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  • ACE in the U.S. - A Leading Global Insurance Organization
    Health Insurance Home Auto Personal Property For Businesses Property Casualty Insurance Accident Health Insurance Life Insurance Reinsurance Small Mid Sized Companies Chubb Mobilassurance Perspectives Multinational Risk Environmental Risk Executive Risk Cyber Risk Specialized Risk Investor Information Media Center News Releases Media Contacts In the News ACE Perspectives Multinational Risk Structuring Multinational Insurance Programs Current Challenges in Argentina Brazil and Mexico by Suresh Krishnan Brent Hooker There is escalating dialogue among risk managers brokers and insurers in Argentina Brazil Mexico and other Latin American countries about how to effectively provide seamless cost effective and compliant insurance across national borders to multinational enterprises When developing a global insurance program multinational clients seek outcomes that balance three core elements maximizing global insurance capacity minimizing cost and maintaining centralized control over their insurance programs Today sophisticated buyers in Latin America are considering taking advantage of both their internal expertise in monitoring loss development and the predictable nature of their loss profile to structure programs that keep much of the risk under their corporate umbrella either through reinsurance of such risk to their captives or through internal corporate management accounting To do so they leverage companies central control of insurance terms and limits consolidated loss information consistent loss control procedures use of corporate buying power to obtain favourable risk transfer terms and pricing and simplified placement of global insurance coverage Accomplishing these tasks in an ever changing regulatory environment is a major challenge This paper introduces many of the regulatory and execution challenges faced in the multinational insurance marketplace analyzes the laws of Argentina Brazil and Mexico with respect to the concept of insurable interest applies that concept to multina tional insurance programs and provides a check list of questions that underwriters brokers and clients in the region should consider when designing and implementing a

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/multinational-risk/current-challenges-in-argentina-brazil-mexico.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    Taiwan Life Taiwan Non Life Thailand Vietnam WORLDWIDE For Individuals Families Life Insurance Accident Health Insurance Home Auto Personal Property For Businesses Property Casualty Insurance Accident Health Insurance Life Insurance Reinsurance Small Mid Sized Companies Chubb Mobilassurance Perspectives Multinational Risk Environmental Risk Executive Risk Cyber Risk Specialized Risk Investor Information Media Center News Releases Media Contacts In the News ACE Perspectives Multinational Risk Structuring Multinational Insurance Programs Solvency II and its Potential Impact on Captive Insurance Companies Considering the Alternatives by Suresh Krishnan Richard Sica Dan Brown Barry Leigh Weissman The role of captive insurance companies in global risk management strategies is at an inflection point as Solvency II moves toward implementation As currently proposed Solvency II may challenge many of the benefits offered by captives to multinational enterprises A prudent approach to risk management requires an evaluation of the impact of Solvency II and the consideration of alternative approaches Multinational enterprises have increasingly included single parent captives or group owned captives as part of their insurance programs for managing financing and bearing risks typically as reinsurers of their own global risks and in certain circumstances as direct insurers of those risks 2016 Chubb Terms of Use Licensing Information Privacy

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/multinational-risk/ace-progress-report-multinational-solvency-ii-captives.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    Germany Gibraltar Hungary Ireland Italy Luxembourg Netherlands Norway Poland Portugal Russia Life Russia Non Life Spain Sweden Switzerland Turkey United Kingdom Asia Pacific Australia China Hong Kong India Indonesia Japan Korea Life Korea Non Life Macao Malaysia New Zealand Philippines Singapore Taiwan Life Taiwan Non Life Thailand Vietnam WORLDWIDE For Individuals Families Life Insurance Accident Health Insurance Home Auto Personal Property For Businesses Property Casualty Insurance Accident Health Insurance Life Insurance Reinsurance Small Mid Sized Companies Chubb Mobilassurance Perspectives Multinational Risk Environmental Risk Executive Risk Cyber Risk Specialized Risk Investor Information Media Center News Releases Media Contacts In the News ACE Perspectives Multinational Risk Structuring Multinational Insurance Programmes Current Challenges in Australia New Zealand and the Asia Pacific Region by Suresh Krishnan Brendan Hammond This report outlines the regulatory and execution challenges involved in purchasing globally coordinated insurance programs analyzes laws related to insurable interest in several Asia Pacific countries 2016 Chubb Terms of Use Licensing Information Privacy Statement View Mobile Page STAY UP TO DATE WITH US Sitemap HOME For Individuals Families Life Insurance Accident Health Insurance Home Auto Personal Property Insurance For Businesses Property Casualty Insurance Accident Health Insurance Life Insurance Reinsurance Small Mid sized Enterprises ACE Perspectives

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/multinational-risk/structuring-multinational-insurance-programs-anz-asia-pac.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    Risk Investor Information Media Center News Releases Media Contacts In the News ACE Perspectives Multinational Risk Structuring Multinational Insurance Programs Addressing the Taxation and Transfer Pricing Challenge by Suresh Krishnan Richard Sica Lucia Fedina Aaron Maguire Sophisticated buyers of multinational insurance programs demand that their insurers provide consistent coverage of their worldwide exposure to risk Multinational insurers typically respond to these demands in one of two ways either by offering stand alone local policies with appropriate local coverage grants and limits or by offering a traditional master insurance policy for the parent company with local policies for the parent s various foreign subsidiaries affiliates and joint ventures The master policy fills the coverage gaps in the local policies and provides the certainty of expected insurance coverage with consistent terms and conditions applying to the worldwide exposures of the buyer Multinational enterprises also demand execution certainty with respect to claims handling and indemnification Regardless of whether the insured has purchased a master policy for the parent company or a series of local policies for its subsidiaries and affiliates the insured does not intend to assume regulatory and tax risks Indeed sellers purchasers and intermediaries all want their insurance products to be materially compliant in all jurisdictions in which they are subject to regulatory and legal oversight Yet these programs all raise significant compliance issues particularly income tax issues In this paper we seek to review some of these issues particularly the complex issue of transfer pricing Following a summary of how multinational insurance programs work we discuss the importance of using an arm s length bargained for exchange standard for allocating premium and loss recoveries Entering into an arm s length bargained for exchange objectively documenting the negotiations and having an unrelated independent third party assess the risks involved are all

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/multinational-risk/multinational-insurance-programs-addressing-the-taxation-transfer-pricing-challenge.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    Accident Health Insurance Life Insurance Reinsurance Small Mid Sized Companies Chubb Mobilassurance Perspectives Multinational Risk Environmental Risk Executive Risk Cyber Risk Specialized Risk Investor Information Media Center News Releases Media Contacts In the News ACE Perspectives Multinational Risk Responsible Parenting by Coletta Kemper Brokers operating in the international marketplace know that placing insurance policies for their clients global multinational risks is not easy Brokers and insurers often run up against confusing and conflicting country insurance rules What s admitted what s non admitted and how to pay premium and other taxes are common questions that arise with each transaction If the placement is not done correctly the broker and insurer may face fines and penalties while the client may be exposed to double taxation a void insurance policy and coverage gaps Brokers and insurers either obtain stand alone policies locally for the parent company s affiliates and subsidiaries or they can use a master policy along with local policies The master policy is intended to fill in coverage gaps resulting from limitations in local policies and to protect the parent s interests in its local affiliates It is an efficient method for creating a global insurance program but it must

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/multinational-risk/ace-leaders-edge-reprint.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    In situations like these patients and their families may turn to the courts when compassionate use is denied to try to force the pharmaceutical company to provide or continue the therapy Could these conflicts have been avoided With proper planning and communication the answer is maybe With that said when drug companies don t address whether they will provide compassionate use of a test drug to test subjects prior to the start of a trial they run the risk of creating a potential lose lose situation for everyone This paper will discuss that by properly managing patient expectations and making sure that the roles and responsibilities of everyone involved are clearly defined in key documents pharmaceutical companies can mitigate the risks and should they face litigation strengthen their defense Specialized Global Catastrophe Survival Guide New Challenges to Casualty Risk Management February 2012 Specialized The growth in U S overseas investment has been staggering from 270 5 billion in 1986 to 3 9 trillion in 2010 1 Risk managers must come to terms with the changing nature of the catastrophe risks they face as their businesses expand around the globe At the same time the threats to their assets have become more complex and more difficult to contain in an age of social media Recognizing that an organization s reputation is among its most valuable assets sophisticated multinational corporations go to great lengths and expense to cultivate a positive image in the countries where they operate Yet many corporations unwittingly put valuable assets at risk How By failing to develop effective catastrophe management plans and by implementing one size fits all insurance programs that lack strong global capabilities A catastrophe can easily spiral out of control damaging a company s public image reputation and profitability We ve all heard the stories A food manufacturer s contaminated product causes widespread illness A chemical company experiences an accidental explosion An office building is targeted in a terrorist attack A stadium collapses A train is involved in a catastrophic crash Whatever the specific circumstances of the tragedy if poorly handled a disaster is likely to invite a chain reaction of investigations penalties and heavy handed regulation with the potential for a steep drop in shareholder value Even the most prudent risk management will not prevent every disaster But U S companies with overseas exposures can protect their assets from the worst possible consequences with a thoughtful approach to catastrophe management as well as compliant insurance coverage from an insurance company experienced in managing risks around the world A catastrophe that is managed properly can even enhance a company s reputation as a responsible member of the business community Specialized A Perfect Storm January 2015 Specialized Maritime transport is seeing a higher concentration of values in current container ships a rising complexity of salvage operations and increasing supply chain risks Together these raise many issues for shippers shipowners and the insurance industry and have the makings of a perfect storm Picking Up the Pieces After

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/specialized-risk/podcasts-hurricane-preparedness-podcasts.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    Belgium Czech Republic Denmark Finland France Germany Gibraltar Hungary Ireland Italy Luxembourg Netherlands Norway Poland Portugal Russia Life Russia Non Life Spain Sweden Switzerland Turkey United Kingdom Asia Pacific Australia China Hong Kong India Indonesia Japan Korea Life Korea Non Life Macao Malaysia New Zealand Philippines Singapore Taiwan Life Taiwan Non Life Thailand Vietnam WORLDWIDE For Individuals Families Life Insurance Accident Health Insurance Home Auto Personal Property For Businesses Property Casualty Insurance Accident Health Insurance Life Insurance Reinsurance Small Mid Sized Companies Chubb Mobilassurance Perspectives Multinational Risk Environmental Risk Executive Risk Cyber Risk Specialized Risk Investor Information Media Center News Releases Media Contacts In the News ACE Perspectives Specialized Risk Hospital Violence an Emerging Risk by Diane Doherty Diane Doherty Vice President ACE Medical Risk Group discusses how violence continues to be an emerging area of risk for healthcare facilities and their risk managers 2016 Chubb Terms of Use Licensing Information Privacy Statement View Mobile Page STAY UP TO DATE WITH US Sitemap HOME For Individuals Families Life Insurance Accident Health Insurance Home Auto Personal Property Insurance For Businesses Property Casualty Insurance Accident Health Insurance Life Insurance Reinsurance Small Mid sized Enterprises ACE Perspectives Multinational Risk Environmental Risk Executive Risk

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/specialized-risk/video-hospital-violence.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    readily identifiable sources of renewable energy Wind power farms are familiar sights in California the British North Sea coast and across Denmark which produced 28 1 percent of its power from wind in 2011 and has set a 50 percent target for 2020 4 By the end of 2011 installed wind turbines had the capacity to generate about 3 percent of the global electricity demand the World Wind Energy Association estimates 5 Wind power capacity increased by 20 percent in 2011 to about 238 GW the greatest gain in capacity for any renewable according to the Renewable Energy Policy Network 6 The simplicity of the windmill concept belies the complexity of today s multi megawatt turbines Most risk assessments focus on the major mechanics and standard elements including gearbox failure cable damage or damage to nacelles or transformers But operators should not ignore the risks to less obvious areas such as foundations or the dangers that ice lightning and tornadoes pose to such tall structures The time lost to repair re source or replace damaged components can have a devastating impact on the ability to maintain output Solar Solar panels are an increasingly common sight on rooftops but they are just part of the solar power landscape Photovoltaic panels pioneered by Bell Laboratories in 1954 are the most common form of solar power 7 In recent years photovoltaic power has grown at an average annual rate of more than 50 percent the IEA estimates with a total 67 GW of photovoltaic supply available at year end 2011 versus 1 5 GW in 2000 8 Almost 30 GW of photovoltaic operating capacity was added globally in 2011 and in the European Union photovoltaic accounted for more new capacity than any other technology 9 Although renewable technologies are often thought of as new many of them have been used for a very long time The new risks spring from the industrial scale on which they are now being built as well as their uses in novel ways or new environments Besides solar panels there are many other technologies in use including concentrating solar thermal power CSP concentrating photovoltaic CPV solar power tower and parabolic trough The risks relate as much to environmental factors that can affect surrounding and supporting structures as to the actual technology Particular risks for solar include the high combustibility of heat transfer fluids hailstorms theft or problems with reflector alignment Biofuels and Biomass The use of biofuels for energy stretches back to man s discovery of fire Today biofuels are mainly derived from biomass or bio waste and used as substitutes in transport fuels such as gasoline bioethanol and diesel oil biodiesel Liquid biofuels accounted for about 3 percent of worldwide road transport fuels in 2011 the Renewable Energy Policy Network estimates 10 In the United States the world leader in biomass power biomass plants provide about 8 500 MW of electricity from renewable sources such as wood and agricultural wastes according to the Biomass Power Association 11 Production of biodiesel involves the use of flammable alcohols methanol or ethanol while the end product is merely combustible Although production plants tend to be small the cost of systems to control the high fire risks are often perceived to be disproportionate to the plant costs something that can pose a problem to the operator and insurer alike Generally biomass is taken to mean the burning of biological material although it is often imprecise in definition As an energy source biomass can be used directly or converted into other products such as biofuels The process is also carried out at coal burning plants as a substitute fuel and common risks arise from the large quantities of light dry dusty fuels involved Waste to Energy While solar and wind projects have high visibility waste to energy is not as readily recognized But waste to energy includes the widest and most diverse spectrum of technologies and products in the renewables field This makes assessing and managing its associated risks more complex In 2011 75 waste to energy plants were operating in the United States with a total capacity of 2 238 MW according to the U S Energy Information Administration 12 Processes include mass burn Municipal Solid Waste MSW processed MSW including Refuse Derived Fuel RDF and fluidized bed combustion Mechanical Biological Treatment MBT including Anaerobic Digestion AD landfill gas pyrolysis and gasification syngas Combustibility fire burn back and explosion dominate the risk profile of waste to energy A frequent source of concern is that plants may not have been as rigorously designed as befits the power plants that they actually are Hydro Though long established as a power source with dams and turbines particularly in the U S Northwest hydro energy has recently seen interesting developments especially in areas such as tidal and wave energy The sometimes novel designs and extreme locations often with problems of access pose new and challenging risks Of course the more traditional risks such as machinery breakdown involving large components must also be considered Total global hydropower capacity reached an estimated 970 GW in 2011 and the leading countries China Brazil the U S Canada and Russia account for just over half of global capacity 13 Managing Renewable Energy Risks While some renewable energy technologies have established track records and relatively well defined risks newer projects are widely diverse and often include evolving technologies That means the plans and operations require comprehensive scrutiny throughout the project lifecycle To begin with any project should be compared to existing technologies to identify potential risks All of the environmental and structural aspects common to traditional industrial or power generation plants should be evaluated In addition developers owners and operators should be careful not to overlook the more common risk management aspects of any industrial operation Few official standards or best practices exist for many renewable processes but that makes it even more crucial to comply with those that do For instance projects should obtain all the proper certifications from

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/specialized-risk/ace-renewableenergyrisks-wp.aspx (2016-02-13)
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