- Newslink Global Insurance Trends-The Week
- LIIBA and EY publish report to help deal with the significant uncertainty about the ability of intermediaries to place and service European risk from the UK post-Brexit
- Marsh/Microsoft new global survey says few organisations are highly confident in their ability to manage the risk of a cyber-attack
- Allianz weathers the storm overall
- Allianz increases shareholding in Euler Hermes to 92.43%
- MetLife CEO Kandarian says "we can and will do better" over the reserve charge
- Bannister joins ABI Board expired
- Guidewire solutions selected by Federated Insurance expired
- SpatialKey partners with Swiss Re to offer insurers access to multi-peril hazard data through its proprietary underwriting solution expired
- NN Group positive result for last year expired
- Sun LIfe Financial CEO Connor says "2017 was a year of strong financial performance" expired
- Fairfax Financial produces best year assisted by reducing ICICI Lombard stake and selling First Capital expired
18th February 2018
Newslink Global Insurance Trends-The Week
This week, the London and International Insurance Brokers’ Association(LIIBA) and EY published a report to help deal with the significant uncertainty about the ability of intermediaries to place and service European risk from the UK post-Brexit. Standard & Poor's reviewed the German insurance sector. A new global survey by Marsh and Microsoft reported that few organisations are highly confident in their ability to manage the risk of a cyber-attack. Insurance Europe welcomed the delay in the introduction of the Insurance Distribution Directive(IDD), and also submitted feedback in relation to the proposal to overhaul the three European Supervisory Authorities(ESAs).
FWD Group selected Aptitude Software to address IFRS 17 and IFRS 9, whilst US-based Federated Insurance chose Guidewire products to help modernize and transform the way it operates across its commercial lines of business. Liberty Specialty Markets(LSM) are soon to launch Toredo, a web-based platform for transacting specialised trade credit insurance. PartnerRe announced an innovative deal with Farmers Edge to help close the insurance gap among farmers across all continents. Pool Re launched a Vulnerability Self-Assessment Tool(VSAT). Meanwhile, SpatialKey partnered with Swiss Re to offer insurers access to multi-peril hazard data through its proprietary underwriting solution.
Allianz increased its shareholding in Euler Hermes to 92.43% and Prudential Financial is to purchase a stake in Peak Re. Argo Global announced the successful launch of the first Lloyd’s Market consortium for motor treaty business, Nexus Group completed the acquisition of Apsley Specialty, and StarStone launched a crisis management division following several appointments. There were other senior appointments at Aegis, Hiscox and the Association of British Insurers(ABI). A new chair of the Financial Services Compensation Scheme(FSCS) was announced.
Full year and fourth quarter 2017 financials continued to be announced-amongst them were Allianz(strong results for the full year 2017 due largely to higher performance in Asset Management and Life and Health), CNA Financial(core income up 12% at $919m for year), Metlife(ceo Kandarian said "we can and will do better" over the reserve charge), NN Group(positive year), and Sun Life Financial(ceo Connor said "2017 was a year of strong financial performance"), Arch Capital(net income improved in fourth quarter), Fairfax Financial(best year yet assisted by reducing ICICI Lombard stake and selling First Capital), and Lancashire Holdings(loss before tax of $72.9m for 2017 as combined ratio soared but ceo Maloney optimistic for 2018).
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global trends database services last Wednesday and today at www.onlystrategic.com-featuring advanced structured search, report facilities, and a free 14 day full trial.