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22nd February 2015

Newslink Trends: Weekly Insurance Global Analysis

This week, Standard & Poor's reviewed issues and trends in the reinsurance market, and also reported on the P&I sector. The PwC Annual Global Report indicated that 91% of insurers feel that over regulation could impact growth, and the Association of British Insurers(ABI) urged the UK Government to take action to enable motor insurance premiums to be reduced for young drivers.
EIOPA published a report on the functioning and accomplishments of Colleges in relation to Solvency II, and Solvency II Wire made available an updatable map of details of the internal model pre-application process in each Member State. Insurance Europe commented on the EU Capital Markets Union consultation document.
The Centre for Policy Studies outlined a seven-point plan for consideration relating to the UK retirement pension changes to be introduced in April, whilst the chief executive of Royal London said that the Government had not prepared adequately.
Accenture Duck Creek Suite delivered by a SaaS model was selected by Pacific Security, and Quindell's ICE Claims solution received a Celent accolade. Majesco completed the transition and consolidation of Mastek's UK insurance business, and SSP bolstered its insurer division with two senior appointments. Lloyd's Market Association(LMA) appointed a specialist to lead the overhaul of delegated authority processes, and Charles Taylor acquired to offer of turnkey services to new Lloyd's syndicates.
Fairfax Financial moved for Brit, China's Anbang is to acquire in Holland and take a majority stake in a South Korean life insurer, and RSA is to sell the minority stake in its Indian joint venture. Equinox Global received Lloyd's approval to open a branch in Holland. Towergate obtained the nod from 75% of secured and unsecured creditors for two parallel schemes of arrangement, and Gallagher, in addition to acquiring in Arizona, appointed Grahame "Chily" Chilton to head its London-based International division, replacing David Ross.
Financials continued to be reported-amongst them were Ascot(ceo delighted), Arig(Takaful Re impacted net profits), CNP(a successful year),IAG(growth up but net income down), Swiss Re(should meet 2011-2015 targets), Royal London(a good year) and Standard Life(a 38% increase in assets under administration).
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