Of Special Interest


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27th October 2013

The Global Insurance Week

This week, Solvency II stayed in the headlines-Aon Benfield said it would result in life insurers taking out more reinsurance, Standard&Poor's felt it's delay would adversely impact assessment of insurers' ERM development, and the ABI and KPMG commented on the PRA consultation paper on the subject. S&P also added their warning voice to the IAIS planned risk-based global capital standard, and The Geneva Association pressed governments to increase disaster resilience and response efforts. Towers Watson reported on the rise in insurance mergers and acquisitions, and Conning reviewed US life company investment trends. Willis Re said that the European reinsurance market favoured buyers, and an EY global survey indicated that the insurance sector had much to do to keep up with the digital era.
The ABI is restructuring, cutting costs, and making three executives redundant. It supported, with BIBA, the introduction of independent medical assessment for whiplash injuries.
Willis named the initial insurers for its London Market
Global 360 development, ING is to sell more shares in its US life and pensions subsidiary, Gallagher acquired in California, and Zhong An became the first online insurer to be formed in China.
Guidewire is to commence a public underwritten offer of shares and added London Market Messaging to its ClaimCenter offering. Capita and VIPR are to collaborate on a bordereaux management service, iPipeline moved for Aplifi in the US, and Quindell published an upbeat trading statement. SSP has eased the integration of telematics data and solutions, and the Unirisx Blueprint framework has enabled Beazley to develop and launch products speedily.
Xuber issued a white paper on legacy system issues, and its Claims solution was chosen by parent Xchanging's XCS.
Insurance Newslink covered third quarter results from ACE, Aon, Chubb, Everest Re, St James's Place, Travelers, and W.R. Berkley.