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10th January 2016

Newslink Global Insurance Trends

This week, the New Year started slowly for the insurance industry, as is usually the case after the Festive break. However, regulators were active, heralding the official launch of Solvency II, and there were reminders of issues ahead-it will remain a headline topic for a long time, particularly with transition, equivalence, and predicted M & A activity. IAIS released its Global Insurance Market Report and Insurance Europe responded to the Financial Stability Board(FSB) on effective resolution strategies for G-SIIs. The Financial Conduct Authority(FSA) released a Retirement Income Market Data report for the third quarter, and took the unusual step of issuing a press release saying that acting chief executive Tracey McDermott was not interested in taking the job over on a permanent basis.
Cap Gemini made some predictions concerning potential major trends for 2016, etouch solutions indicated that UK policyholders were keen to use smartphone apps to report claims, and Accountagility released a survey highlighting that 70% of finance departments/cfos would like to plan business investments and expenditure more frequently but their present systems often prevent this.
Startupbootcamp IsurTech announced LV= and Swiss Re as new partners, and Watchstone(previously Quindell) is to dispose of two property and maintenance services subsidiaries for £1 to cut losses. Endava announced a partnership with Beazley to provide a range of IT services, Sapiens inked in a $30m agreement with a major North American insurer, and Sequel won two high-profile category awards.
Munich Re reported on lower natural catastrophe losses in 2015, Fitch reviewed declining investment yields amongst US p & c insurers, and Willis Re published its !st View Renewals Report. The International Underwriting Association(IUA) announced the formation of a new D & O underwriters group.
AXA is to acquire Liberty Mutual's Polish p & c business, and Legal & General announced the completion of UK's largest medically underwritten bulk annuity deal. Amlin finalised the cross-border merger of its UK and Europe subsidiaries. Liberty Specialty built up its casualty team in Germany, AIG appointed a UK ceo, and industry veteran Don Kramer is to be inducted in the International Insurance Society(IIS) Hall of Fame. Willis completed its acquisition of Gras Savoye, and UIB announced a new ceo.
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