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13th September 2015

Newslink Trends: Weekly Global Insurance Analysis

This week proved a significant pre-cursor to the annual Monte Carlo Rendezvous which is getting into its stride today.
Standard & Poor's reviewed comparative statistics from the top 40 reinsurers, observed that negative credit conditions continued, and said that defensive actions by global reinsurers had helped to proved the market's resilience. Fitch published the sixth edition of its Global Reinsurance Guide and Willis released its latest half yearly Reinsurance Market Report, whilst AGCS issued a Cyber Risk report. PwC reviewed the increase in M&A's globally-the most recent being Mitsui Suimitomo's move for Amlin, Markel for CATCo's assets in Bermuda, and Highbrige's intention to take a majority interest in Price Forbes. Asta obtained approval to manage a new Lloyd's syndicate backed by Everest Re, SCOR received a rating uplift, and Swiss Re continued to be sector leader in the Dow Jones Sustainability Indices. Lloyd's reported a reduced interim profit but emphasized it was outperforming competitors in challenging underwriting and investment conditions. Vario Partners and Guy Carpenter announced a modelling and analytics joint venture, Xuber and Insurance Insider published a major Risk Management Survey, and Xchanging announced enhancements to its globalRemarket
(X-gRm) deal distribution platform. Aon Benfield launched its PACE platform to enable reinsurers to monitor aggregate exposure across portfolios.
Milliman released two new reports detailing Embedded Value(EV) results in European and Asian insurers. RSA announced an agreement to sell its Latin American business, which Zurich was aware of before making a bid for the UK-based insurer, and Marsh, as expected, agreed terms with UK broker Jelf Group. Thomas Miller acquired a UK marine law firm, and Gable and Skuld was happy with interim results.
Zurich's Global Life ceo is to take over as General Insurance ceo, and Hiscox appointed a UK Claims manager.
On the IT front, Insurance Newslink interviewed Associate Partner, IBM Analytics-Consulting, Stephen MIlls, about the company's transformation progress and its focus on the global insurance market. Towers Watson reported that life insurers globally were moving to "pay as you go" cloud computing, SSP announced that Hawkwell had signed up to its application fraud detection solution Verify, and Advent announced a Canadian joint venture after recently closing one in the US. Swiss Insurer Basler went live with Guidewire modules, and the software supplier announced it had opened a new Regional Development Centre in Krakow, Poland.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global database service on Wednesday and today at www.onlystrategic.com