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11th October 2015

Newslink Trends: Weekly Global Insurance Analysis

This week, EIOPA re-appointed its chairman for a further five year term and started the selection procedure for a new executive director. It also published an updated Action Plan and Way Forward for Colleges of Supervisors, and stated that Solvency II UFRs would remain unchanged until 2016. Fitch reviewed IAIS higher loss absorbency proposals for G-SIIs.
Swiss Re published a new report on Disaster Risk Financing at the World Bank/IMF meetings in Lima. The International Business Resilience Survey highlighted cyber and associated IT-related risks, and Timetric reviewed cyber insurance progress in Europe. Pool Re is to host the inaugural Congress for National Terrorism(Re)insurance Pools in London later this month. Towers Watson's and Confused.com's latest survey of UK comprehensive motor insurance premiums indicated that the third quarter rise was the highest for five years.
Capita and Apollo Global Management have both lodged non-binding proposals for Xchanging. Meanwhile, Xchanging and Total Objects announced the launch of Treaty Cloud. Sequel Business Solutions is working with Gable Insurance on Solvency II Pillar 3 reporting, and is to partner with consultancy emeris to assist in the extension of its global reach. Sapiens is to integrate SAP BI tools across its core insurance business suite, and RDT has deployed NaviCloud Director to underpin its testing and development systems. SSP revealed in a survey that the majority of UK brokers were not giving a high priority to applications and claims fraud, and reported that Progressive in Australia had gone live with its Pure Insurance solution.
RSA Canada chose Hyland's OnBase to integrate with Guidewire's ClaimsCentre, and Mutual of Omaha selected Oceanwide Bridge. Axco Insight Risk Manager is being introduced to FERMA member associations, Gallagher introduced TravelCert, whilst Willis launched a tool to enable risk managers to assess third party motor risks across Europe.
Mapfre Global Risks is to use its London office as a strategic base to grow its international business, and Nassau Re moved for Universal American's Traditional Insurance business. Willis completed the acquisition of PMI Health Group in the UK and Hastings Group's successful IPO offer price valued the company at £1,117m-it starts trading tomorrow.
IAG announced a new ceo, and Thatcham Research appointed a new chairman of its non-executive board.
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