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12th February 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights

This week, the Global Federation of Insurance associations(GFIA) responded to a consultation by the OECD on its inclusive framework. Insurance Europe replied to a consultation conducted by the International Association of Insurance Supervisors(IAIS) on the Individual Insurer Monitoring(IIM) assessment methodology, and also responded to a European Commission(EC) questionnaire on proposals for its BEFIT initiative, which aims to establish a common corporate tax system in the EU. The Prudential Regulation Authority(PRA) published CP3/23-‘Dealing with insurers in financial difficulties’.
Open-source catastrophe modelling platform and curators of Open Data Standards(ODS) on behalf of the in/reinsurance industry, Oasis Loss Modelling Framework(Oasis), announced the release of the Open Exposure Data(OED) standard for cyber. Rising Edge and mea announced that it has deployed mea ingestion to automate submissions intake, strengthening its position as a global digital MGA, whilst VIPR Solutions was chosen by a leading Swiss insurer to manage the integration of program business data in conjunction with the carrier’s implementation of SAP-based reinsurance and general ledger platforms, and InsurTech MGA Loadsure announced a new integration with MyCarrier, an LTL industry-sponsored online platform.
Brookfield Reinsurance and Argo Group International Holdings (Argo) announced they had entered into a definitive merger agreement whereby it will acquire Argo in an all-cash transaction valued at approximately $1.1bn. Hannover Re achieved an inflation-and risk-adjusted price increase on renewed business of 8% in the treaty renewals as at 1st January 2023 in traditional property and casualty reinsurance. HDI Global aims to raise awareness for cyber-risk in companies and targets international growth in the cyber line. European boutique MGA Alta Signa Europe issued its latest Cyber Bulletin, "European Cyber Insurance-A Maturing Market Entering an Attractive Phase-Reflections on 1st January Renewal and Outlook for 2023". Skuld announced its continued commitment to sustainable shipping by signing the Poseidon Principles for Marine Insurance.
Financial reports included those from CNA, Intact Financial, Talanx, and Zurich; Everest Re and White Mountains; Aon and WTW. Andrew Brooks, until recently ceo of Ascot Underwriting, took up the Deputy Chair position of Lloyd's vacated by Dominic Christian.


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