Of Special Interest


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20th October 2013

The Global Insurance Week

This week, future global regulation was in the spotlight as the International Association of Insurance Supervisors(IAIS) held their annual get-together in Taiwan. The release before the conference of IAIS's intention to develop a risk-based global capital standard along with the announcements at the event are certain to create wide reaction bearing in mind the long running saga of Solvency II-comments have already come from the NAIC, The Geneva Association, and Fitch. Meanwhile, Standard & Poor's commented on yet another regulatory development between the IASB and FASB. There really does need to be some clear co-ordinated srategic direction to deliver an acceptable regulatory framework with markets coming closer.
The FCA is to publish information on proposed enfoorcement earlier.
Two useful publications from Aviva and State Street looked at the UK IFA channel post-Retail Distribution Review(RDR) which seems to be turning out better than market sentiment expected.
A.M.Best reviewed the Latin American market.
AXA placed large cat bonds, Generali created two new regions, and Hastings Group, following a major investment from Goldman Sachs, placed over £400m of senior secure bonds. JLT acquired a Taiwanese broker, MAPFRE took a stake in an Indonesian insurer, and Swiss Re bought into ambitious Asian insurer FWD Group. R&Q moved for a Validus Cyprus-based run-off unit, BrokersLink is to change to a "for profit" basis, and Just Retirement is to issue an IPO and apply for a Main Market listing.
Agencyport Software reported a good 2012, Catlin chose Guidewire's InsuranceSuite for its US business, and FCCI Insurance Group selected Insurity's offering. ARAG is working with SAS on Solvency II requirements centralising risk management, Conning released risk management software, and Credit Suisse and SunGard are collaborating over an investment management solution for insurers. Xchanging launched broker IMR access through X-presso.
Platinum Underwriters and AIA Group published third quarter results, and Canopius announced new management appointments.