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Insurance Industry

Product Type: Market Research Report
Published by: Global Industry Analysts
Published: September 2008
Product Code: R263-3760
Description
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.

Please note: Reports are sold as single-site single-user licenses. The delivery time for hard copies is between 3-5 business days, as each hard copy is custom printed for the organization ordering it. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location. Adobe Acrobat Reader 7.0 is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

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Table of Contents
1.Industry Overview

Emerging Markets Take Center Stage

Insurance Policies to Witness Increased

Flexibility

Traditional Regulations Plague Insurance

Markets

Alternative Risk Transfer - Gaining Popularity

Insurance Density and Penetration

Outlook

Insurance - A Dynamic Industry

Move Towards Moderate Growth

Potential Focus Areas

Europe, USA and Japan - The Largest Markets

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

Life Insurance

Non-Life Insurance

Competitive Landscape

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

Key Market Drivers

Health Insurance

Global Health Care Industry - Opportunities

Abound

Auto Insurance

Homeowners’ Insurance

Major Trends and Issues

Emerging Area

Companies Refocus on Core Underwriting

Business

Consolidations Continue

Graying of Baby Boomers Boost Insurance

Market

Bancassurance Gains Wide Acceptance

New Regulations Improve Corporate

Governance

Credit Insurance Sector Poised for Substantial

Growth

Anti-Money Laundering Laws for Insurers

Global Warming Posing Threat to Insurance

Industry

Capital Constraints Aggravate Industry’s Woes

Analytical Underwriting Arrests Price Downfall

Manufacturing or Distribution - The Dilemma

Continues

North America Witnesses Renewed

Consolidation Activity

European Insurers Pull Out from Foreign

Markets

Emerging Markets

“Look East Policy” of Investors

Mix of the Strategies

Global Reinsurance Industry - A Review

Global Catastrophe Reinsurance Industry

Witnesses Stability

Intensification of World Reinsurers

Reinsurance in the Aftermath of September 11

9/11 - The Worst Nightmare for Reinsurance

World

Hope Amidst Gloom

The New Role

Leading Global Reinsurers

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

Global - Multi-line Insurance

Competitive Landscape

Leading Players

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

Table 5: Global Multi-Line Insurance Market (2004 & 2005): Percentage Breakdown of Revenues by Region - North America,

Europe, Asia-Pacific, and Rest of World

Review of Global Insurance Market by Sector

Life Insurance

Changing Landscape

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

Golden Era -Yet to Come

International Growth - A High Priority

Factor

Changes in Group Life Sector

Mortality Rates: Rejuvenating Reinsurance

Regional Markets

General/Non-Life/ Property/Casualty Insurance

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

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

Primary Casualty

Commercial Risk Market

Marine Insurance

Table 9: Global Marine Insurance

Industry (2006 & 2007): Percentage Breakdown of Premiums by Region -

Asia-Pacific, Europe, North America,

and Rest of World

Political Risk Insurance

Healthcare Professional Liability Insurance

Offshore Energy Insurance

Industry Paradigm Shifts

Restoring Confidence

Regulatory Ripples

Pursuing Global Growth

Emerging Opportunities in the Retirement

Market

Unlocking Profits in Closed Books of

Business

Driving Performance through Embedded

Values

The Off-shoring Decision

Developing Creative HR Strategies

Enterprise-wide Approach to Risk

Management

The Challenge of International Accounting

Standards

2.Mergers and Acquisitions

AIG Acquires 21st Century Insurance Group

AmTrust Completes Acquisition of

Associated Industries

Allied World Assurance to Take Over Converium

Insurance

American Financial Group to Acquire Strategic

Comp Holdings

Alleghany Acquires EDC

AEGON to acquire Merrill Lynch Life

AIG Acquires Württembergische und

Badische Versicherungs

AIG Takes Over Direct Travel Insurance

AXA Acquires Davis Group

AXA to Acquire Ukrainian Insurance Alliance

AXA and UkrSibbank to Acquire Vesko

AXA Acquires Alpha Insurance

Allianz Acquires ATF-Polis

Allied Bank to Increase Stake in New York

Life Insurance

Aviva’s Turkish Subsidiary and Ak Emeklilik

to Merge

AR Growth to Acquire Stake in Probenefit

BUPA Australia and MBF in Merger

Negotiations

Bank Austria Creditanstalt and UNION

Versicherungs Merge

Citi Acquires BISYS’ Investment Service

Division

Coventry Health Care Acquires Certain

Mutual of Omaha

CUNA Mutual Insurance Society to Merge

with CUNA Mutual Life Insurance

CUNA Acquires Stake in Producer’s Ag

CMLIC & CUNA Mutual Insurance Society

to Merge

Euler Hermes Acquires Stake in ICIC

ERGO Acquires Stake in Daum Direct

Auto Insurance

Enstar Australia Acquires AMP’s Australian

Insurance Operations

Euler Hermes Acquires United Mercantile

Endurance Acquires ARMtech

Fort Dearborn Life Acquires Northstar Life

Franklin Holdings’ Subsidiary Acquires

James River Group

Farmers Insurance Acquires Bristol West

Holdings

Generali Receives Approval to Acquire

PPF’s Insurance Business

Hiscox acquires Kidnap and Ransom

Business from Aon

HSBC Insurance to Acquire Stake in

Hana’s Life Insurance Subsidiary

Humana Acquires KMG America

ING to Acquire Origenes AFJP and

Origenes Seguros de Retiro

Kardan Acquires Stake in Sigma Albania

KBC to Acquire Stake in DZI Insurance

Liberty Mutual Acquires Ohio Casualty

Manulife Acquires Berkshire-TWC

Financial Group

MetLife to Acquire AFORE Actinver

Munich Re to Acquire Midland Company

Pearl Assurance Acquires Resolution

Ping Acquires Minority Share in Fortis

Rockhill to Acquire RTW

Royal & Sun Alliance to Take Over Canadian

Northern Shield

SICO USA Acquires Republic Insurance

SNS REAAL Acquires AXA’s Dutch

Insurance Operations

Storebrand to Acquire SPP

Tawa to Acquire PXRE Reinsurance Company

TBIH Acquires Ukrainian Insurance Group

The Doctors Company to Acquire SCPIE

Holdings

UkrSibbank to Acquire Stake in

Vesko Insurance

Unipol to Acquire Stake in ING Insurance

UnitedHealth Group and Sierra Health Services

Obtains Merger Approval from California

Department of Insurance

Unitrin’s Subsidiary Acquires Merastar

USI Holdings Acquires Treadwell & Harry

Validus Acquires Talbot

Vienna Insurance Acquires Stake in Asirom

Vienna Acquires Majority Stake in

Sigma Sh.a.

Wiener Staedtische Acquires Sigma

W.R. Berkley Acquires American Mining

Insurance

ZB Financial Acquires Stake in Cell Insurance

Zurich Acquires Wrightway Underwriting

Zurich Beteiligungs to Acquire Real Garant

China Pacific Insurance to Buy Further

25% of China Pacific Life Insurance

Sompo Japan Acquires Stake in Universal Sompo

HDFC to Acquire Chubb’s Stake

Aviva Teams Up Induslnd Bank

AXA to Acquire 75% Stake in Kyobo Auto

Allianz to Buy Remaining Stake in Allianz

President

QBE Group Acquires Seguros Cumbre

Enstar Acquires Inter-Ocean Holdings

Munich Re Acquires Bell & Clements

AXA France to Acquire Nationale Suisse

HSBC France to Buy Remaining Stake in

Erisa and Erisa IARD

CNP Acquires Ecureuil

APS Acquires APIE

Ameritas to Take Over LifeRe

Willis Acquires Chilean MGT

Insurance Australia Acquires Stake in Safety

Insurance

Aviva Takes Over Stake in Eagle Insurance

of Sri Lanka

K+H Bank’s General and Life Insurance Units Merge to Form K+H Biztosito

Veritas Life Insurance Merges with

Aktia Life Insurance

Resolution Acquires Abbey National’s Life

Insurance Business

ACE Sells its Three Run-off Re-insurance

Subsidiaries

Forum Assurances Merges Forum Assurances

with Resolution

Allianz Insurance Co and Nordic Insurance Co

Plan Merger

Unity Life Acquires Prudential Insurance

RBC Insurance to Merge Core Insurance

Business in United States

Eastern Holdings Completes Conversion and

Acquisition

American Whol7esale Insurance Group

Acquires Web TPA

Wachovia Corp. Acquires Insurance

Brokering Firm

Lincoln National Merges with Jefferson-Pilot

Gallo Insurance Acquires Individual Policy

Division of Slaton Agency

Security National Financial Corp Acquires

Memorial Insurance

Hub International Acquires eBenefits Group

Arthur J. Gallagher Takes Over S. P. Tarantino

Insurance Brokerage

Protective Life Corporation Acquires Stake in

Chase Insurance Group

Pan American Acquires Sunland Insurance

Erie Insurance and Erie Indemnity Acquire

Erie Family Life Insurance

Dakin Insurance Agency Acquires

Altemeier Oliver and Company

Fiserv Takes Over Insurance Wholesalers

HCC Insurance Acquires G.B. Kenrick &

Associates

ChoicePoint Takes Over Insuratec Inc.

Brown & Brown Takes Over Setser Bill

Insurance

BellGroup Acquires McCone Insurance Group

Beecher Carlson Acquires Cramer & Giles

Insurance

Brown & Brown Acquires Benefit

Development Group

Stewart Acquires Longmont Title Holdings

Life of the South Acquires Lyndon Southern

Insurance

XL RE Life Acquires Servus Life Insurance

CIGNA Acquires Star HRG

Health Benefits Acquires Insurance Specialist

Group

Manufacturers Life Insurance Acquires

Pramerica Life

Hull & Co Acquires High Country Insurance

Arthur J. Gallagher Takes Over Sobieski &

Bradley

Great American Life Insurance Company

Acquires Fixed Annuity Block from

Old Standard Life Insurance Company

Brown & Brown Acquires Axiom

Intermediaries

Motors Insurance Acquires MEEMIC

Holdings

Arthur J Gallagher Purchases Benefit

Management Group

AssuranceAmerica Purchases The Insurance

Centre

Seattle Financial Purchases Turnure &

Associates

CTG Takes Over Flood Zone

Grupo Security Pockets Inter-Rentas

for US$128 Million

First Acceptance Acquires Plus and Yale

AssuranceAmerica Acquires Tampa No-Fault

Aegon Purchases 49% Stake in Seguros Argos

Liberty Mutual Group Acquires Majority

Stake in Seker Sigorta

QBE Buys Stake in Allianz

AIG Buys Out Central Insurance

AXA Takes Over Two Insurers in Asia

Genworth Buys Out Vero Lenders

Aviva Buys Stake in Infocus

Swiss Re Snaps Up GE Insurance Solutions

Capita Life & Pensions Bags Contract from

Scottish Life

Swiss Re Acquires UK GE Life Business

Towergate Snaps Up Paymentshield

CFS Forms a New Wing for General Insurance

Lloyds TSB Acquires Pearl’s General

Insurance Business

Liverpool Victoria Snaps Up ABC Insurance

CIGNA Acquires Vielife

Enstar Group Buys Cavell Management

Allianz Completes Merger With RAS

TREK Holdings Takes Over American

Medical & Life Insurance

Appalachian Underwriters Acquires Assets

of US Administrators

Cairnstone Re Completes Acquisition of

CapRisk

Aviva Acquires AmerUs

AIG Takes over Travel Guard Companies

NBIS Buys Out Special Risk Services

Lightyear Capital Purchases Stake in

Sirius America

Principal Financial Group Acquires WM

Advisors

Great Northwest Takes Over Hawaiian

Insurance & Guaranty

CIGNA Acquires UnitedHealth’s Health Care

Divisions

La Capitale Snaps Up UAFC

Hartford Divests Omni Insurance Group

Stewart Information Services Acquires

Texas State Title

Stewart Information Services Acquires

Telluride Mountain Title

Gard Services Snaps Up Trimar Defence

Stewart Information Services Acquires

The Title Co

Murray Insurance Buys Out Lancaster

Insurance

Medical Mutual Acquires Summit’s Health

Insurance Business

Assurant Snaps Up SAFECO FIS

Old Republic Takes Over Sentry Abstract

Delek Acquires Republic Cos

WellPoint Acquires QualChoice

Yukon Acquires People's Bank

Unity Life Acquires Prudential’s Arm

Securian Financial Snaps Up CNL Financial

Universal American Financial Acquires

Harmony Health

Affordable Residential Communities AcquiresNLASCO

LandAmerica Snaps Up Napa Land

LandAmerica Buys Out Mar-Vel Enterprises

Carlyle Group Acquires MultiPlan

US Energy Holdings Buys Out Lakeside

Insurance

Brooke Snaps Up Generations Bank

Reliance Standard Acquires Integrated

DisAbility Resources

New York Life Enters into an Agreement with

Institutional Capital

Brandquest Acquires InsurElec

Grupo Financiero Acquires Stake in Inter

National Bank

AmTrust Takes Over Wesco

UnitedHealth Takes Over Student Resources

Health Care Service Acquires Highmark’s Life

and Disability Business

Berkshire Snaps Up Huff Realty

Groupama Buys Stake in Basak

Pets Best Acquires General Fire’s

Pets Division

Life of the South Takes Over American

Guaranty Insurance

HUB Buys Out Fortun Insurance

Manhattan Life Takes Over Family Life

Castlewood Acquires Enstar Group

TPG-Axon Buys Stake in DaVinci ReInsurance

Christian Fidelity Takes Over Dallas

Genworth Acquires Continental Life

HUB Snaps Up Citizens Clair and Other Firms

The First American Acquires UKValuation

Great American Financial Snaps Up Ceres

Intersections Acquires Chartered Marketing

Answer Financial Acquires InsLogic

WL Ross Buys Stake in Blue Ocean

Bradford Acquires Best Title &

Processing LLC

Aviva Snaps Up AmerUs

MultiPlan Acquires Private Healthcare

Systems

UTG Acquires ACAP

American International Snaps Up

Arch Insurance

ONEX Takes Over Aon Warranty

Old Republic Snaps Construction

Program Group

AmeriNet Buys Out Insurance Businesses of

AllHealth

Hanmi Financial Acquires California-Based

Firms

Medical Mutual Acquires 1st Medical

Network

Berkshire Acquires Converium Reinsurance

Ameritas Acacia Merges with Union Central

Life Insurance Company

Arthur Acquires Benefit Management Group

CBIZ Takes Over Valley Global Insurance

Brokers

Duncan, Fraser & Bridges Purchases Edmond,

Deaton & Stephens

Hinduja Group Signs an MoU with European

Insurer

Sky Financial Buys Peter B. Burke

USI Holdings procures Mahoney &

Associates

3 Mark Buys Gateway Financial Distributors

Access Insurance Acquires Century

American

Accident Fund Procures United Heartland

ACE Medical Risk Purchases Renewal

Rights to Alternative Risk Hospital

Portfolio of GE Insurance

Acordia Purchases Somerton Student Insurance

Services

Aegon Reaches an Agreement to Take Over

Nationwide Towarzystwo

Aero Insurance Merges with AirSure

Aetna Acquires HMS Healthcare

Affirmative Insurance Buys IPA

Afro-Asian Lure Causes Merger Ripples in the Middle East

Alegro Health Takes Over Canadian Division of Concentra Integrated

Alliance Bank Acquires Insurance Agency

American International Increases Stake in

Richmond Insurance

American Television Acquires First Pet Life

American Wholesale Insurance Enters into

Agreement to Acquire Stewart Smith

Anthony Clark International Insurance Buys

Schuneman Insurance Agency

Aon Buys Versicherungs-Maklerbüro

AON Italia Procures Lenzi Broker

Assicurazioni

Aon makes an Agreement to Purchase

Assurantie Advies Nederland

Aon Procures French company Lange

Arthur Acquires Marine Insurance

Arthur J Gallagher Acquires WorkCare

Northwest

Arthur J Gallagher Buys Chris Schroeder

Insurance

Arthur J Gallagher Buys Classic Insurance

Services

Arthur J Gallagher Snaps Up Interpacific

Underwriting Agencies

Arthur J Takes Over Brokerage Professionals

AssuranceAmerica Acquires Cannon

Insurance Agency

Aurora Acquires Pega Risk Managers

Aviva PLC Acquires RAC

AXA Canada Signs an Agreement to

Acquire Citadel

Balcos Insurance Acquires Barkley Associates

Bangkok Bank Acquires 10% Stake in

PICC Life

Bankers Warranty Group Acquires

VAC Service

Beazley Buys Omaha Property & Casualty

Insurance

Beech Street Corp Acquires BestCare Inc.

Beecher Carlson Holdings Purchases

Jewett Barton Leavy & Kern

Beneficial Insurance Services Acquires

Paul Hertel & Co.

Berkshire Acquires Medical Protective

BIG Acquires Two Insurance Agencies

Blue Cross Merges with HCSC

BlueCross BlueShield of Tennessee Acquires

Gordian Health Solutions

Bridge Street Enters Into an Agreement

with Ladd

British Union Buys Amedex Insurance

Brown & Brown Acquires Assets of ECC

Brown & Brown Acquires De Arrieta

Insurance Agency

Brown & Brown Acquires Emerald Benefits

Brown & Brown Acquires Hull & Co.

Brown & Brown Acquires Nichols & Associates

Brown & Brown Acquires USI Holdings

Brown & Brown Acquires Weible & Cahill

Brown & Brown Assumes BeneTec

Brown & Brown Buys Alliance

Insurance Services

Brown & Brown Buys Axiom Intermediaries

Brown & Brown Takes Over Downey

Insurance

Brown & Brown Takes Over The Fossi Group

Capital Assurance Corp Acquires Standard

Life Insurance Co.

Capital One Financial Acquires InsLogic

CapTech to Acquire National Security

Cardiff Holdings Acquires Industrial

Underwriters Insurance

CareWorks Acquires CRA Managed Care

CBCA Administrators Purchases Bridge

Benefits

CBIP Acquires Salem Insurance

Cendant Settlement Takes Over Herbert L.

Williams Operations

Centene Acquires US Script

Century Surety Acquires Firemans Fund

Insurance of Texas

CH Insurance Brokerage Purchases DHH

Insurance Agency

Chicago Acquires Service Link

Chicago Title Land Buys LaSalle National

Bank Land Trust Operation

Chinese Auto Insurance Sector Gears up

for a Big Bang Entry of SAIC

Clark Consulting Acquires MedEx

Codan Plans Acquisition of Topdanmark’s

Marine Insurance Business

Compass Acquires the Assets of

Warren Benefits

CompcareBlue Takes Over Atrium

Health Plan

Comprehensive Benefit Services Merges

with IBI Benefits

Concentra Operating Acquires Beech Street

ConnectedCare Acquires Bay Benefits LLC

Crawford Sets Foot in India

CRC Insurance Services Acquires Vista

Insurance Partners

Crédit Suisse Buys USHealth Group

CSI Partners Buys ComSearch

Cunningham Lindsey International Acquires

Axis USA

Cypress Merges with Arrowhead

Darwin National Assurance Acquires Ulico

Casualty

Darwin Resources Acquires Health Benefits

Direct

Dawson of Florida Acquires Collier Insurance

Services

Delaware Street Group Buys Minority Interest

in Affirmative Insurance

Diederich Insurance Agency Acquires Doctors'

Financial Group

Educators to Buy Eastern Holding

Emergis Buys National Health Corp

Encore Bank Acquires Houston Insurance

Agency of John A Bumstead & Associates

Enterprise Financial Completes Acquisition

of Millennium Brokerage

Equus Acquires Dunnottar

Equus Resources Purchases 1st Metro

Insurance

eRx Network Acquires Allwin Data

Eureko’s Achmea Merges with Rabobank’s

Interpolis

Farmers Capital & Hamburg Insurance

Acquires Kentucky Home

FFL and H&F Snap up CATRisk Operation

Fidelity National Financial Acquires Sedgwick

CMS Holdings

Fidelity National Financial Buys STG

Associates

Firemans Acquires International Film

Guarantors

First Acceptance Acquires HCS Claims

Service

First Acceptance Acquires LGNP Enterprise

First American Signs an Agreement to

Acquire TransContinental

First American Title Acquires United General

Financial Services

First Niagara Risk Management Acquires

Brooks- Byer Associates

First Niagara Risk Management Acquires

Hatch Leonard Naples

First Niagara Signs Agreement with LA Lama

Fiserv Acquires Administrative

Services Group

FMT of Billings Acquires First Montana Title

FNIA Acquires Penn Group

FPA Enters Inks an LOI to Acquire IBC

Fred A Moreton & Co Acquires Town &

Country Life Insurance

Gabelli Equity Acquires Sterling Capital

Gallagher Merges Reinsurance Brokerage

Subsidiaries

GE Insurance Solutions Offloads Reinsurance

GoldK Acquires Retirement Plan Co

Goldman Executes an Agreement to

Acquire UICI

Goldman Takes Over Allmerica Financial

Life Insurance

Great American Insurance Group Acquires

Farmers Crop Insurance Alliance

Group Health Acquires ABC Health Plan

Group Health Acquires KPS Health Plans of

Bremerton

Guaranty Insurance Services Snaps Up

Walter Mortensen

Gulf Insurance Enters Into an Agreement to

Acquire Arab Misr Insurance

Hallmark Gears to Acquire Aerospace

Harbor Point Acquires Chubb Re

Harvard Pilgrim Buys Health Plans

HBOS Strides Ahead for Pocketing ML sLife

Insurance Company

HCC Completes the Acquisition of Perico

HCC Insurance Takes Over MIC Life Insurance

HealthExtras Agrees to Acquire EBRx

Heath Insurance Brokers led Private Acquires

Heath Lambert Group

Hellman & Friedman and Texas Pacific GroupAcquires Controlling Interest in

Linsco/Private Ledger

Hicks Muse Tate & Furst and Banc of America

Capital Investors to Buy Swett & Crawford

Hilb Rogal & Hobbs Acquires Doherty

Hilb Rogal & Hobbs Acquires KYBA

Hilb Rogal Acquires Ed Murray & Sons

Hilb Rogal Acquires True Benchmark

HNB Signs an Agreement to Acquire

Cornerstone Companies

Honua Investment Management Buys Interest

in Sechung Chemical

HSBC Holdings Buys Stake in Ping An

Insurance (Group)

HUB International Acquires Employee

Benefit Specialists

HUB International Acquires Kline

Transportation Insurance

Hub International Limited Acquires Personal

Lines Brokerage

HUB International Takes Over Impact

Insurance Services

Hull & Co Acquires E & S Brokerage Services

Humana Buys CorpHealth

IAG to Buy 30% Stake in AmAssurance

Berhad

IAT Reinsurance Buys SIRVA Insurance

Businesses

Imagine Acquires Abacus

Industrial Alliance Makes Quick Moves for

Creating a High Profile Asset

Management Company

Insurers Administrative and Independence

Acquire majority interest in Health Plan

Integro Acquires Humphreys Haggas

Sutton & Co

International Insurance Brokers Enters into

Agreement with Team Bank

Inviva Reaches an Agreement to Acquire

Utica National Life Insurance

Ion Health Holdings Acquires Community

Health Plan of Ohio

JC Flowers & Co Buys Crump Group

Jelco Ventures Acquires Interest in Zenith

Administrators

Jinright-Turner Merges with Maxwell

Haley & Castleberry and Escambia

Insurance Agency

Kingsway Financial Services Acquires

HI Holdings

LandAmerica Financial Group Acquires

Century Title Services

Lawson-Hawks Acquires USI Healthcare

Property & Casualty

Lawson-Hawks Insurance Associates Gets

Dillenback & Lomanto Insurance Agency

Leesport Financial Acquires First HSA

Liberty Mutual Buys Stake in Basak

Liberty Mutual Purchases ING Seguros

Generales

LIC’s Global Expansion Drives the Insurance

Giant to Middle East

Life of the South Acquires Insurance Co

of the South

Lightyear Capital Acquires Minority Interest

in the NAU Group

Lindsay Goldberg & Co Acquires Major Stake

in Alliant Resources Group

Livingston International Acquires Great

Lakes Custom Brokerage

Long Term Care Buys Nation’s CareLink

LTC Global Solutions Acquires the Ft. Myers

Agency of Kanawha Insurance

Mapfre Asistencia Acquires Abraxas

MedData Acquires Insurance Benefit

Spot Check

MEM Acquires Integrity Research

Mercer Buys Financial Pacific

Insurance Group

Merrill Lynch & Co to Acquire AMVESCAP

Retirement

MetLife Acquires Travelers Life

MetLife Buys Citistreet Associates

MetLife Buys Stake Mitsui Sumitomo

CitiInsurance Life Insurance Co

MidWestOne Financial Group Acquires

Cook & Son Agency

MIIX Group Buys MDAdvantage Insurance

Motors Insurance Acquires MEEMIC Holdings

Munich Re Finds a Buyer for Stake in HVB

NASDAQ Snaps up Carpenter Moore

National Interstate Insurance Acquires

Triumphe Casualty

National Investment Managers Acquires

Duncan Capital Financial Group

National Investment Managers Acquires

Haddon Strategic Alliances

National Penn Acquires Krombolz

National Security Title Announced To Acquire

Your Title Choice

Nationwide Previdência Agrees to Buy

Nationwide’s Life Operations

Navigators Group Acquires Remainder Interest

in Lloyds Syndicate

Neace Lukens Acquires Integrity Insurance

Agency

NELX Takes Over West Virginia Fire &

Casualty

Octagon Risk Services Acquires Managed Care

Holdings Corp.

Old Mutual Eyes Purchase of Skandia

Old National Bancorp Acquires JWF

Insurance Cos

OneBeacon Insurance Acquires First Media

Insurance Specialists

Optimum General’s Subsidiaries Merge

Oswald Cos Buys JA Ice & Associates

Perot Systems Acquires Technical

Management

Peterson Partners LP-led Group Acquires Interest

in Southern California Risk Management

PIC Wisconsin Merges with ProAssurance

Preferred Care Merges with MVP Health Care

Principal Financial Acquires Stake in Avani

Insurance Services (AIS)

Principal Financial Group Acquires Minority

Interest in Jianxin Asset Management

Private Group Signs an Agreement to Acquire

Universal Underwriters

ProAssurance Signs a contract to Acquire

Physicians Company of Wisconsin

QBE Insurance Buys National Farmers

Union Property & Casualty

Rainier Pacific Acquires Holman Insurance

Agency

Rainier Pacific Bank Buys Christopherson-

Boze Insurance Services

Renaissance Agrees to Acquire Central

National Life Insurance

Rockhill Holding Buys United Coastal

Insurance

Roger Bouchard Insurance Led Private

Group Acquires Roger Bouchard Insurance

S&T Bancorp, Inc. Acquires Bennett

Associates, Inc.

S&T Bank Acquires Cowher Nehrig & Co.

S&T Bank Pens an Agreement to Acquire

Holsinger

SafeGuard Health Buys General Co’s Dental

and Vision Health Unit

Savage & Associates Acquires Christie

Financial Services

Schweizerische Agrees to Acquire GE Insurance

and Employers

Security Bancshares Acquires Apex Lloyds

Insurance Co and Texas APEX

Security National Financial Acquires Memorial

Insurance Co of America

Sentry Insurance a Mutual Company

Acquires ALF Insurance Agency

Sentry Insurance Acquires Viking Insurance

Holdings

Sequel LP-led Group Gets Homeowners of

America Holding Corp’s Stake

Servco Procures John Grosseto Marine

Insurance

SIGI Divests Subsidiary for Over

US$15 million

Silverado Financial Acquires Liberty

Settlement Services

Sky Financial Acquires Steiner Insurance

Agency

Sky Financial Procures Becker-McDowell

Sky Financial Purchases Benefit Design

Agency of Ohio

SMS Inc. Announces Merger with

Insuractive, Inc.

South Financial Group Acquires Bowditch

Insurance

State Street Acquires Stake in Northeast

Retirement Services

Stewart Acquires Abstract & Title

Stewart Acquires Pine Island Title Insurance

Stewart Information Acquires Burnt Store

Stewart Information Acquires Midwest Title

Stewart Sneed Hewes Group Acquires Kyzar

Stewart Title Acquires Advance Title Holding

Stewart Title Acquires Central Title

Stewart Title Acquires Effingham Title

Stewart Title Acquires Jackson Kahl

Stewart Title Acquires Moritz Title Co

Grand County

Stewart Title of California Purchases

North Bay Title

Strategic Health Associates Obtains Stake in

GroupLink

Sun Life Financial Completes the Acquisition

of CMG Asia

Suravenir Signs an Agreement To Buy GE

Assurances Vie Plus

Swiss Re Snaps up GE Insurance Solutions

Swisscanto Holding Acquires Swiss Pension

Fund Business of PricewaterhouseCoopers

Talbot Agency Acquires Blanchard Insurance

Taurus Acquires Kohlrusch Title Services

Terrill Group-led Private Management Group

Acquires Old National Bancorp’s

Terrill Group

The First American Acquires Certified-Closing

Network

The NASDAQ Stock Market Acquires Balance

50% stake in Nasdaq Insurance Agency

The South Financial Acquires Lossing

Insurance

The State Life Insurance Acquires Golden Rule

Financial Corp's Financial Services

TLC Vision Acquires TruVision

Tokio Marine Merges with Newa Insurance Co.

Tompkins Trustco. Signs an Agreement

to Acquire AM&M

Tower Group Inks Agreement with American

Lumber Insurance

Triple-S Management Agrees To Acquire

Great American Life Insurance

UMRe Merges with National Re

Unisource Acquires O'Steen Adjusting Services

Unisource Procures Hilb & Hobbs of

Atlanta Inc.’s Third Party Business

United America Integrates Penn America’s

Operations

UnitedHealth Group Acquires United Medical

Resources

UnitedHealth Group Snaps Up PacificDental

Benefits

UnitedHealth Purchases PacifiCare Health

Systems

UnitedHealthcare Makes an Agreement to

Buy John Deere Health

Unitedhealthcare of Florida Acquires

Neighborhood Health

USI Holdings Acquires Benefits Unlimited

USI Holdings Acquires Dascit/White &

Winston

USI Holdings Acquires HRB Benefits

USI Holdings Acquires Winthrop

Insurance Plans

USI Holdings Buys Humanex

USI Holdings Buys Richard B. Cross &

Associates

USI Holdings Enters into an Agreement with

Patterson Smith

USI Holdings Purchases Cross & Associates

Wachovia Acquires Minority Interest in

Zenith National Insurance

WellPoint Combines Health Insurance

Subsidiaries to Form UniCare

Wells Fargo Buys MJ Beaven Agency

Wells Fargo Purchases JS Crop Insurance

Western and Southern Financial Group

Pockets Lafayette

Wiener Purchases Majority Stake in Royal

Polska

Willis Group Acquires International Insurance

Brokers

Willis Group Acquires International Insurance

Brokers

Willis Group Acquires two Brokerage Firms

Willis Group Enters into an Agreement

with Primary

Wisconsin Takes Over Prevea Health Plan

Wood Interbrok Takes Over Adams &

Porter Brasil

3GON Acquires Towarzystwo Ubezpieczen

Acordia Acquires Baldwin & Whitney

Acordia Acquires Feeney Durler West

Insurance Services LLC

Addison York Acquires the Assets of Al

Vinciguerra

Advent and Conning Acquires Long Term

Care Group

Advent International Acquires Stake in

J Malucelli

Alaska USA Federal Credit Union to Acquire

Ribelin Lowell Insurance Brokers

AllHealth Acquires The Holland Co

Alliant Resources Acquires Benefit Partners

Alliant Resources Group Acquires Gaddy

Ward & Co

American International Acquires Royal & Sun

American Management Acquires Cargill

Sherman & Associates and Embassy

Insurance Group

American Title Acquires Chelsea Title

American Wholesale Acquires Property Risk

AMERIGROUP Enters into Acquisition

Agreement with CarePlus LLC

Anthem Acquires Towarzystwo Ubezpieczen na

Zycie Royal PBK SA

Anthem Merges with WellPoint

Aon Acquires Remaining Stake in

Aon Inchibrok

Aon Corp. Acquires Assural BV

Aon Jauch & Huebener Acquires ATS

Assekuranz

Aon Risk Acquires Wrightson Ltd

Arkansas and BlueShield of Florida Enter into

Agreement to Merge

Arthur Acquires Burch Marcus

Arthur Acquires Obrien

Arthur J Gallagher & Co Acquires Don Laster

Agency

Arthur J Gallagher & Co Acquires Health Care

Insurers

Arthur J Gallagher & Co Acquires I. Arthur

Yanoff & Co Ltd

Arthur J Gallagher Acquires balance fifty

percent of Risk Management Partners

Arthur J Gallagher Acquires FPE Insurance

Brokers

Arthur J Gallagher Acquires Persac Insurance

Agency

Arthur J Gallagher Acquires Sheridan

Insurance Group

Arthur J Gallagher Acquires Specialty

Advisory Services

Arthur J Gallagher Acquires the Kooper Group

Arthur J. Gallagher & Co Acquires Johnsey

Insurance Agency

Arthur J. Gallagher Acquires B&P International

Insurance

Arthur J. Gallagher Acquires the Assets of

Benefitport Northwest

Assurance America Acquires Thomas-Cook

Holding

AssuranceAmerica Acquires The Insurance

Market

Bailey Insurance Agency Acquires Gooder

Agency

Bankers Insurance Acquires Cabell Insurance

Barresi Financial Acquires Murch & Dyer

Associates

BenefitMall Acquires Colorado Group

BISYS Group Acquires Uhlemeyer

BlueCross BlueShield Acquires USAble Life

Brown & Brown Acquires Assets of

Manchester Insurance Agency

Brown & Brown Acquires Balcones-Southwest

Brown & Brown Acquires Blumberg Associates

Brown & Brown Acquires CF Lake

Brown & Brown Acquires Chapman Simmons

Agency and Professional Surety Services

Brown & Brown Acquires CWC Managing

Insurance and International E & S

Brown & Brown Acquires Doyle Consulting

and Doyle Consulting of New Jersey

Brown & Brown Acquires Gregory Brown

Brown & Brown Acquires Hardin & Wilson

Brown & Brown Acquires Insurance

Marketing Group, LLC

Brown & Brown Acquires Niagara Insurance

Group

Brown & Brown Acquires Pashley Agency

Brown & Brown Acquires Powers Agency

Brown & Brown Acquires Proctor

Homer Warren

Brown & Brown Acquires Risk And Insurance

Consulting and Barker Heslip

Brown & Brown Acquires Robert Wiita,

Tribal Benefits, and Wiita Insurance

Brown & Brown Acquires Statfeld Vantage

Insurance

Brown & Brown Acquires The McDuffee

Insurance Agency

Brown & Brown Acquires Title Pac and

PayEase Financial LLC

Brown & Brown, Inc. Acquires Waldor Agency

Brunswick Acquires assets of MIW

Business Venture Enters into Agreement

to Acquire Stake in Aon South

Campbell & Associates Acquires North

Insurance Brokerage

Capital Z Acquires PGH

Capital Z Financial Services Acquires

SBJ Group

Castlewood Holdings Takes Over Turegum

Insurance Co

CBSS Takes Over Sevier Insurance Agency

Ceridian Acquires Cigna Healthcare and Cobra

Certified Services Acquires Kenneth I Tobey

CFC Bank Enters into Acquisition Agreement

with American Life

CFC Enters into an Agreement to acquire

Fear & Fear

CI Sells Cars Acquires Strategy Holding

Citizens Insurance Acquires Security Plan Life

Insurance

CJ McCarthy Acquires Lyman Insurance and

Conly- Lyman Insurance

CJD & Associates Acquire Texas All Risk

Coface Takes Over Arkwright Insurance

Community First Acquires Arnold & Arnold

Community First Insurance Agencies Acquires

Shepherd Insurance Agency

Crawley Warren Acquires International Space

Brokers

Credit Insurance Consultants Acquires Credit

Insurance Brokers

Delaware Valley Acquires Zimmerman

Specialty Insurance Brokerage Inc

Devlin Group LLC Acquires Forethought

Financial Services

ebix.com Acquires Lifelink Corp

ENB Insurance Acquires Ulrich

Enstar Group Inc Acquires Turegum

Insurance Co

Eye Care International Acquires LBI

Brokerage LLC

Eye Care International Acquires Self Funded

Alternatives

FAC Acquires Bayshore

FAT Acquires Columbian National Title

Insurance Co

FAT Acquires First American Title Co

of Marin

FAT Acquires MTA

FCB Acquires Smith & Associates

Fidelity Insurance Acquires ACT Action

Insurance

Fidelity National Acquires Geotrac

First American Title Insurance Acquires

Northwest Title

First American Title Insurance Co Acquires

Island Title Corp

First American Title Insurance Co Acquires

Public Abstract Corp

First American Title Insurance Co Acquires

Safeco Land Title of Forth Worth

First American Title Insurance Co Acquires

Western Pioneer Title Co

First Financial Bancorp Acquires

White & Havens

First Financial Holdings Acquires Kimbrell

First Health Group Corp. Acquires COMP

Medical

First Mainstreet Insurance Group Acquires

Value Quote Insurance

First Place Financial Corp Acquires Weigel

Lackey & Ross Insurance

First Title Acquires Enact Conveyancing

First Western Trust Bank Acquires Westcor

Insurance Group

FNB Corp Acquires Morrel Butz & Junker

Fort Dearborn Acquires Combined Services

Fortis Acquires Seguros Genesis Metlife

Frontenac Acquires WNC Insurance

Services Inc.

Frost Insurance Acquires The Sammons Group

Gateway Insurance Services Acquires

Whitehurst

Glens Falls National Bank Acquires Capital

Financial Group

Goldman Sachs Acquires Endurance Specialty

Hartland Insurance Acquires Bosquett

HCC Insurance Acquires cineFinance

Health Care Service Acquires Omaha Life

Insurance

HealthExtras Acquires Managed Healthcare

Systems Inc.

HIC Acquires Payne & Co Insurance Brokers, Inc.

Hilb Acquires Assets of Rose Smith Tucker

Hilb Rogal & Hamilton Acquires Banack

Insurance

Hilb Rogal & Hobbs Co Acquires Frank

F. Haack & Associates

Hilb Rogal & Hobbs Co Acquires Insurance

Services

Hilb Rogal Acquires Casey Wolfe

Hilb Rogal Acquires Smith Bell & Thompson

Hilb Rogal Acquires Surplus Ltd.

Hilb Rogal Acquires The Federau Group

Hilb Rogal Acquires TJ Adams Group

HIP Health Plan Acquires Connecticare

Hub International Acquires B & DA

Weisburger

Hub International Acquires Bush Cotton

Hub International Acquires Talbot

Financial Unit

Hub International Acquires TILCO Financial

Services Limited

IBM Forays into Insurance BPO Sector with

Acquisition of LIS

IMG Travel Acquires Assets of GMC

Ipacq Holdings Inc Acquires The Chandler

Group of Cos.

Jack Henry Acquires Banc Insurance

Jefferson-Pilot Acquires Canada Life Assurance

Jenkins Athens Group Acquires Seibert

Insurance Services

JumpStart Acquires Stake in Cleverland

Holdings

Kibble & Prentice Acquires BGI Inc

LandAmerica Acquires Apache Title and Trust

LandAmerica Acquires Buyers/Best

LandAmerica Acquires Closing Co

LandAmerica Financial Group Inc Acquires

Taos Title Inc

LandAmerica Financial Group Inc Acquires

Universal Title Services Inc

Lawley-Andolina LLC Acquires Luellen

Insurance

Lawyers Title Acquires Channel Islands

Lawyers Title Insurance Corp Acquires Lawyers

Title Agency of North Florida Inc

Liberty Mutual Insurance Group Acquires

AGF Allianz

Lusitania Acquires Insurance Business of

Genesis Metlife

Manulife Merges with John Hancock

Marsh Acquires the Australian Operations

of Heath Lambert Group

Maryland Insurance Takes Over Mutual Fire

Insurance

Mercer Human Resource Consulting Acquires

RCM Consulting Group

MetLife Acquires Stake in Banco del Estado

Millea Acquires Allianz President General

Milne Scali & Co Acquires Finkbeiner Agency

Milne Scali Acquires Assets of Richard

Q Perry

Milne Scali Acquires IAS

Minnesota Life Enters into a Purchase

Agreement with Allied Solutions

MMI Acquires Certain Operations of Liberty

Mutual Group

Molina Healthcare Acquires Health Care

Horizons

MultiPlan Acquires US Health

National Penn Acquires Pennsurance

National Penn Bancshares Acquires D.E.

Love Associates

Newtek Business Services Acquires Vistar

Insurance Services

Niagara National Inc Acquires Hauser

Ortolano Agency

North American Group Acquires Commercial

Insurance Service

Northeast Financial Services Acquires

Sargent Insurance Agency

Ohio National Life Insurance Acquires

Security Mutual Life Insurance

PacifiCare Health Systems Inc Acquires

American Medical Security Group

Peoples Insurance Acquires Barengo Insurance

POMCO Acquires HRH Risk Management

Popular Insurance Acquires J Argomaniz &

Associates

Primary Acquires Benchmark Management

Primary Group Acquires Site Inspections

Private Healthcare Systems Acquires

Statewide Independent PPO

Protective Underwriting Enters into an

Agreement with Arch Capital

Quadrant Acquires Majority Stake in

US RE Cos

QualSure Holding Acquires Sunshine State

Insurance

Quotesmith.com Acquires Life Quotes

Royal & Sun alliance Divests UK Life Insurance

Business to Resolution Life Group

Sandy Spring Insurance Acquires Sandy

Spring Bancorp Inc.

Scandent Acquires Stake in Cambridge

Integrated Services

Senn Dunn Acquires Corpening Insurance

Center

Senn Dunn Acquires Sterling Financial

Services

SIRVA Acquires Move-Pak

Sitzmann Morris & Lavis Acquires James

J Barnes Insurance Services

Sky Financial Group Acquires EOB

Sky Financial Group Acquires Spencer-Patterson

Agency

Stahl & Associates Insurance Acquires Tampa

operations of Rogers Atkins Gunter

Stanton Acquires Harris-Homeyer

STC Acquires Homeowners Closing Services

Stewart Title Acquires Cuesta Title

Stewart Title Acquires First American Title Co

of Southern Colorado

Stewart Title Co Acquires Security Title

of Billings

Stewart Title Co Acquires Stewart Title of

Pueblo Inc

Strategy International Enters into an Agreement

to Acquire RS Group

Straus Capital Group Inc Acquires MMM

Healthcare

Summit Financial Group Acquires Sager

Insurance Agency

Swanson Acquires Dime Insurance

Swiss Medical Group Acquires Principal

Retiro and Principal Life

Swiss Reinsurance Acquires Valley Forge Life

Insurance

Temple-Inland Acquires TCT Insurance

The First American Acquires Baker

Brinkley & Pierce

Trustmark Investment Advisors Acquires

Fisher-Brown

United American Healthcare Acquires

Omnicare Health Plan

UnitedHealth Acquires Advana

UnitedHealth Group Acquires Definity Health

UnitedHealth Group Acquires Fidelity

Insurance Group

UnitedHealth Group Acquires Health

Maintenance Organization

UnitedHealth Group Acquires Oxford

Health Plans

Universal American Financial Acquires

Heritage Health Systems

USI Holdings Acquires Benefit Partners of

America

USI Holdings Acquires Bertholon-Rowland

USI Holdings Acquires Diversified Insurance

Services

USI Holdings Acquires Future Planning

Associates

USI Holdings Acquires Summit Global

Partners

Vesta USK Acquires Garant-Pharm

VidaCaixa Takes Over Seguros Genesis

Ward-US Risk Acquires Subro Net, Spectrum

Managed Care and Ward North America

Wellington Acquires AXA’s Insurance

Business

Wellington Underwriting Acquires Surplus

Lines Insurance

Wells Fargo Acquires Speare & Co.

Wescom Credit Union Acquires Hallmark

Associates Insurance Services

White Mountains and Berkshire Hathaway

Acquire Life Insurance and Investment-

Management Arm of Safeco Corp

Willis Group Holdings Ltd. Acquires

Vision Insurance Group

Wm Rigg Acquires Webber

Woronoco Bancorp Acquires The Colton

Agency

3.Strategic Corporate Developments

Aviva Enters into Joint Venture with

Bank Zachodni WBK

AEGON and CAJA CANTABRIA Enters

Joint Venture Agreement

AXA to Divest Dutch Insurance Operations

AXA & BMPS to Form a Strategic Partnership

Allianz China to Expand Business

Aviva Life Insurance’s Indian Joint Venture

Ties Up with Apex Bank

Andhra Bank to Form Joint Venture for

Life Insurance

Apollo Hospitals Enters the Health Insurance

Market

AMP Divests Gordian and Cobalt Insurance

Wings for A$585 Million

AIG Forms Alliance with Seoul Guarantee

AXA Enters into Strategic Partnership with

Bao Minh Insurance

Aviva Obtains Regulatory Consent for Joint

Venture in Taiwan

AEGON & Taishin Enters into Joint Venture

ACE and JLT Enter Joint Venture

AEGON and Sony Life to Set-Up a New Life

Insurance Company

Bank of Maharashtra to Form Joint Venture

for Non-life Insurance

Bank of India to Establish Joint Venture for

Life Insurance

Bao Minh Insurance and Federal Insurance

Enter into Agreement

Brit Insurance to Establish New Reinsurance

Company

China Reinsurance to Increase Stake in CLR

Cholamandalam MS Partners with IndusInd

Bank

Canara Bank, HSBC and Oriental Bank

Teams Up to Float Life Insurance Venture

Darwin to Enter into Strategic Partnership

with K&B

DRB-HICOM to Divest Interests in Insurance

Businesses

FIC Secures Chinese Regulatory Approval

to Set Up an Insurance Subsidiary

Future Generali Commences Insurance

Business in India

Great-West Lifeco to divest its U.S. Based

Great-West Healthcare Business

Hainan Airlines to Form Joint Venture with

SKLI of Taiwan

HDFC Divests General Insurance Stake to

ERGO International

HSBC Enters into Joint Venture with Aviva

HSBC Insurance to Form a Joint Venture

with NTL

HSBC Establishes Life Insurance Company

in Taiwan

ICICI and SCB to Form Alliance

ICICI Secures Approval to Divest Stake in

Insurance Business

ING Divests Insurance Belgium

Japan Post to Distribute Aflac Japan’s Cancer

Insurance Product

Kookmin Bank to Divest Interest in

ING Life Insurance

Morley to Form a Fund Management

Joint Venture in China

PAC Partners with TIA Technology to Gain

Greater Market Share in Malaysia

QBE Enters into Agreement with Rajan Raheja

Group

Shanghai Dragon to Divest Interest in

Dazhong Insurance

SocGen to Divest Equity in La Marocaine

to GBP

Tata AIG Enters into Partnership with BISWA

Tata AIG Plans Major Expansion in Orissa

TTK to Commence Retail Health Insurance

Union Life Insurance to Divest Stake

Unitrin to Divest UBI to AmTrust

Van Gilder & EnRisk to Offer Risk Counsel

and Insurance

Vijaya Bank to Quit PNB-PFG Life Insurance

Venture

Western National and Farmers Home

Policyholders Support Merger Plan

Yugoriya Insurance Company Signs Deal

with Ural Precision

Zimre Establishes First Reinsurance Company

in Mozambique

Zurich to Set-Up New Business Unit in

Asia-Pacific

Aviva, Akbank and Akisgorta to Setup Life

and Pensions Business

Aviva to Form Joint Venture with FFHC

HSBC to Form Joint Venture with

Norwich Union

HSBC Enters into Joint Venture

Genworth Partners with GMAC

Millea Enters into Partnership with JP Morgan

ISM Enters into Collaborative Agreement

with SAS

OCBC Bank (M) Bhd Partners with

Pacific Insurance

IDBI, Federal Bank and Fortis Sign MoU to

Establish a New Life Insurance Firm

Aviva Enters into Agreement with

Centurion Bank of Punjab

Allianz Versicherung Splits to Form Allianz

Global Corporate & Specialty

Hinduja Group Signs MoU with European

Insurer

Hiscox Pens Reinsurance Agreement with

WL Ross & Co

Seguros Divests its Annuity Business

Aviva Life Forms Alliance in Qatar

Standard Chartered and Eagle Insurance

Form Alliance

HSBC and AIG Collaborate to Provide Joint

Insurance in Indonesia

Prudential Secures License for Islamic

Insurance

Radian Insurance to Commence Operations

in Hong Kong

Federal Bank, IDBI and Fortis in a Joint Venture

for Life Business in India

Aegon Signs Joint Venture with Religare

Heng An Standard Life Opens Unit in Beijing

ING Capital Alliances with BEA

AIA Receives Approval to Offer Group

Insurance

ING and Astron Enter into Outsourcing

Agreement

Aviva Divests Stake in Ennia Caribe

Zurich Insurance Ireland Expands in Europe

Fortis Enters Ukrainian Life Insurance Market

Winterthur Sells Health Insurance Business

ING to Commence Life Insurance Business

in Bulgaria

R & SA and Direct Insurance Financial

Investments Forms Joint Venture

Aviva to Sell Protection Products in Russia

Hinduja Group Signs MoU with European

Insurer

Postal Life Insurance Under Postal

Administration Cover

Advisen Signs Co-Marketing Agreement with

ASHRM

AIG in Alliance with Bank of Tokyo

AmWINS Wraps Up Divestiture of Stake to

Parthenon Capital

Aon Sells Swett & Crawford

Ark Life and Hibernian in a Life Insurance

Venture

Assetinsure Forays into General Aviation

Insurance

BCP Completes Sale of Insurance Units

Benchmark Causes Vibes in Investment

Property Insurance

BiceCorp Amalgamates La Construccion and

Bice Vida

CCI Seeks Roadmap to Insurance Market in

Chinese Mainland

Central Insurance Offers Abduction Insurance

for Taiwanese Businessmen

English Court Approves Insurance Scheme

by Dutch Companies

Frontier Insurance Group Files for Liquidation

GAIC Puts up Stake in Cincinnati Reds

for Sale

Gecis Partners with Liberata of UK

General Aviation Insurance by Assetinsure

HDFC Chubb Ventures into Liability Insurance

Hyundai Eyes the US Market

LIC International Receives License for

Operating in UAE

LIC’s Global Expansion Drives the Insurance

Giant to Middle East

Mapfre Insular Insurance - A Philippino-Spanish

Venture Takes Wings

Met Life Inc Divests Unit in Indonesia

New China Life Insurance Co. Restructures

into New China Insurance Holding Co Ltd.,

Group

PICC Obtains CIRC’s Nod for Tri-Nation

Partnership for Life Insurance

Pohjola Group Reorganizes Non-Life

Operations

Prudential Financial Eyes China

Resolution Life’s Expansion Drive Continues

Tokio Marine in Alliance with Nisshin Fire

Allianz Divests Life Insurance Business

BaoViet and BaoMinh Join Hands

Chinese Companies Foray Health Insurance

Business

Promina’s Vero forms Joint Venture

with CTIL

Royal & Sunalliance Divests UK Life Insurance

Business to Resolution Life Group

4.Product Introductions/Developments

Accident Insurance for Indian Workers in Gulf

Aetna Introduces Insurance Products for

New and Small Businesses

Agis Launches Health Insurance Policies for

Gays and Lesbians

Allianz Elementar Offers Savings Products

Allianz Life Launches Capital Protected Plan II

Allianz Releases Catastrophe Bond

Allstate Introduces New Landlord Insurance

Product in Texas

Anthem Launches New Insurance Plans for

Small Businesses

Anthem Life Rolls Out Resource Advisor™

Aviva Introduces Non-Unit Linked Investment

Plan

Aviva Introduces Systematic Individual

Savings Plans

Ben-e-lect Offers New Dental Plan

BIBA Launches PPI Products

Buddies Launches Discount Pet-Insurance

Scheme

Darwin Introduces CRLI

Direct Line to Introduce Four New Commercial

Insurance Policies

Emirates Bank Launches meTRAVEL

Insurance

Friends Provident Provides Tax Relief With

New Life Cover

Greenbee.com Offers New Pet Insurance Cover

Guy Carpenter Introduces SelectCat

Halifax Rolls Out New Insurance Product

Humana Unveils New Health Insurance

Policies

Health Net Introduces Medicare Plan

Humana Launches Affordable Health Care

Plans

ICICI Lombard Introduces First Health

Insurance Plan

ICICI Prudential & Dignity Foundation

Introduces ActivAge

ICICI Prudential Life Teams Up with mChek

ING Introduces Variable Annuities in Spain

John Hancock Annuities Provides Optional

Withdrawal Benefit

Hiscox USA to Introduce Allied Healthcare

Insurance

Lexington Enhances BioChem Shield (SM)

Capacity

LIC Introduces New Unit Linked Plans

LIC Introduces Group Critical Illness Rider

LIC to Launch Health Insurance Plan

Madison National Life Insurance Launches

‘360 Plan’

Manulife Launches LivingCare Long Term

Insurance Product

Markel International Introduces Medical

Malpractice Product

Max New York introduced SMART Invest

Pension Scheme

Nationwide Financials Launches New

Corporate Owned Life Insurance Policy

Norwich Union Introduces Guaranteed

Whole Life Policy

Performance Insurance Introduces Low Cost

Car Insurance

PNB Introduces New Health Insurance Product

Post Office Introduces New Life Insurance

Policy

Precedent Introduces Innovative Health

Insurance Plans

Quadrant’s Nursing Home Liability Program

Now in Texas

Reliance Introduces New Life Insurance Service

RMS to Launch Reinsurance Platform to

Transform Portfolio Risk Management

SBI Life to Introduce New Insurance Policy

SBI Life Introduces Pension Product

Sino-US MetLife Introduces New Insurance

Product

SLFP Introduces Sachetized Insurance

Packages

Sterling Life Offers Life Cover for

Armed Forces

Tesco to Provide Private Health Insurance

Tesco Launches Cheap Health Insurance

Texas Mutual to Launch e-Billing System

United India Insurance to Introduce

New Health Insurance Policies

Virgin Money Introduces Cancer Insurance

Vsurance to Launch Insurance Product for

New Pet Owners

Vsurance Introduces Pet Boarding

Kennel Insurance

WPA Introduces Mycancerdrugs

Warba Insurance Launches New Scheme

for Expatriates

XL Insurance Introduces Product Recall

Insurance

Zurich to Introduce Unicover® VI Policy

Zurich to Re-Launch its Home Solutions

Product

AAMI Launches Flexi-Premium Offer for

Young Drivers and Customers

American National Introduces New Indexed

Annuity

AXA Launches Group Individual Accident

Insurance

Bendigo Bank Introduces Health Insurance

Fort Dearborn Introduces Dental Insurance

Program

Guardian Life and Health Net Launches

Healthcare Policy

Homeland Launches BADHU BIMA Scheme

for Married Women

Kentucky State Introduces New Law to

Check Uninsured Drivers

Loyal American Life Unveils New Policy for

Baby Boomers

Suncorp Launches Family Discount Scheme

on Insurance Premiums

American Specialty Launches a New

Health Plan

AutoOne Insurance Establishes AutoOne Claim

Services Company

Berkley Starts Aviation Insurance

China Commences Operations of First Auto

Insurance Company in Shanghai

Establishment of CPIC Insurance

in China

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

Samsung Establishes Wholly Owned Subsidiary

in China

Storebrand Life Targets Swedish

Pension Market

Twelve New Branches from Huaan Insurance

Company

Volkswagen Enters Athens with the Establishment

of Banking and Insurance Units (ROE)

Western and Southern Financial Group

Pockets Lafayette

Canada Life Reintroduces Lifetime Protector

Whole-of-Life Insurance Policy

Coface Establishes New Insurance Company

Experian Offers AutoCheck with Buyback

Insurance Facility

5.A US Perspective

Industry Overview

Year 2005: Going Gets Tough

Market Snippets

Life Insurance - Good Going

Property Insurance - Stunned by Storms

Casualty Insurance - Renewals Slump

Title Insurance - Operating Revenues Dip

Reinsurance - Storms Set to Settle Prices?

Marine Insurance

Construction Insurance - Shrinking Coverage

Onshore Property Insurance Markets -

The Worst Affected

Surging Losses from Asbestos and

Environmental (A&E) Claims

Liability Insurance - A Major Concern

Aviation Insurance

Challenging Times

Corporate Aviation - Soft Market

Impact of Hurricane Season

Space Insurance

Trouble Brewing in the US Space

Insurance Industry

Space Tourism to Propel the Future

Regulatory Issues

Pet Insurance

Petco

Veterinary Pet Insurance

PetPartners

An Overview of Arson

Key Market Snapshots (A Historic Review)

Competitive Landscape

Functioning of Insurance Companies

Comparative Study of the US vis-à-vis

Europe

Outlook

Property & Casualty Reinsurance

Life and Health Insurance

Market Trends and Issues

Trends Prevailing in the Industry

Regional Insurers Gain Ground

‘Risk’ is the Bait for Business

Small Insurers Keep Afloat

Wave of Demutualization Activity Marks

US Insurance Industry

Several Re-insurers Pull Out of the

US Market

US Insurance Industry Hit Hard by Global

Climate Change

Need to Overcome Hurdles

General Trends

September 11: The Aftershocks

9/11 - The Costliest Insured Disaster

US Government Opposes Terrorism

Insurance

Insurance Frauds - A Major Challenge

to the Industry

Insolvencies

Managing Solvencies/Insolvencies

Guaranty Funds

Mails Play a Vital Role in the US Insurance

Industry

401(K) Plans

Challenges Facing the Property/Casualty

Industry

P&C Insurers Increasingly Rely on

Segmentation to Cut Pricing Risks

Homeowner’s Earthquake Policies on

Decline as Insurers Reduce Benefits

Huge Losses Deter Insurers from Offering

Rich Earthquake Policies

US Auto Insurers Gear Up to Tap Generation

Y Market

Competition Heats Up in the US Private-

Passenger Auto Market

Demand for Credit Insurance

on Rise

US Life Insurance Industry Looks to

Keep Afloat

Changing Face of Life Insurance Distribution

US Variable Life Market Faces Key

Challenges

Hard Times Lie Ahead

Demand for LTC Insurance Likely to

Prop Up

LTC Insurance Witnesses Rapid Consolidation

and Stricter Underwriting

Life/Health Insurance Companies in

Transition Mode

Individual Disability Insurance Market

Makes a Turnaround

Life Insurance

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

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

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

Property and Casualty Insurance

Market Parameters

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

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.

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

Homeowners Insurance

Home Insurance Coverage

Seven Basic Kinds of Home Insurance

Policies

Covered and Not Covered Events of

Casualty/ Damage in Home Insurance

Disaster Prone Areas Face Lesser Insurance

Coverage

Deductibles in Homeowners Insurance

Renters Insurance in Brief

Automobile Insurance

Increase in Auto Insurance Premium

Comes Down

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

Factors Affecting Cost of Insurance

Factors Affecting Insurance Premium

Average Expenditure on Auto Insurance

Table 17: Auto Insurance Market in

the US (1995-2004): Average

Expenditure in US$

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

Commercial Auto Insurance

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

Auto Liability Insurance

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

Auto Physical Damage Insurance

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

All Private-Passenger Auto Insurance

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

Fire and Allied Insurance

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

Inland Marine Insurance

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

Ocean Marine Insurance

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

Homeowners Multiple Peril Insurance

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

Health Insurance

Market Parameters

Table 27: Health Insurance Market

in the US (2003 & 2004): Expenditure

in US$ Billion

Market Players

Health Insurance Companies

Health Groups

Online Life and Health Insurance

Overview

Electronic Invasion

Factors Driving the Industry

Factors Affecting Growth

Table 28: Online Life and Health Insurance Market in the US (2003 & 2004):

Sales in US$ Billion

Outlook

Fundamental Risks Loom Large

6.A Canadian Perspective

Market Overview

Expanded Capacity in P&C Eases up Rates

Mergers & Acquisitions and Overseas Sales:

Driving the Market

Insurance-Related Organizations and their

Functions

Insurance Rate System

Insurance Types & Coverage

Property

Boiler and Machinery

Crime

Marine

Engineering/Construction

Automobile

Liability

Workers Compensation/Employers Liability

Reinsurance

Reinsurance Witnesses Rapid Growth

Trends

Industry on a Consolidation Spree

Industry Shows Glimpse of Maturity

Changing Face of Canadian Insurance

Distribution

Fraud Detection System

Two-Tiered Landscape

The Traditional Channel

Career Agency System

Direct Brokerages

The Contemporary Channel

National Distribution Model

Distribution Consolidators

Bank Distribution

IDA Firms Witness Decline in

Insurance Sales

Life Insurance

Leading Players

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

The Property and Casualty Insurance

Compensation Corporation (PACICC)

Property & Casualty Insurance

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

A Fragmented Industry

Key Issues

Mounting Health Care Costs Threaten

Industry

Stringent Regulations Create Market

Imbalance

Frequent Natural Disasters Hamper

Industry’s Growth

High Taxes Burden Industry

Financial Services Sector Reforms

Insurance Crimes on Rise

Regulatory Framework

Key Players

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

7.Japanese Perspective

Industry Review

Japan - The Second Largest Insurance

Market Worldwide!

Foreigners’ Reign

Continuing Transformation

Foreign Players Make Presence Felt

Life Insurance on Brink of Saturation

Key Players

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

Automobile Insurance

Property Insurance

Fire Insurance

Personal Accident Insurance

Non-Life /P&C/General Insurance

Distribution

Key Players

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

8.A European Perspective

Industry Overview

The Changing Face of the European Insurance

Market

Deregulation Regulating the Market’s Growth?

UK Leads the Way

Table 34: Life Insurance Market in Europe (2002-2005): Premium Income in € billion by Select Country - France, Germany, Italy, and UK

Outlook

Eastern Europe Promises Huge Potential

Characteristics of Insurance Sector

Major Trends

Changing Market Environment

Europe Leads in Bancassurance

New Competition Rules

Multi-Trip Policies Gaining Attention

Health Insurance

Travel Insurance

In Sync with Health Insurance

8a.Belgium

Market Overview

Life Insurance

8b.Central and Eastern Europe

Market Overview

Life Insurance Sector Flourishing

Motor Insurance Stimulates Growth in

Non-Life

8c.Czech Republic

Industry Structure

Insurance Groups

Financial Services Companies

Outlook

Headed for a Reforms-Driven Growth

8d.Denmark

Market Overview

Competitive Landscape

8e.Finland

Market Overview

Financial Services Convergence Takes

Wings

Competitiveness Reaches New Heights

Forming Alliances: Order of the Day

8f.France

Market Overview

Motor Insurance Hogs the Limelight

New Products Drive Growth

Review of Sectors

Life Insurance

Health Insurance

Non-Life Insurance

Property and Casualty Insurance:

Market Overview

Commercial Property Insurance

Auto Insurance

High Mortalities from Auto Accidents

Marine Aviation Transport (MAT) Insurance

Distribution Channels Play a Vital Role

Competitive Scenario

8g.Germany

Market Overview

Insurance Linked to the Economy

Challenges Facing the Sector

Insurance Penetration in German

Households

Significance of a Single Market

Life Insurance Sector

Key Players

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

Non-Life Sector

Key Players

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

Health Insurance

Principal Issues

Non-Life Insurance Sector

8h.Greece

Market Overview

8i.Italy

Market Overview

Italian Insurance Industry - A Perspective

Market Structure

Insurance - A Move Towards Rationalization

Banks in the Italian Insurance Business

Distribution System in Italian Insurance Industry

Key Players

Life Insurance

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

Non-Life Insurance

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

Key Market Statistics

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)

8j.Lithuania

Market Overview

8k.Netherlands

Industry Overview

Review of the Sectors

Life Insurance - Growing Significantly

Health/Disability Insurance

8l.Russia

Industry Overview

Rationalizing Growth

Insurance Industry Outpaces GDP Growth

Role of Foreign Insurers in Russia

Review of the Sectors

Life and Savings Market

Automobile Insurance

Outlook

8m.Scandinavia

Unit Linked Business in Scandinavia

A Prosperous Region

Good Prospects

Baltic Countries: Pension Reforms -

Agenda for Growth

8n.Slovenia

Industry Overview

8o.Spain

Industry Overview

Review of Sectors

Life Insurance

Life and Pensions Sector - Growing Robustly

Growth Barriers

Motor Insurance

Property Insurance

Medical Insurance

Reinsurance Market

Distribution/Marketing Channels

8p.Switzerland

Industry Overview

Outlook

8q.United Kingdom

Market Overview

Consumer Trends

Consumer Preferences

Mutual Insurance Gains Ground

Online Insurance on Rise

Structure Insurance on Decline

Motor Insurance Offer Low Returns

on Capital

Life Insurance Highlights

Property Insurance Highlights

Reinsurance

Table 40: Leading Players in the UK Life Insurers and Bancassurers Market (2003): Net Reinsurance in £ 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

Outlook

Future Trends

9.An Asia-Pacific Perspective

Market Overview and Outlook

Potential of the Asia-Pacific Region

Bancassurance Growing Swiftly

Life and Health Reinsurance Market

Property & Casualty Insurance Market

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

9a.Australia

Industry Overview

An Effective Distribution System

Review of the Sectors

Life Insurance

Table 42: Composition of Life Insurance Premium Paid (2004)

General/Non-Life Insurance

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

Health Insurance

Reinsurance Industry

9b.New Zealand

Market Overview

Regulatory Framework

10.An Asian Perspective.

10a.China

Market Overview

Table 44: Insurance Market in China

(2001-2004): Direct Premiums Written

in Yuan million by Sector -

P&C Insurance, and Life insurance

Market Trends and Issues

Rise in Foreign Insurers Energize Insurance

Market

Deregulation of Insurance Industry Boosts

Growth of P&C Insurance Sector

Chinese Export Credit Insurance Market

Picking Up

High Savings Rates Prop Growth

Market Segments

Life Insurance Market

A Marked Tilt Towards Life

Table 45: Life Insurance Market in China (2004): Premiums in US$ Billion

Non-Life Insurance Market

Healthcare Insurance Market

Key Players

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

10b.Hong Kong

Market Overview

A Leading Insurance Market in Asia-Pacific

Table 47: Insurance Market in Hong Kong (2005): Number of Authorized Insurers by Category - General Insurance,

Long Term Insurance, and Composite

Strong Foothold of Foreign Insurers

Long Term Insurance Services

CEPA Agreement Sparks Growth in

Hong Kong Insurance Market

Multi-Channel Distribution Grows in

Popularity

Life Insurance

Key Players

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

Non-Life/General Insurance

Key Players

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

10c.India

Market Overview

A Promising Market

New Distribution Channels Gaining

Acceptance

Industry Perspective

Table 50: Insurance Market in India (2003 & 2004): Annual Premium Collection in

INR Million by Segment - Life Insurance,

and Non-Life Insurance

Life Insurance

Penetration of Life Insurance

Table 51: Life Insurance Market in India (2005): Percentage Breakdown of

Premium Income by Sector -

Government Sector, and Private Sector

Key Players

LIC - The Undisputed Leader

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

Non-Life Insurance

Table 53: Non-Life Insurance Market in

India (2005): Percentage Breakdown of Premium Income by Sector -

Government Sector, and

Private Sector

Key Players

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

Outlook

10d.Malaysia

Market Overview

A Booming Insurance Industry

Remarkable Growth in Life Insurance

General Insurance/Property & Casualty

Industry

Innovative Policies and Measures Reinforce

Insurance Sector

10e.Singapore

Market Overview

Among the Most Prominent Reinsurance

Centers

Steps in the Right Direction

Government’s Support Drives the Growth

of Insurance Market

Tax Exemption Scheme for Offshore Marine

Hull & Liability Insurance Business

Abolition of Withholding Taxes on

Financial Guarantee Insurance Contracts

Scheme for Tax-Deductible Special

Reserves

Life Insurance

Key Players

Property & Casualty Insurance

Key Players

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

10f.South Korea

Insurance Market - Key Snapshots (2004)

Major Trends

Chinese Market Offers Greener Pastures

for Korean Insurers

Online Motor Insurance Rapidly Gaining

Ground

Battle Heats Up in the Korean Online

Motor Insurance Market

Quasi-Insurers Enhance Penetration in

Korean Life Insurance

Bancassurance Boosts Life Insurance Market

But also Brews Rift Between Banks and

Insurers

Bigwigs Lose Share

Key Players

Life Insurance

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

Non-Life Insurance

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

10g.Taiwan

Market Overview

Life Insurance

Trends

Interest Rate Environment Restricts Growth

of Life Insurance Products

Opportunity to Expand to Mainland China

Sparks Insurance Industry Growth

Establishment of Appointed Actuary

System to Boost Growth

Property and Casualty Insurance

Table 58: Property & Casualty Insurance Market in Taiwan (2004): Premiums in NT$ Billion

Leading Players

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

10h.Thailand

Market Overview

Group Policies - Exhibiting Fantastic

Growth

10i.Vietnam

Market Overview

Foreign Insurers Make Mark in Vietnamese

Insurance Market

Foreign Insurers Increasingly Rely on Joint

Ventures to Enter Vietnamese Market

Leading Players

Table 60: Leading Players in the Vietnamese

Life Insurance Market (2005): Percentage Breakdown of Value Sales for BaoViet, Prudential, Manulife, BaoMinh CMG, and AIA

Table 61: Leading Players in the Vietnamese Non-Life Insurance Market (2005): Percentage Breakdown of Value Sales for BaoViet,

BaoMinh, PV insurance, and PJICO

11.A Middle East Perspective

Market with Significant Potential

Iraq Offers Great Opportunity for Insurance

Industry

Major Challenges

Outlook

Reinsurance Sector

Life and Non-Life Insurance

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

United Arab Emirates (UAE)

Industry Overview

East Africa

Market Overview

12.A Latin American Perspective

Market Overview

Outlook

Consolidation and Globalization Lends

Positive Impact

Potential Growth Markets in the Region

Private Pension and Life Insurance -

In the Growth Mode

The Foreign Dominion

Changing Face of Reinsurance

Promotion of Intra-Regional Trading

Infrastructure Development Attracts

Foreign Investment

Reinsurance

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

12a. Argentina

Market Overview

Foreign Participation - Positive for the Market

Key Players

Life Insurance

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

Non-Life Insurance

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

Insurance

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

12b. Brazil

Market Overview

Reinsurance - The End of Monopoly

Banks and Foreign Capital - The Lifeblood of Brazilian Insurance Industry

Life and Health Insurance - Growth Avenues of Future

Agricultural Insurance Expands

Major Perils

Key Players

Life Insurance

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

Non-Life Insurance

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

Insurance

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

12c.Chile

Market Overview

A Well Developed Market

Insurance

Bancassurance

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

12d. Mexico

Market Overview

Market Infancy Paints Brighter Prospects

Competitive Landscape

Outlook

A Segmental Perspective

Life Insurance

Health Insurance - A Growth Prospect

Auto Insurance

12e.Colombia

Market Overview

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


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