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6th April 2014

Weekly Insurance Global Analysis

This week, the FCA published its Business Plan and Risk Outlook for 2014/5 amid a continuing criticism for creating a false market in insurance shares earlier, including a strong public rebuke from the Chancellor of the Exchequer. Meanwhile, EIOPA asked for feedback on three areas concerning the implimentation of Solvency II, including the use of a Common Application Package for Internal Models.
Willis Re looked at the softening rates from the 1st April reinsurance renewals, and Fitch said first quarter losses were manageable.
BT and Avaya released a survey on the diversification of distribution channels across financial services and the quickly growing use of digital access by consumers who are clammering for a more personalised service. Quindell produced impressive results, extended a contract with Swinton, and signed up a new motor MGA. Guidewire broke into the Chinese market with AXA TianPing, the Screentrade brand is back in the UK market, and SSP's Quote Hub is being successsfully deployed by their insurer and broker clients. Ebix and JLT presented the successful implementation of the EbixExchange platform, Brit upgraded its Sequel Eclipse Underwriting solution, ISO's PICAS Plus is streamlining claims post-Jackson Reforms, and AIG is using the XLNT driver telematics app, developed by The Floow, in Ireland.
BB&T acquired in the US, Gallagher completed the purchase of the Oval Group in the UK, and Enstar finalised the takeover of Torus. Arch Capital launched Watford Re and Allianz Retail was awarded Chartered Insurer status by the Chartered Insurance Institute(CII). The Channel Managing Agency received approval as did Allied World with the assistance of Capita third party services, whilst Asta is to take over as managing agency for a Skuld Syndicate.
Results were announced by RK Harrison, LV=, and Royal London.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global database service on Wednesday and today at www.onlystrategic.com