Thursday, June 12, 2014

#1996: Marine Links Serco Trackers’ Body-Count Cat Bond to Allianz Investors 370 Fraud

Plum City – ( United States Marine Field McConnell has linked virtual body counts used by Serco trackers to trigger catastrophe (cat) bonds which have allegedly been written to enrich the sponsors of mass-casualty events, to a life-insurance fraud on Allianz SE investors who have begun paying out on a MH Flight 370 cat bond following claims apparently approved by the Malaysian deputy foreign minister Hamzah Zainudin, from the missing passengers' next-of-kin.

McConnell notes that in 1991, Allianz, a major Serco shareholder, bought the Fireman's Fund life insurer which was apparently able to enrich insiders after Serco trackers had triggered Cat Bond 9/11 with a 343 body count for virtually-dead members of the Fire Department of New York.

Prequel 1:
#1994: Marine Links Serco Red Switch P.A.T.H. of Crime to 68 Shadow Track, 370 Cat Bond Time

Prequel 1:
The 9/11 Firemen’s Reference Guide

Serco Making a Difference Video - SGS Americas BPO

Vicious Serco? UK public service company entwined in major fraud scandal

Malaysia Airlines' insurer initiates payments to MH370 victims' families
PUBLISHED : Thursday, 12 June, 2014, 11:21pm
UPDATED : Friday, 13 June, 2014, 4:47am
Agence France-Presse in Kuala Lumpur

Malaysia Airlines' insurer has begun paying the families of passengers on board flight MH370 US$50,000 each in initial compensation three months after the jet disappeared, a government official said yesterday.

So far six Malaysian and one Chinese family had received the advance payment, to which all the families of the 239 passengers and crew on board are entitled, said Malaysian deputy foreign minister Hamzah Zainudin.

Talks with 40 more Chinese families are underway to ascertain they are the rightful claimants, said Hamzah, who heads a committee to support the missing passengers' next-of-kin.

The Boeing 777 inexplicably disappeared on March 8 en route from Kuala Lumpur to Beijing, with no sign of wreckage found despite an extensive search off western Australia.

Full payment to the families - who can claim more than three times the amount of the initial payout - would be made later, Hamzah said.

The government was not yet prepared to declare the plane lost, he added.

"When we talk about the full payment, we have to wait until we announce the issue on the tragedy MH370 is over ... whether the plane is found, whether we announce the plane is lost," he said.
Passengers' families can claim up to about US$175,000 under International Civil Aviation Organisation rules, regardless of fault, in a plane crash.

Malaysia Airlines' insurer, a consortium led by [Serco shareholder] Germany's Allianz, is making the payments.
Malaysia and Australia have promised they will not give up looking for the plane in a vast deep-sea area in the southern Indian Ocean where the jet is believed to have crashed, based on satellite data.
But angry relatives of some of those on board have accused Malaysia and its national carrier of reacting too slowly and covering up information. Two-thirds of the passengers were Chinese.
A handful of families on Sunday launched an online campaign to raise US$5 million to reward a "whistle-blower" who comes forward with information to help find the plane.

So far, they have raised more than US$25,000.

"The government has been very transparent from day one," said Hamzah.

The next phase of the hunt will see authorities comb a 60,000 sq km search zone.

This article appeared in the South China Morning Post print edition as Insurer initiates payments to victims' families”

Allianz (help·info) SE[2] is a German multinational financial services company headquartered in Munich. Its core business and focus is insurance. As of 2013, it was the world's largest insurance company, the 11th-largest financial services group and 25th-largest company according to a composite measure by Forbes magazine,[3] as well as the largest financial services company when measured by 2012 revenue.
In 1990, Allianz started an expansion into eight Eastern European countries with establishing a presence in Hungary. In the same decade, Allianz also acquired Fireman's Fund, an insurer in the United States, which was followed by the purchase of Assurances Générales de France (AGF), Paris. These acquisitions were followed by the expansion into Asia with several joint ventures and acquisitions in China and South Korea and the acquisition of Australia's Manufacturers Mutual Insurance.
Its Allianz Global Investors division ranks as a top-five global active investment manager, having €1,443 billion of assets under management (AuM), of which €1,131 billion are third-party assets (as of 2010-09-30), with specialized asset managers including PIMCO(bonds), RCM (equities) and Degi (real estate).
1863 — Ship captain William Holdredge founded Fireman's Fund Insurance Company in San Francisco. Its first policy was one-half interest in 1,000 kegs of Boston syrup. The premium was $12 cash in advance.

1871 — The company paid all of its claims from the Great Chicago Fire – about a half million dollars' worth – within 60 days, nearly wiping out all of the company's capital.
1905 — The company had roughly 6,000 independent agents.
1906 — Fireman's Fund was the first company to provide nationwide auto insurance.
1906 — San Francisco earthquake destroyed Fireman's Fund's headquarters and all records, but it was able to pay all policyholder claims with a combination of cash and stock. Claims were taken “on their word” as all insurance documents were destroyed.
1920s — Insured the first movies with sound. Since then, the company has insured movies ranging from Top Gun to the The Lord of the Rings trilogy and is currently the largest insurer of Hollywood films.
1927 — Insured Charles Lindbergh's Spirit of St. Louis.
1936 — The company grew to 1,500 employees and about 10,000 independent agents.
1953 — Moved its headquarters to a modern facility in San Francisco's Laurel Heights neighborhood.
1957 — Premium income topped $300 million.
1968 — American Express acquired Fireman's Fund.
Early 1980s — Outgrew its space in San Francisco and moved the headquarters north to Novato, California
1984 — Insured the ABC telecast of the 1984 Olympics.
1985 — Fireman's Fund was sold off by American Express and became an independent company.
1991 — Allianz AG acquired Fireman's Fund.
2001 — All of the company's 109 New York employees located in the south tower of the World Trade Center survived the terrorist attack.
2004 — Fireman's Fund launched the Heritage Program, a recommitment of its founding philanthropic mission to support the fire service. Grants are given to local fire departments to help purchase new equipment, tools and training.
2006 — Created the first green insurance products in the United States.”

 “Serco has 105 shareholders, tho I am not sure about Chris Hyman at the moment seeing how he recently stepped down for damage control from the tagging scandals.  Please sit back and take in what you see here.

 “Serco to pay back £69m over fraudulent tagging contracts [Abel Danger makes the spoliation inference that Serco’s Business Process Outsourcing service uses the Red Switch Network to move agents through Prisons, Airport Towers and Hotels on an international P.A.T.H. of crime]
Thursday 19 December 2013

More than two-thirds of Government contracts held by the controversial outsourcing giants Serco and G4S are open to fraud and error, ministers have admitted.

An official investigation into £5.9bn of outsourcing contracts held by the firms found evidence on Thursday of "inconsistent management" in 22 out of the 28 deals across eight Government departments and agencies. In the majority of the contracts, the review found that there were "key deficiencies" in invoice and payment processes that could lead to overcharging.

The review was ordered in the wake of the scandal involving Serco and G4S's tagging contracts.

Serco on Thursday agreed to repay the Government £68.5m. The scandal concerned the Ministry of Justice being charged for tagging people who were found to be dead, back in prison or overseas. Both Serco and G4S are currently being investigated by the Serious Fraud Office.

It was those disclosures earlier this year that sparked the review of all contracts held by both companies. It found that in 17 of the contracts, the civil servants in charge of them did not have the "knowledge and capacity required to ensure the contract is being delivered effectively".

It also ordered further investigation into several "Work Programme" contracts where "the possibility of errors or irregularities and their impact was potentially more significant".

Bill Crothers, chief procurement officer for the Government, who led the review, said it was clear the Civil Service needed more skills to ensure value for money in such contacts. "We need the very best commercial skills to be able to make the most of these opportunities, and we know that these skills are not yet strong enough across Government," he said.

In a separate report, the Justice Secretary, Chris Grayling, said that problems with two further contracts held by G4S, for facilities management in the courts, has been uncovered. These related to invoicing, delivery and performance reporting and have been referred to the SFO.

Serco also agreed to repay £2m to the MoJ following the discovery that members of Serco staff had been recording prisoners as having been delivered to court when they had not.

As a result, Mr Grayling said, both G4S and Serco have decided to withdraw from the MoJ competition for rehabilitation services.
Frances Crook, chief executive of the Howard League for Penal Reform, said this was a welcome development: "Given the abject failure of the ministry to look after taxpayers' money when managing contracts, this must surely be the death-knell for the Government's dangerous gamble with justice privatization."

In January 2012, Serco announced the creation of a new global business process outsourcing (BPO) capability – Serco Global Services. It is our first global business and brings together all our contact centre, customer services, middle and back office skills, improving the services that we provide to customers, allowing us to provide broader end-to-end BPO services to both public and private sector organizations.

Our acquisitions of Intelenet, The Listening Company, Excelior and, most recently, Vertex’s UK public sector BPO operation, combined with our existing BPO and world class frontline service operation set us apart from other BPO providers. By adding these capabilities to our traditional business, an organization trusted by our customers around the world to deliver essential frontline services for more than 50 years, we have created a unique proposition which is adding value to our customers by helping them deliver ever greater service to their own customers.

Today, our global BPO business is addressing hundreds of customers’ business services needs across a range of functions including HR, finance and accounting, procurement and customer services. Over 50,000 employees are engaged with our customers’ customers every day, holding over 90 million interactions in 20 languages around the globe.

And every day, our people prove time and again that their expertise and intimate knowledge of our customers’ markets, supported by best practice processes and technologies, help them to exceed every expectation.”

“Catastrophe bonds (also known as cat bonds) are risk-linked securities that transfer a specified set of risks from a sponsor to investors. They were created and first used in the mid-1990s in the aftermath of Hurricane Andrew and the Northridge earthquake.”

Yours sincerely,

Field McConnell, United States Naval Academy, 1971; Forensic Economist; 30 year airline and 22 year military pilot; 23,000 hours of safety; Tel: 715 307 8222

David Hawkins Tel: 604 542-0891 Forensic Economist; former leader of oil-well blowA-out teams; now sponsors Grand Juries in CSI Crime and Safety Investigation

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