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U.K. companies are failing to inform their employees about benefit entitlements, according to a survey by benefit consultant Watson Wyatt Worldwide. More than 1,200 people were interviewed in the manufacturing, retail and services sectors, revealing that, on average, 20% of employees did not know about the benefits their employers provided. The survey also showed a mismatch between employers' views of the benefits their employees wanted and priorities on the employees' wish lists, in particular the provision of private health insurance, which employees rank as the leading priority
. . . .Objections by the Finnish Ministry of Social Affairs and Health about a proposed new holding company structure has led Finnish insurer Pohjola Insurance Co. Ltd. to shelve restructuring plans announced in January. Instead, Pohjola is planning to write domestic and foreign reinsurance, transferring the rest of its non-life business to a new company, yet to be established or licensed. The Ministry of Social Affairs and Health is considering the new proposals
. . . .The directors of London insurer Anglo American Insurance Co. Ltd. have recommended to the U.K. Department of Trade and Industry that the company be put into a scheme of arrangement to deal with its deteriorating loss record. The board says the move will best protect the interests of Anglo American policyholders and creditors, and London accountants KPMG have been appointed liquidators. Anglo American, which wrote general liability, marine and professional liability business, was placed into runoff in June 1994 and was bought by Bermuda-based Centre Reinsurance Co. the next month. . . .Softening market conditions and slowing premium growth did little to hurt St. Paul Reinsurance Co. Ltd.'s 1996 results. Net written premiums were up 3% to 181.2 million pounds ($310.3 million), showing a pure underwriting profit of 9.8 million pounds ($16.8 million), down 2% from the previous year. . . .Runoff specialists Insurance Management Associates Ltd. and North Star Management Services Ltd. have merged to form new runoff company Bridgeway Management Ltd. Bridgeway will take over the management of Trinity Insurance Co. Ltd., Bryanstone Insurance Co. Ltd. and Andrew Weir Insurance Co. Ltd. from IMA, and Orion Insurance Co. P.L.C. and London & Overseas Insurance Co. P.L.C. from North Star. Meanwhile, the High Court approved the Orion and London & Overseas scheme of arrangement (BI, July 10, 1995). . . .Corporacion Mapfre of Spain reported 1996 consolidated pretax profit down slightly to 17.8 billion pesetas ($123.2 million) from 17.9 billion pesetas ($123.9 million), though net profits rose 6.5% to 10.2 billion pesetas ($70.5 million). While profitability of business in Spain improved, foreign direct insurance operations, mainly in South America, had a 328 million peseta ($2.3 million) loss, after a 1.54 billion peseta ($10.7 million) 1995 profit.