Of Special Interest


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21st June 2015

Newslink Trends: Global Insurance Analysis

This week,the PartnerRe saga continued with the reinsurer again writing to shareholders to support its proposed merger with AXIS Capital-a bit of spice was added by media comment that Arch Capital might also be interested in making a bid for AXIS Capital-PartnerRe shareholders vote on the 24th July. IAG and Berkshire Hathaway entered into a strategic relationship, with the latter taking a 3.7% investment in the Australian insurer through a share placement. Hank Greenberg, not surprisingly, is to appeal the no damages ruling in the AIG bail-out law trial, and Aviva reported on its branch restructure in the UK following the acquisition of Friends Life. Willis announced a captive solution to pensions longevity risk.
Insurance Europe warned insurers again about proposed EC data protection rules, and the Bermudan Minister of Finance said that the inclusion of the country in the EC's taxation black list was "unjustified and baseless".
The International Credit Insurance and Surety Association(ICISA) held its annual conference in Toronto and reviewed market trends, whilst the International Association of Insurance Supervisors(IAIS) extended the contract of secretary general Yoshihiro Kawai to the end of 2017. The Association of British Insurers(ABI) were busy responding the the Chancellor's proposed review of pensions exit charges and also put forward an action plan to tackle the implementation challenge from the new pension freedoms. They also published a new report on the significant rise in UK industrial deafness claims.
Xuber, Xchanging's insurance software arm, published the third and final chapter of its Global Reinsurance Survey indicating 66% of respondents had agreed with the statement that "Technology drives the success of my business"-meanwhile, Ariel Re has selected Xuber's Reinsurance solution suite for its Lloyd's and Bermuda businesses. The Innovation Group announced a major software contract with a Tier One UK insurer, and the Startupbootcamp Insurance accelerator program was launched.
Willis released a global report on the major risk factors concerning C-Level financial services executives, and Marsh reported that many UK companies have much to do to combat cyber risk. J.D.Power highlighted that Generation Y had played a significant role in the improvement in customer satisfaction levels in the US auto insurance market, and Conning research in the US indicated that MGA growth was growing faster that overall growth in the commercial lines sector.
Keith Skeoch is to take over from David Nish as chief executive at Standard Life, dual ceos at Besso were announced, and long term ceo at CGSC, Toby Esser, departed from the post unexpectedly.
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