Of Special Interest


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18th January 2015

Newslink Trends: Weekly Insurance Global Analysis

This week, Willis reviewed a record year for ILS and considered possible trends for 2015. Munich Re acquired capital market capacity through a Bermuda-based sidecar, and Validus Holdings entered into a capital arrangement with AlphaCat Managers. The World Economic Forum published its Global Risks report, the latest Allianz Risk Barometer warned of the rise in cyber risk, and Aon Benfield issued its Annual Global Climate and Catastrophe report.
Towers Watson and confused.com reported a third monthly rise in UK motor insurance pricing, and the Association of British Insurers(ABI) responded to the Treasury update on providing pensions guidance after Budget changes are introduced in April. The Chartered Insurance Institute(CII) president called for the UK insurance profession to unite to resolve the challenges of 2015.
Michigan became the seventh US state to join the IAIS's global MMoU, and the International Underwriting Association(IUA) is to launch an online EU insurance premium tax information service.
Nationwide Mutual went live with Guidewire's PolicyCenter solution, and RMS modelling is to support China Re's Lloyd's operation in London.
Quindell announced senior appointments and a trading update. Jim Sutcliffe, ex Old Mutual chief, its new executive deputy chairman, resigned on Friday from the board of the Financial Reporting Council where he was chair of the Codes & Standards Committee, because of a difference of opinion over the terms of the share options awarded to him and the new non-executive chairman, Richard Rose, who had previously been chairman of Helphire-Sutcliffe told the Financial Times there was no animosity over his parting. Towergate's bondholders have put forward a "pre-packed" administration proposal which would mean the writing off of their debt and buying the equity for £1-the broker is considering the proposal amongst others as two debt interest payment dates loom.
Nexus Underwriting Management increased its underwriting capital and diversity of products, and Hiscox is to acquire two MGA's from Randall & Quilter. Markel received regulatory approval in Dubai, as did PartnerRe Asia in Singapore. MetLife challenged its designation as a SIFI in the US and announced an Egyptian strategic partnership with ALEXBANK.
Canopius appointed a new Claims Manager.
The theme for the Economist's Insurance 2015 conference is "Protecting Society in the Digital Age."
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