Of Special Interest


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28th February 2016

Newslink Global Insurance Trends

This week, published 2015 financials were positive. AXA raised net income by 3% with chairman and ceo Henri de Castries saying that Ambition AXA had been successfully delivered. RSA, so close recently to being acquired by faltering Zurich, posted a big increase in post-tax profit as it comes close to completing a major reorganisation. St.James Place continued its profit and growth journey. QBE met its targets as operating expenses continued to reduce, and QIC announced 49% growth in GWP and is to increase capital. Both SCOR(up 25.4%) and Swiss Re(31%) improved net income, and Fairfax Financial reported a rise overall in underwriting profit.
Dominic Casserley, president and deputy ceo of Willis Towers Watson, set out a multi-dimensional approach to cyber security risk in a speech in San Francisco, whilst AGCS ceo in South Africa, Delphine Maidou, outlined the opportunities in the Sub-Saharan insurance market at a London Risk Management Conference. At its first Winter Conference, IIAL chairman Max Taylor said it was seeking to build on its first year when it established strong contacts with Islamic associations and regulators worldwide.
Fitch said that IAIS still had some way to go in creating an Insurance Capital Standard for GSIIs, and Silverfinch warned on the Solvency II hurdle of obtaining accurate look-through data on fund of funds investments.
Majesco reported that existing client Unum has selected their L&A, Group, and Billing solutions, and also launched insurance-specific testing services. Comarch implemented a group life system at Swiss Life in Luxembourg, and Hiscox partnered with Open GI London to launch a new e-trading system for commercial lines brokers.
CGSC announced it is to sell its North American-based Swett & Crawford business to BB&T for $500 in cash. Skuld was happy with recent renewals and announced management appointments. UK P&I Club and Britannia Club are in merger discussions. There were senior appointments at AEGIS London, Liberty Specialty in Washington, and at XL Catlin in Bermuda.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global trends database services last Wednesday and today at www.onlystrategic.com-featuring advanced structured search and report facilities and a free 14 day full trial.