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24th January 2016

Newslink Global Insurance Trends

This week, it was collaboration time. Swiss Re Corporate Solutions, Veolia, and Rockefeller Foundation announced an innovative infrastructure recovery initiative focusing on vunerable cities globally, Lloyd's is acting as a catalyst with AIR Worldwide and RMS to create cyber risks common core data requirements-the International Underwriting Association(IUA) also published a study on cyber risks. A group of 11 UK motor insurers, under the auspices of the Association of British Insurers(ABI) and Thatcham Research, agreed to research the potential effect of driverless cars on the market-Standard & Poor's also published a report on the same subject and car safety generally. Aviva and Ageas announced they are to work together to improve the cost and servicing of no-fault third party motor claims through a subrogation portal.
Oliver Wyman reported that financial services would become "modular" as digitisation increases apace, Willis Towers Watson reviewed the growth of the ILS market last year, and the Bermuda Monetary Authority(BMA) revealed new entrant(re)insurer and captive statistics during 2015. The ABI welcomed the UK Government's Insurance Fraud Taskforce review, and EIOPA published its strategy towards a comprehensive risk-based and preventative framework for conduct of business supervision.
AXA Strategic Ventures announced an investment in Neura, a specialist in machine learning to create a digital identity map of individuals-its fifth investment in the US in the second half of 2015. CSC's bid for Xchanging became unconditional as the target of Xchanging shareholder acceptances was exceeded by the deadline, with no further news on Ebix's interest. LV= is the extend the range of Guideware solutions, and Willis Towers Watson announced a new version of its reserving software for p & c insurers globally.
Aviva is to acquire RBC General Insurance in Canada and will also sign a 15-year strategic agreement. Prudential became one of the first insurers to reveal its solvency ratio through its Solvency II internal model, and also appointed a new chief executive for UK and Europe, Zurich said that preliminary estimates indicate a general insurance loss for the fourth quarter, and Travelers reported a dip in net income due to predicted reduced investment income.
Lloyd's Market Association(LMA) updated its guidance on consumer wordings. ACE and Chubb became the new Chubb, Sharia insurance pioneer Cobalt Underwriting secured a strategic investment from Armour Group Holdings and appointed new directors, and RSA is to take up 12 desks in Lloyd's to expand its wholesale presence. XL Catlin has begun the licensing process with the regulators in India with a view to opening a reinsurance branch in the country, and JLT Re announced the formation of a Facultative division. There were senior management appointments at Advent, Everest Re, and Nexus Underwriting.
Japanese academic Yasushi Morimiya has been named as the International Insurance Society's John. S. Bickley Founder's Award recipient.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global database services last Wednesday and today at www.onlystrategic.com