- Lloyd's announces key appointments for the governance and delivery of the Future at Lloyd’s Blueprint One programme together with confirmation of the raising of £300m of senior debt to fund the transformation
- Insurance Europe new publication-"Why Insurance" urges policymakers to make sure the industry’s special features are taken into account when developing insurance regulation
- Geneva Association Women in Insurance Award launched
- CII PublicTrust survey indicates UK consumers want action on renewal pricing
- Willis Towers Watson launches ResQ Financial Reporter, an out-of-the-box software solution designed to help P&C insurers implement IFRS 17
- Duck Creek announces that four leading investment firms have invested $120m in the company
- FRISS to partner with National Insurance Crime Bureau(NICB) expired
- City Insurance shows impressive growth expired
- Canopius appointsTongue as underwriter, trade & political risk expired
- Hannover Re and Global Parametrics in partnership with BMZ and KfW to form Natural Disaster Fund(NDF) Deutschland expired
- Victor Insurance Holdings announces approval from Lloyd’s to establish Victor Syndicate 2288 and commence underwriting effective 1st January expired
- BMS announces appointments to its US reinsurance team expired
11th August 2019
Newslink Global Insurance Trends-The Week
This week saw a continuation of second quarter and first half financial reporting, and a number of significant publications. Clyde & Co's Global Growth Report indicated mergers and acquisitions(M&A) in the global insurance industry rose in the first half of 2019 with 222 completed deals worldwide, up from 196 in the second half of 2018. Willis Re Securities reported that the Insurance-Linked Securities(ILS) market declined in the second quarter compared with 2017 and 2018, and Marsh released its Global Insurance Market Index for the second quarter highlighting that average commercial insurance pricing increased nearly 6%. S&P Global reviewed reinsurance market trends and also published a report headed "Global Reinsurers Face The Iceberg Threat Of Cyberrisk". The insurance industry’s anti-coal stance will deliver long-term benefits despite potential short-term losses, according to Global Data.
Avantia, the technology-enabled insurer behind HomeProtect, announced a major update to its retail pricing model using machine learning, and Greenlight Re made a strategic investment in Handdii, a Melbourne-based property insurance claims fulfilment platform. Mphasis signed a multi-year deal with The Ardonagh Group, and Willis Towers Watson released an updated version of its Radar pricing software. Guidewire Software announced the appointment of Mike Rosenbaum, former evp Product at Salesforce, as ceo-joint founder and ceo Marcus Ryu became chairman. Majesco announced solid fiscal 2020 first quarter results.
Swiss Re's ReAssure Group is to acquire Quilter's(Old Mutual) UK closed life and pensions insurance book, and run-off specialist DARAG continued its acquisition trail in Germany signing a Portfolio Transfer Agreement with SOVAG. Latest financials included those from Ageas("best ever first half result"), AIG(“Our strong second quarter performance demonstrated continued positive momentum throughout the first half of 2019"), Aviva(strong general insurance result-reviewing options for Asia Pac busines), CNA Financial, Legal & General, Liberty Mutual(second quarter impacted by Typhoon Jedi and liability lines), LV=, Manulife, Phoenix Group(operating profit and cash generation up), The Hartford, and Zurich("we are set to exceed all our targets and the strategy is proving successful"-impressive half year across the board); Argo International, Enstar(big increase in consolidated net earnings), Greenlight Capital Re(into the black), Hannover Re(half year profit up 19%-gross premiums increased by 14.5%), and Munich Re(on track with highest quarter result for four years).
Full articles on the above topics are included in those added this week to the Newslink Global Trends Database Research Matrix service at www.onlystrategic.com