GLOBAL BRIEFS

Lloyd's of London has introduced a system to automate underwriting and policy issuance on behalf of syndicates. Known as Underwriter's WorkBench, the PC-based system provides a framework for developing any type of insurance product. Lloyd's said the system will electronically process the quotation and servicing of any risk, allowing managing agents, Lloyd's brokers and other Lloyd's affiliates to transact more business, improve customer service and increase control of the underwriting operation. . . .PT Willis Corroon BancBali, a Jakarta, Indonesia-based joint venture between U.K. broker Willis Corroon Group P.L.C. and Bank Bali, one of Indonesia's largest banks, has been granted an operating license. The new unit will provide retail insurance services to local businesses as well as to multinational clients. Bob Martin, Willis Corroon's regional chairman for Asia Pacific, said that despite the economic difficulties of the area, it remains a dynamic and important location with considerable scope for developing business. . . .Aon Korea Inc. has become the first non-Korean insurance broker to be licensed in South Korea. Being licensed, rather than registered as a representative office or as an agent of local insurance companies, enables Aon Korea to provide clients with the full range of services available from Aon Corp. In addition, it can act as a full reinsurance broker and as an intermediary on local reinsurance placements, enabling it to serve all the needs of South Korean companies as well as multinational companies based in South Korea, the company says. With 60 professionals and staff, Aon Korea says it is the largest provider of insurance services to South Korean companies operating overseas. . . .Employee benefit consultant Sedgwick Noble Lowndes Ltd. has helped Marathon Oil U.K. Ltd. launch one of the United Kingdom's first extranet benefit systems, allowing employees to instantly access personal data on their employee benefits. The system accesses information from three databases via a link between Marathon and SNL intranets, allowing employees in Marathon's offices and on offshore oil platforms to look up the value of their pensions, their health insurance entitlements and personal details of their employee share plans. . . .Octavian Syndicate Management Ltd., manager of eight Lloyd's of London syndicates and a subsidiary of Terra Nova (Bermuda) Holdings Ltd., has opened operating units in Hong Kong and Melbourne, Australia. The Melbourne unit, R.E. Brown Pty. Ltd., will continue Octavian Non-Marine Syndicate 702's focus on professional indemnity, directors and officers liability, bankers' blanket bond and other related financial insurance lines. Octavian Hong Kong Ltd. will develop Terra Nova's underwriting activities throughout the Far East. . . .Moody's Investors Service Inc. has assigned financial strength ratings to nine previously unrated Japanese property and casualty insurers and reinsurers. These are: Nichido Fire & Marine Insurance Co. Ltd., Aa2; Nippon Fire & Marine Insurance Co. Ltd., A1; Toa Fire & Marine Reinsurance Co. Ltd., A1; Dai-Tokyo Fire & Marine Insurance Co. Ltd., A2; Chiyoda Fire & Marine Insurance Co. Ltd., A2; Dowa Fire & Marine Insurance Co. Ltd., A2; Nissan Fire & Marine Insurance Co. Ltd., A2; Koa Fire & Marine Insurance Co. Ltd., A3; and Fuji Fire & Marine Insurance Co. Ltd., Ba1. . . .A.M. Best Co. has assigned an A-, or excellent, rating to Tryg-Baltica International Insurance Co. of Ballerup, Denmark. Best said the rating is based on the insurer's strong capitalization and improving financial results, as well as its balance sheet liquidity and reinsurance role within the financially strong Tryg-Baltica Group.