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Archive Stories
Archived stories from Jan 2007

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Personality thefts hit insurance industry

Burl Juggernaut III, ceo, Gollum Re:
What do you mean no personality?

Identity theft, where online fraudsters steal consumers' personal records in order to achieve financial benefits has already reached epidemic proportions in the industry. But now there is growing evidence that high level insurance executives are increasingly being robbed of their personalities as well.

"The entire board of one leading London market reinsurer does not have a single C-level executive left with any residue of a personality," says Ian Bogus, lead co-principal practice leader at Gone Phishin'. "Apart from their physical appearance the company's board members are now virtually indistinguishable. None of them has any differentiating personality trait."

The scale of the problem has been hidden until recently, experts say, as insurance company bosses traditionally only have trace levels of personality in their normal state. Mrs D, the wife of a London insurance CFO told RISKbitz that she didn't notice that her husband's personality had been stolen until they went on holiday in the summer. "He usually reveals his personality after two or three days on vacation but this year there was nothing for the whole two weeks," she said.

Police authorities are puzzled as to the motives of the personality thefts. "It is hard to see how anyone can profit from stealing the personality of an insurance chief executive. Its not like these people were particularly fascinating to start with," said a spokesman for Scotland Yard. "I mean its not like they're interesting or valuable. It is just a sick prank that is out of control."

But investment analysts have welcomed the trend. Hugh Bonus, insurance analyst with Privat Hedge Bank told RISKbitz that having a personality is not a pre-requisite for running a successful insurance group. In fact, the bigger the personality, the more volatile the corporation's share price. Cont p XX

Other news from Jan 2007
Travelating the Wave of Insurability
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