Of Special Interest


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20th September 2015

Newslink Trends:Weekly Global Insurance Analysis

This week, the Monte Carlo Rendezvous provided the impetus for further reports and announcements. Swiss Re looked at the underinsurance of property risks globally, whilst Air Worldwide in its catastrophe review also highlighted the gulf between economic and insured losses. Swiss Re's ceo highlighted the potential impact of technology on the reinsurance marketplace and Hannover Re's chief reviewed global trends. Standard & Poor's reported that regulatory and economic uncertainty was not stopping global multi-line insurer M&A activity. PwC released a new cyber resilience report and Kyngswoode announced that a UK Ministry of Defence cyber risk assessment tool was being made available to the insurance market. CoreLogic released an expanded version of its natural catastrophe risk management models, and CATEX won an award for the third year running. Argo Global and Asia Capital Re are to establish an SPS at Lloyd's to underwrite Chinese risks, Barbican is to manage a new syndicate with funds provided by Credit Suisse, and Hiscox Re launched Bermuda-domiciled SPV Cardinal Re. Canopius announced an integrated reinsurance unit, Tokio Millennium Re formed a Capital Solutions team and announced management changes, and Torus rebranded to StarStone. ParnerRe reported the end of the "go shop" period, enabling the EXOR acquisition process to proceed.
KPMG published a global survey in connection with the International Insurance Society(IIS) highlighting that many insurers were struggling with innovation. Standard & Poor's downgraded major Japanese insurers ratings after downgrading Japan.
EIOPA released a second set of Solvency II Guidelines, and the International Underwriting Association(IUA) warned that insurers would have increasing difficulty in appointing non-executive directors because of regulatory changes to be introduced in the UK.
SSP reported optimism amongst UK brokers with a positive view from the survey participants of future investment in infomation technology. Markerstudy is now linked up to industry initiative MyLicence through supplier RDT's upgrade to its Landscape platform. In the US, Majesco signed up Westfield for its Distribution Management solution, and Insurity integrated Social Intelligence's Risk Scoring. Munich Re chose SAS Analytics software to assist with its big data strategy, and emapsite is offering UK insurers access to crime-related property risk analysis at postcode level. Towers Watson opened an office in Prague.
Fast growing Hastings Group announced it is to proceed with an IPO. Cathay Life finalised the acquisition of Conning, life closed book specialist Phoenix Group is in non-exclusive discussions with Guardian Financial Services, and Just Retirement reported on a year of change with confidence for the future. Prudential appointed past FSA head Lord Turner as a non-executive director. JLT Employee Benefits announced it is to acquire Close Brothers Asset Management Corporate Business and that John Lloyd is to step down as ceo of JLT Specialty. The Hanover's ceo is to step down, and FERMA's next president outlined his key objectives.
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