Of Special Interest


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6th October 2013

The Global Insurance Week

This week, the European Commission at last provided clarity on Solvency II by proposing a start date of 1st January 2016-Newslink includes comments from Insurance Europe, and consultants KPMG and PwC. There was also comment following the publication by EIOPA of final Solvency II prepararation guidelines, and an address and comment at the annual FERMA Risk Management Forum.
PwC issued a report which highlighted the rise of UK insurance M&As in Europe, whilst Towers Watson surveyed US p&c insurers' chief claims offices regarding their biggest challenges-workforce management came top. Fitch highlighted market growth in European underdeveloped markets.
Company activity was well spread-the delayed Aviva USA sale was finalised, Allianz AGCS opened in Stockholm, and Validus formed a underwriting company in Switzerland. ING is to rebrand its insurance business, Ironshore is also rebranding its Pembroke managing agency at Lloyd's, and Allied World is to acquire renewal rights to a Markel International aviation book. SCOR sought clarification over the French reinsurance market, MetLife firmed up on a joint venture in Vietnam, and AXA Investment Managers sold the entire stake in their Private Equity arm in France. Howden bought a majority stake in a Norwegian broker, and Hub acquired in Florida.
Guidewire tends to attract the headlines most weeks-Cap Gemini launched its Platform as a Service leveraging the software house's InsuranceSuite, and Sempla joined Guidewire PartnersipConnect for the Italian market. Cover-All was selected by Allied World in the US, and also announced the new release of its Business Intelligence Suite. ISO reported the latest addition to its predictive analytic modelling tools, and Sequel signed up its first European insurer-Gable Insurance.
Julia Graham was appointed president of FERMA.
Insurance Newslink published an interview with SAS on its hybrid analytics approach to tackling insurance fraud.