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28th June 2015

Newslink Trends: Global Insurance Analysis

This week, regulators were busy-EIOPA published its Annual Report for 2014, and IAIS reported on its 8th Annual Conference and Dialogues, also began a public consultation on Higher Loss Absorbency(HLA) for G-SIIs, and released further information on its global Insurance Capital Standard(ICS). The Financial Conduct Authority(FCA) issued its Business Plan for 2015/6, and consulted on options for the publication of general insurance product value data. Poland dropped Bermuda off its tax black-list after criticism of the European Commission(EC) from the Bermudan Government.
The International Underwriting Association(IUA) held its AGM, with its chairman highlighting the unity of the London Market.
A Swiss Re sigma global report reviewed 2014 and looked at possible future trends. EY predicted that UK motor insurers' profits would be short-lived, and Conning reported on the continuing high level of reserve releasing in the US p& c sector. Standard & Poor's examined the impact on UK financial services if the country exited the EU.
Towers Watson was generally positive about the growth of Enterprise Risk Management(ERM) in a global report. Xchanging announced that 129 reinsurance carriers worldwide had registered and are using its recently launched deal distribution platform globalREmarket, and Sequel's software suite has been chosen by large new market entrant Fidelis. Delphi Policy was launched to target the US p& c market, and Achmea in Holland went live with Eagle Investment Systems' data management offering to support Solvency II and IFRS reporting.
Fosun continued its wider investment plan by moving for a majority stake in Pheonix, a leading Israeli insurer, and Cledid Re registered as a Lloyd's broker. Hiscox is to acquire the Willis UK classic car business, and RSA is considering its options after a Dublin employment tribunal awarded its ex Irish chief executive a substantial sum for wrongful dismissal. Quindell requested temporary suspension of trading on AIM until an audit is completed on its 2014 financial statements, and reported that the FCA has begun an investigation in relation to public statements in connection with its 2013 and 2014 accounts-the mainstream UK media headlined Quindell yet again. Standard Life is to close its Singapore branch and compensate policyholders, as it focuses on Chinese and Indian joint venture growth. Towergate published results for 2014 and the first quarter which, as expected, indicated operating earnings showing a considerable drop, but Interim Group ceo Scott Egan was optimistic now that the company was through the transition period. Randall & Quilter also had a challenging 2014 but were confident going forward. Amlin appointed James Few, Aspen Re ceo, as Global md Reinsurance, and JLT Re announced Craig Brokenshire as Global coo.
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