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16th September 2018

Newslink Global Insurance Trends-The Week

This week, major hurricane and typhoon activity once again occured in the week of the reinsurance Rendez-Vous in Monte Carlo. Typhoon Mangkhut caused 30 deaths in The Philippines and has now moved to South East Asia hitting Hong Kong. The massive Hurricane Florence, now reduced to a tropical storm, is slow moving and dropping unprecedented amounts of rain on the US Carolinas causing 12 deaths at present and widespread serious flooding-S & P Global said on Friday that losses would be manageable for re/insurers. The issue of lack of flood cover will again headline.
At Monte, Swiss Re saw some of the current improvements in the overall market environment as a chance for the insurance sector to embrace new market dynamics such as digital solutions, whilst Munich Re emphasized the importance of cyber insurance as digitisation grows. Hannover Re said the market environment in worldwide property and casualty reinsurance remains challenging, but PartnerRe had an optimistic view. Fitch said that consolidation of the global reinsurance industry will continue.
The Chartered Insurance Institute(CII) launched the Society of Insurance Broking-the first of its planned dedicated Societies. AXA chairman Denis Duverne took over from Stephen Catlin as chair of the Insurance Development Forum(IDF) Steering Committee.
FICO announced the latest version of its Analytics Workbench, and the London Market Group(LMG) introduced three new tools that will help market users of the London Market Target Operating Model(LM TOM) access solutions more easily and securely exchange all types of data. Guidewire announced the addition of Paul Y. Mang to the company’s leadership team-he was Global ceo of Analytics at Aon. He will take up the newly created role of general manager, Guidewire Analytics and Data Services(ADS)-ADS is a newly created business unit comprised of the Cyence Risk Analytics, Predictive Analytics, and Live Analytics product teams.
Legal & General completed the £4.4bn buy-in for British Airways plc’s pension scheme-the largest ever bulk annuity policy arranged with a UK pension scheme. Allianz Group achieved the top position as sector leader amongst all rated insurance companies in the Dow Jones Sustainability Index(DJSI), and Sedgwick announced its new majority owners will be affiliates of funds managed by The Carlyle Group. China Re is to acquire Chaucer from The Hanover, and Fidelis is restructuring its business to deliver enhanced focus and execution. Nexus Group completed the acquisition of Altitude Risk Partners, and ProTucket received $35m of funding-made possible by funds obtained from Swiss Re. SCOR is in exclusive negotiations with Workplace Options concerning a worldwide distribution partnership agreement and the acquisition of SCOR subsidiary Rehalto, and Tokio Marine is to acquire 22.5% of South African-based Hollard Insurance Group. Charles Taylor and Skuld were both happy with first half results. There were senior appointments at Lancashire Holdings.
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Resource at www.onlystrategic.com