Of Special Interest


[x] [x]

27th September 2015

Newslink Trends: Weekly Global Insurance Analysis

This week, Steve Hearn, chairman of London Market Group(LMG) outlined major progress with its strategic plan following it's London Matters research nine months ago which pulled no punches in reviewing the issues that had to be addressed for the London Market to be pre-eminent as a global player.
Monday's surprise news was that Zurich Insurance Group was not to proceed with its takeover of RSA because of Chinese explosion losses and reserve issues with its US auto insurance book, rather than any issues with due diligence-the RSA share price was immediately hit.
Aon Benfield listed seven emerging risks for re/insurers, and Fitch identified four key takeaways from the Monte Carlo Rendezvous. The Association of British Insurers(ABI) published its latest Key Facts report analysing UK insurers' claims payments, and the quarterly CBI/PwC survey on the UK financial services sector indicated an intention to increase IT spend.
EIOPA published its Opinion on Group Solvency Calculation in the Context of Equivalence, Silverfinch warned on the looming introduction of Solvency II as regards look-through processes between asset managers and insurers, and Barnett Waddingham and Solvency II Solutions announced integration of their SII reporting applications in a strategic partnership.
Canadian insurer CAA selected two Guidewire Portal modules, US price comparison company CoverHound announced major additional investment led by ACE, and SunGard launched five financial planning applications in the US through Microsoft Windows Store. ACORD appointed ex- Microsoft financial services chief Bill Hartnett as head of Innovation.
Beazley, Aspen, and Brit formed the International Cyber Consortium, and ACE introduced its Global Cyber Facility. Xchanging/Total Objects' solutions were chosen by Emergence to launch a new cyber insurance product in Australia.
Swiss Re's Admin Re moved for another life closed book operation, Guardian Financial Services, after Phoenix Group had revealed it was in discussions a few days earlier. XL Catlin announced it had opened in Rio, complementing its existing office in Sao Paolo. Zurich is to partner on EU-funded research relating to self-driving buses. Randall & Quilter revealed an interim pre-tax loss but were confident going forward.
The Financial Conduct Authority(FCA) announced the appointment of a coo, Ambant Underwriting Services appointed a ceo, ACGS a UK ceo, Endurance Specialty, a cro, and Markel International, its head of Chinese business.
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