti-inflammatory veterinary drug phenylbutazone, also known as bute, has entered the food chain?

There are strict laws in place governing what should and should not enter the food chain.  European Regulation (EC) No 854/2004 lays down specific rules and controls on products of animal origin intended for human consumption. 

The legislation dictates that animals treated with the anti-inflammatory drug phenylbutazone are not fit to enter the human food chain and should be labelled accordingly.   Animals should have passports or similar documentation recording their medical history amongst other things.  If it is proven that such animals are being slaughtered for human consumption, it points to a system failure, whether this is criminal, fraudulent or accidental. 

It has been estimated that when administered to humans, bute would cause harmful effects for 1 in 30,000 people.  However, eating the meat of an animal treated with the drug is a very inefficient intake method, and it is suggested that a person would have to eat over 500 contaminated horsemeat burgers (250g) every day to receive an effective dose.  Anyone doing this would probably have more pressing health issues.  

Does product recall Insurance cover reputational protection?  

A product recall (contaminated products) policy, if triggered, covers any loss of sales attributable to the contamination incident.  It also provides cover for rehabilitation expenses – including any promotional activity conducted or product discounts offered by the affected firm, to re-establish demand for its goods.  So the tangible and financially quantifiable effects of reputational damage can be covered, should the policy be triggered.  This insurance would also provide crisis management assistance for firms, such as funding the services of product recall or public relations consultants.

Will you be looking to review your product wording in light of this situation?

We have recently undergone a revamp of our wording and its various extensions, and we are confident that we offer coverage that is as wide and unambiguous as anywhere in the marketplace.  It must not be overlooked however that product contamination insurance exists to safeguard against food safety issues, and compelling evidence linking the horsemeat to a food safety breach has yet to come to light.

Sagicor at Lloyd’s Life operations are delighted to launch their Master Trust – available for all UK Group Life schemes.

Developed in conjunction with Temple Trustees (part of Burges Salmon) the Master Trust provides the following benefits:

 •           Reduces clients cost’s as they do not need to create an individual trust.

•           Saves time by eliminating the need to register an individual scheme with the HMRC and obtain a PSTR No.

•           Access to the Master Trust is extremely straightforward with just one simple form to be completed.

•           The Master Trust is available free of charge to all clients that place their Group Life business with Sagicor Life.

 The Master Trust will add to Sagicor’s small scheme proposition where we already have a compelling offering of competitive rates and a generous Free Cover Limit. 

Whilst the Master Trust is ideally suited to smaller firms, it can be used by firms of any size. 

All a firm needs to do to become part of the Master Trust is to complete the Participation Agreement form.  The Master Trust itself has already been pre-registered with the HMRC & a PSTR No. obtained. 

The Participation Form, together with the full rules of the Master Trust can be viewed and downloaded from the Sagicor Life website at http://sagicoratlloyds.com/sagicor-life-documents-download-page. The website has also been updated to include downloadable Application forms, Key Facts Documents & Direct Debit Mandates. 

Commenting on the Master Trust, Active Underwriter Martin Herrick said “We see the Master Trust as a major part of our offering.  The Master Trust will deliver great savings in terms of cost & time for both clients & intermediaries alike.  We anticipate that this will prove to be extremely popular, especially with the SME sector where we intend to build upon the considerable success that we have had to date” 

Sagicor staff volunteered to help out at their partner school The Globe’s Christmas Fair last Friday 7^th December in Bethnal Green.

Volunteers took along bags full of donations from staff and the wider London market which were used as tombola and raffle prizes as well as being sold on other various stalls.  Staff were asked to run the stalls and generally help the day go smoothly.

This was the second year that Sagicor have attended the event and they very much enjoyed their festive day with the children.  Paul Marden, head of marketing communications and corporate social responsibility officer said “I really enjoyed meeting the parents of the children that we look after each week and everybody seemed to have a fun afternoon.” 

If you are interested in finding out more about Sagicor’s Corporate Social Responsibility scheme please contact paul.marden@sagicor.eu

Below: Hannah Jones (Sagicor at Lloyd's) writing names on raffle tickets:

Sagicor at Lloyd's attended and sponsored the Insurance Day London Market Awards last Thursday evening at the Royal Lancaster Hotel, Hyde Park.
The evening was very successful with Sagicor being highly commended for supporting children in Tower Hamlets as part of our Corporate Social Responsibility Scheme.
Sagicor's Cheif Operations Officer Gary Ross presented the Broking Team of the Year award to JLT’s aviation team (as seen pictured below) and all who attended had a brilliant evening.

For more info on the awards visit: http://www.insurancedayawards.com/ipi/lma/index.jsp

Lloyd's Global Underinsurance Report is now available to download from:

www.lloyds.com/underinsurance 

Double-winning former Arsenal goalkeeper and sports presenter, Bob Wilson OBE, dropped in at Lloyd's this week to receive a cheque for the Willow Foundation courtesy of Sagicor at Lloyd's staff.

The Willow Foundation was founded in 1999 by Wilson , who starred in Aresenal's 1971 team, and his wife Megs, as a tribute to their daughter Anna, who died of cancer aged 31. It is the only charity in the UK to provide positive and life-enhancing special days for seriously ill 16 - 40 year olds.

After being Sagicor at Lloyd's charity of the year for 2012, Paul Marden, head of marketing, communications and corporate social responsibility at Sagicor, presented Wilson and his wife with a cheque for £6,312, which was raised from a combination of dress down Fridays, sponsored runs and a fantasy football charity lunch in June featuring guest speaker Frank McLintock; captain of that 1971 Arsenal team.

Mr Marden and marketing assistant Hannah Jones took the Wilsons on a tour of the Lloyd's building where they viewed the Adams room and chatted to our underwriters.  This was followed by Wilson giving a presentation to staff over lunch in the Sagicor offices about his football and presenting career, The Willow Foundation and what the money raised will go towards.

Sagicor are to be the first underwriter to officially start offering Skype video calls to their regional brokers giving the opportunity to contact Sagicor face to face without leaving the comfort of their office.

Paul Marden Head of Marketing, Communications and CSR said “we believe the best way to talk business with our brokers is face to face. However this is not always possible, using a free Skype account is the next best thing.”

Skype will be initially trialled through Sagicor Underwriting Ltd along with Sagicor Life Syndicate 44 being the first Underwriters to offer a “Skype Hour” from 9:30am to 10:30am daily and will look to expand this if brokers are finding it useful.

Adrian Harris General Manager of Sagicor Underwriting commented “Being able to chat to brokers around the UK and face to face, we hope, will become a valuable service to offer. It will certainly allow us to explain our new offerings such as our Business Advantage product in more detail.”

Martin Herrick Active Underwriter of Life Syndicate 44 said “We have a broad network of supporting intermediaries throughout the United Kingdom. Using Skype allows us to have more face to face contact with our brokers without adding additional cost and carbon footprint to the company. We will of course still have traditional meetings but Skype gives us added flexibility and convenience”

Sagicor will be promoting Skype at Broker Expo in Coventry and then trial it in the UK. If successful, they will offer this service to their brokers and coverholders around the world.

Brokers wanting to try this service should contact ‘sagicoratlloyds’ through their free Skype accounts, use the Skype button within the Sagicor website or email info@sagicor.eu

Sagicor at Lloyd's is a wholly owned subsidiary of Sagicor Europe Ltd.

Sagicor at Lloyd’s reading and maths partnership with the Globe Primary School starts again this week as part of our Corporate Social Responsibility Programme.

Last year Assistant Head Teacher of the Globe Terry Joy commented; “62% of the year 1's have exceeded national expectations in their reading and a further 30% are at those expectations. We have never had such high attainment.”

Paul Marden, Head of Marketing and Communications for Sagicor at Lloyd’s said “I am very much looking forward to meeting the new pupils from classes 1 and 3 from the Globe Primary School. We hope to continue to inspire the children and develop their maths and reading skills.”

The year will start off this Wednesday and Thursday where business partners will meet the children they will be working with fortnightly for the following year.

If you are interested in joining the scheme it’s not too late, please contact:

Paul Marden
Head of Marketing & Communications and Corporate Social Responsibility Officer
paul.marden@sagicor.eu
Sagicor at Lloyd's.
Sagicor Underwriting Ltd.
Great Tower Street
London
EC3R 5AA

Sagicor at Lloyd’s Marketing & Communications team; Paul Marden and Hannah Jones will be sharing their social media experiences with the insurance industry at Effective Image’s social media breakfast briefing.

The event is taking place on 5^th March between 8:30am – 10:30am at 117 Fenchurch Street, London, EC3M 5DY.

Hannah Jones from Sagicor’s marketing team said “I am delighted to be able to talk about how we have used social media here at Sagicor. We have found it really interesting exploring which outlets work for us and which have proven more difficult for B2B marketing.”

Paul Marden, head of marketing and communications added “We will be covering how we first approached using social media to the everyday upkeep of our media accounts and hopefully provide some good advice to other insurers looking to venture into the world of social media.”

This is the second time Sagicor have been noticed for their use of social media, after they took part in a live twitter chat run by Get Ahead of the Games last summer, advising other businesses on how to prepare for the hectic Olympic period.   Paul Marden said “It’s great to be noticed for our hard work once again.”

Sagicor’s Contaminated Products Underwriting team discuss their views on the on-going horsemeat issue.  Underwriters Stewart Eaton and Andrew Blackburn have both achieved a distinction in the Highfield Level 4 Award in Managing Food Safety.

Have the supermarkets done anything wrong?

Supermarkets, for the most part, conduct significant due diligence in respect of their suppliers, and have robust supplier approval processes in place.  These would include conducting supplier audits, requiring certificates of conformity, or particular standards to be in place.  This is essential as the first port of call of the unsatisfied customer will invariably be the supermarket – especially if the food product has their brand name attached.  The customer need not concern themselves with the fact that in almost all cases, a third party would have manufactured the product on behalf of the supermarket.  Whilst these measures are in place to safeguard the integrity of the products being supplied, the reality is that it’s impossible to assure everything being supplied is (a) safe, and (b) what it is labelled as – giving rise to the frequent product recalls we see today.  With the complex and elongated supply chains in the food industry, “bad” product has always the potential to slip through the net, no matter how diligent the supermarkets’ practices.

What the scandal should do is force retailers and final product manufacturers to redouble their efforts to safeguard the integrity of the food that they sell, and in doing so ensure they are completely in control of their supply chains and achieve traceability that goes beyond their direct supplier. 

Will insurers avoid claims?

In the main part, the suggestion at this early stage is that they will avoid claims.  A standard Contaminated Products insurance policy is triggered by the potential for bodily injury, manifesting itself within 365 days of the product being consumed.  Whilst the substitution of horsemeat for beef may be undesirable to consumers, it would need to be proven to cause actual bodily harm when consumed for a policy to trigger.  The only reason to suspect this may be the case is the potential for the presence of the veterinary drug Phenylbutazone, also known as bute, in the meat.  Even then, its effect would be carcinogenic, almost universally excluded by contaminated products insurance policies, notwithstanding the fact that even excessive consumption of affected meat would not cause sickness within 365 days of consumption, as is required to trigger the policy.

Policy extensions that are available do, however, increase the likelihood of claims being successfully brought to insurers.  Adverse Publicity is an optional add-on, generally sublimited, and this covers the loss arising out of an allegation in the media that there has been a contamination.  Assuming the allegation is unsubstantiated and erroneous, the policy extends to cover loss of business and other costs attributable to the adverse publicity.  It is foreseeable that due to the breath of media coverage surrounding this issue, policies with the Adverse Publicity extension are liable to be triggered.

Government Recall is another policy add-on.  This covers any situation where a regulatory authority, such as the Food Standards Agency, intervenes and mandates a recall on food safety grounds, regardless of whether the insured can actually find fault with their product.  A recall due to fraud or product substitution, assuming no food safety threat, would still not be covered under this extension.

Will insurers look at supplier verification and is it a condition of the insurance?

Supplier verification is a major underwriting factor in this class of business.  Prudent underwriters may request various pieces of information to give themselves reassurance that the proposer was sufficiently diligent in this area.  Details of any supplier approval programmes in place, including supplier audits, and whether rights of recovery are maintained against suppliers would be good examples of the sort of underwriting factors considered.

Currently, testing of incoming raw materials is a minimum requirement for food manufacturers, but it may be the case that DNA testing also becomes an underwriting consideration in the future.

What will happen if the anti-inflammatory veterinary drug phenylbutazone, also known as bute, has entered the food chain?

There are strict laws in place governing what should and should not enter the food chain.  European Regulation (EC) No 854/2004 lays down specific rules and controls on products of animal origin intended for human consumption. 

The legislation dictates that animals treated with the anti-inflammatory drug phenylbutazone are not fit to enter the human food chain and should be labelled accordingly.   Animals should have passports or similar documentation recording their medical history amongst other things.  If it is proven that such animals are being slaughtered for human consumption, it points to a system failure, whether this is criminal, fraudulent or accidental. 

It has been estimated that when administered to humans, bute would cause harmful effects for 1 in 30,000 people.  However, eating the meat of an animal treated with the drug is a very inefficient intake method, and it is suggested that a person would have to eat over 500 contaminated horsemeat burgers (250g) every day to receive an effective dose.  Anyone doing this would probably have more pressing health issues.  

Does product recall Insurance cover reputational protection?  

A product recall (contaminated products) policy, if triggered, covers any loss of sales attributable to the contamination incident.  It also provides cover for rehabilitation expenses – including any promotional activity conducted or product discounts offered by the affected firm, to re-establish demand for its goods.  So the tangible and financially quantifiable effects of reputational damage can be covered, should the policy be triggered.  This insurance would also provide crisis management assistance for firms, such as funding the services of product recall or public relations consultants.

Will you be looking to review your product wording in light of this situation?

We have recently undergone a revamp of our wording and its various extensions, and we are confident that we offer coverage that is as wide and unambiguous as anywhere in the marketplace.  It must not be overlooked however that product contamination insurance exists to safeguard against food safety issues, and compelling evidence linking the horsemeat to a food safety breach has yet to come to light.

Sagicor at Lloyd’s Life operations are delighted to launch their Master Trust – available for all UK Group Life schemes.

Developed in conjunction with Temple Trustees (part of Burges Salmon) the Master Trust provides the following benefits:

 •           Reduces clients cost’s as they do not need to create an individual trust.

•           Saves time by eliminating the need to register an individual scheme with the HMRC and obtain a PSTR No.

•           Access to the Master Trust is extremely straightforward with just one simple form to be completed.

•           The Master Trust is available free of charge to all clients that place their Group Life business with Sagicor Life.

 The Master Trust will add to Sagicor’s small scheme proposition where we already have a compelling offering of competitive rates and a generous Free Cover Limit. 

Whilst the Master Trust is ideally suited to smaller firms, it can be used by firms of any size. 

All a firm needs to do to become part of the Master Trust is to complete the Participation Agreement form.  The Master Trust itself has already been pre-registered with the HMRC & a PSTR No. obtained. 

The Participation Form, together with the full rules of the Master Trust can be viewed and downloaded from the Sagicor Life website at http://sagicoratlloyds.com/sagicor-life-documents-download-page. The website has also been updated to include downloadable Application forms, Key Facts Documents & Direct Debit Mandates. 

Commenting on the Master Trust, Active Underwriter Martin Herrick said “We see the Master Trust as a major part of our offering.  The Master Trust will deliver great savings in terms of cost & time for both clients & intermediaries alike.  We anticipate that this will prove to be extremely popular, especially with the SME sector where we intend to build upon the considerable success that we have had to date” 

Sagicor staff volunteered to help out at their partner school The Globe’s Christmas Fair last Friday 7^th December in Bethnal Green.

Volunteers took along bags full of donations from staff and the wider London market which were used as tombola and raffle prizes as well as being sold on other various stalls.  Staff were asked to run the stalls and generally help the day go smoothly.

This was the second year that Sagicor have attended the event and they very much enjoyed their festive day with the children.  Paul Marden, head of marketing communications and corporate social responsibility officer said “I really enjoyed meeting the parents of the children that we look after each week and everybody seemed to have a fun afternoon.” 

If you are interested in finding out more about Sagicor’s Corporate Social Responsibility scheme please contact paul.marden@sagicor.eu

Below: Hannah Jones (Sagicor at Lloyd's) writing names on raffle tickets:

Sagicor at Lloyd's attended and sponsored the Insurance Day London Market Awards last Thursday evening at the Royal Lancaster Hotel, Hyde Park.
The evening was very successful with Sagicor being highly commended for supporting children in Tower Hamlets as part of our Corporate Social Responsibility Scheme.
Sagicor's Cheif Operations Officer Gary Ross presented the Broking Team of the Year award to JLT’s aviation team (as seen pictured below) and all who attended had a brilliant evening.

For more info on the awards visit: http://www.insurancedayawards.com/ipi/lma/index.jsp

Lloyd's Global Underinsurance Report is now available to download from:

www.lloyds.com/underinsurance 

Double-winning former Arsenal goalkeeper and sports presenter, Bob Wilson OBE, dropped in at Lloyd's this week to receive a cheque for the Willow Foundation courtesy of Sagicor at Lloyd's staff.

The Willow Foundation was founded in 1999 by Wilson , who starred in Aresenal's 1971 team, and his wife Megs, as a tribute to their daughter Anna, who died of cancer aged 31. It is the only charity in the UK to provide positive and life-enhancing special days for seriously ill 16 - 40 year olds.

After being Sagicor at Lloyd's charity of the year for 2012, Paul Marden, head of marketing, communications and corporate social responsibility at Sagicor, presented Wilson and his wife with a cheque for £6,312, which was raised from a combination of dress down Fridays, sponsored runs and a fantasy football charity lunch in June featuring guest speaker Frank McLintock; captain of that 1971 Arsenal team.

Mr Marden and marketing assistant Hannah Jones took the Wilsons on a tour of the Lloyd's building where they viewed the Adams room and chatted to our underwriters.  This was followed by Wilson giving a presentation to staff over lunch in the Sagicor offices about his football and presenting career, The Willow Foundation and what the money raised will go towards.

Sagicor are to be the first underwriter to officially start offering Skype video calls to their regional brokers giving the opportunity to contact Sagicor face to face without leaving the comfort of their office.

Paul Marden Head of Marketing, Communications and CSR said “we believe the best way to talk business with our brokers is face to face. However this is not always possible, using a free Skype account is the next best thing.”

Skype will be initially trialled through Sagicor Underwriting Ltd along with Sagicor Life Syndicate 44 being the first Underwriters to offer a “Skype Hour” from 9:30am to 10:30am daily and will look to expand this if brokers are finding it useful.

Adrian Harris General Manager of Sagicor Underwriting commented “Being able to chat to brokers around the UK and face to face, we hope, will become a valuable service to offer. It will certainly allow us to explain our new offerings such as our Business Advantage product in more detail.”

Martin Herrick Active Underwriter of Life Syndicate 44 said “We have a broad network of supporting intermediaries throughout the United Kingdom. Using Skype allows us to have more face to face contact with our brokers without adding additional cost and carbon footprint to the company. We will of course still have traditional meetings but Skype gives us added flexibility and convenience”

Sagicor will be promoting Skype at Broker Expo in Coventry and then trial it in the UK. If successful, they will offer this service to their brokers and coverholders around the world.

Brokers wanting to try this service should contact ‘sagicoratlloyds’ through their free Skype accounts, use the Skype button within the Sagicor website or email info@sagicor.eu

Sagicor at Lloyd's is a wholly owned subsidiary of Sagicor Europe Ltd.

Sagicor at Lloyd’s (SAL) announced today that Matthew Mason will be joining its Professional Lines team headed by David Jones. Mr Mason moves from Markel International where he was Senior Underwriter specialising in international business.

Under David Jones, SAL is expanding both its Professional and Liability teams in line with the business plan. 

David Jones, Class Underwriter, Syndicate 1206 commented:

“Having worked with Matt previously I know he has the knowledge and experience to take Sagicor’s development to a new level in the Professional Indemnity and Directors and Officers Market.”

Matthew Mason, Senior Underwriter, added:

“This is an exciting opportunity for me to build a diverse portfolio at an aspiring syndicate; I look forward to contributing to the continued success of this company.”

Matthew has over 22 years’ experience in the insurance industry covering both underwriting and broking.

Mr Mason started his insurance career at RSA as a professional Indemnity Underwriter before moving on to Marsh and then Aon. He later moved to Cotesworth & Co before joining Markel in 2001.

Sagicor at Lloyd's is a wholly owned subsidiary of Sagicor Europe Ltd.

Sagicor at Lloyd’s held their first charity lunch at the Lime Street Exchange on Friday 22^nd June in aid of the Willow Foundation Charity.

The lunch was attended by the top 50 winners in Sagicor’s fantasy football which included brokers and clients from London and a far.

Stephen Pert from Cavere Limited was the overall fantasy football winner, he was given a bottle of champagne at the lunch as well as a holiday for two in Florida which he is going to take early next year.

Graeme Coutts from Central Insurance Services Ltd. was also given a bottle of champagne on Friday for travelling the furthest on Friday coming all the way from Aberdeen.

Frank Mclintock entertained the room as the guest speaker with some great stories of his time at Arsenal and the afternoon ended with a very successful auction run by Clare Brooking from Miller Insurance Brokers.

Overall the afternoon raised over 4 thousand pounds for the Willow Foundation. David Williams, head of donor relations at the Willow Foundation said he was “delighted by the money raised, it was a very generous gathering.” 

Frank Mclintock making his guest speech: