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22nd May 2016

Newslink Global Insurance Trends

This week, Newslink published an interview with Ian Summers, Business Development director at Sequel Business Solutions. Aviva Ventures made a multi-million pound equity investment in digital incubator Founders Factory, and Paris-based Shift Technology announced a further $10m investment injection to enable insurers to detect claims fraud. The Association of British Insurers(ABI) welcomed the emphasis on driverless cars in the Queen's Speech, and IBM Commerce is working with Standard Life to enable the insurer to get closer to individual customer needs. A Delphix survey looked at the progress of digitisation amongst UK wealth management companies, and Fadata signed up its first major UK customer for its INSIS solution. The London Market Group(LMG) announced the appointment of a managing director for Placing Platform Ltd(PPL), and Z/Yen is liaising with reinsurance software specialist Blem on one of the first blockchain solutions in the insurance sector. RDT announced that its customer Eldon was now connected to the My Licence hub through its Landscape solution.
Marsh and TheCityUK published a report headed "Cyber and the City" and warned that more has to be done by the insurance industry-meanwhile, Guy Carpenter and Symantec are to create a cyber aggregation model. The regular ISO/PCI review of US P&C insurers indicated a dip in net income and combined ratio in the fourth quarter in looking at 2015 collective results. Insurance Europe and the ABI responded to the EIOPA consultation on infrastructure corporates in Solvency II.
On the company front, Compre completed its restructure, GCube is targeting Weather Risk Transfer in North America, and RFIB Americas was formed. Skuld is to acquire in Norway, and XL Group announced a new share buy-back arrangement. Amongst the remaining results were Ageas("a solid start"), Helvetia(improvement in occupational pensions), and Liberty Mutual(a big increase in net income). There were senior appointments at Aspen, Charles Taylor, Marsh, The Hanover(new ceo), and Nicolas Moreau, AXA France ceo, is to leave.
Sean McGovern, Lloyd's cro and General Counsel,is to join XL Catlin as chief Compliance officer and head of Regulatory and Government Affairs, the Lloyd's Market Association(LMA) named four new elected members of its Board, and the Insurance Development Forum(IDF) appointed a wide range of insurance industry leaders to serve on its Steering Committee.
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.