Of Special Interest

Filters

[x] [x]

12th March 2023

Newslink Global Insurance Trends-Editor's Weekly Highlights
Trend

This week, Swiss Re successfully closed a multi-year stop-loss transaction with funding led by J.P. Morgan-the deal provides Swiss Re with $700m in underwriting protection and builds upon an innovative hybrid transaction concluded with J.P. Morgan in April 2022, which was the first of its kind to combine bank financing and insurance-linked securities(ILS). Lloyd's reported preliminary 2022 financials-Gross Written Premium(GWP) increased by over 19% to more than £46bn FY 2021:£39.2bn) reflecting a combination of growth from the strong USD(8%) direct price increases(8%) and organic growth(3%)-the underwriting performance improved more than expected by 1.6 percentage points to deliver a combined ratio of 91.9. Other financials included those from Admiral, Aviva, Legal&General, and Royal London; Grenlight Capital Re, Hannover Re, and Hiscox. Against the backdrop of wide-reaching global political and economic uncertainty, the credit and political risk insurance market(CPRI) has access to more capacity than ever before, with notional maximum capacity increasing across the board, demonstrating its resilience and depth, according to the "Credit and Political Risk Insurance Capacity Survey and Market Update", released by WTW.
The International Association of Insurance Association(IAIS) is developing the Insurance Capital Standard(ICS) as a consolidated group-wide capital standard for Internationally Active Insurance Groups(IAIGs)-the ICS will provide a common language for supervisory discussions of group solvency of IAIGs and enhance global convergence among group capital standards. Insurance Europe has responded to a discussion paper by the European Insurance and Occupational Pensions Authority(EIOPA) on methodologies for cyber stress testing for insurers, and also replied to a discussion paper by EIOPA on the prudential treatment of sustainability risks. The National Association of Insurers of Ukraine joined Insurance Europe as an associate member.
The Placing Platform Limited(PPL) Next Gen platform went live. Creators of a newly formed US insurer that serves as a fronting company for programme business is using technology platforms provided by VIPR Solutions to ensure that its operations are well-structured and efficient from the outset-founded in 2009, VIPR supports the automation of insurance back-office processes such as bordereaux management and processing and coverholder management, as well as regulatory compliance.
Ariel Re secured $270m of new capital to support 2023 growth, whilst Asta, the leading third-party managing agent at Lloyd’s, announced that it is strengthening its global presence by establishing a service company in Singapore. New London-based specialty MGA Nirvana launched with ambitious growth plans following a management buyout from Castel. Bermuda reinsurance brokerage ReFlex Solutions launched, and SiriusPoint-backed MGA Arcadian Risk Capital set sights on significant growth following extension of their partnership. Gallagher Re deepened delegated authority specialism with the acquisition of London Market binder broker Bay Risk. There were senior appointments at Connect Underwriting and The Microinsurance Network(MiN).



REGISTER FOR A 14 DAY FREE TRIAL TO ASSESS OUR GLOBAL TRENDS SELF-SERVICE AND CREATE SPEEDY REPORTS at onlystrategic.com

Increasingly, financial services companies and their regulators are taking a global view as instant communications make the world a smaller place and are accelerating the maturity of developing countries. Insurance Newslink 30 years ago predicted this trend and over that period of time has uniquely brought together strategic intelligence from source across all insurance/reinsurance markets and related IT/InsurTech trends into an internet-based Research Matrix database self-service and reporting facility. As technology and analytics progresses, with such advances as machine learning, artificial intelligence, and dispersed digitisation uplift following the COVID-19 pandemic, the service will play an increasingly important role in adding value to internal company analytics in a global market context.
Today, Insurance Newslink has over 56,000 expertly selected articles from source indexed across a Matrix of date, continent /country, company, regulatory, company, research/publications, and IT applications by business function. Our Banking Newslink Global Trends service commencing in 2000 has over 36,000 articles, and Financial Newslink combines both services at www.onlystrategic.com
Insurers, reinsurers and banks need to know about each other’s positioning and IT suppliers of all types and sizes need to understand the key business and regulatory issues and opportunities. The surge of InsurTech, FinTech and digitisation initiatives have emerged from all over the globe-only a few years ago, the Chinese were finding out about progress in the US and Europe and could well now be ahead of the field. Speedier change is impacting the mind-set of the customer/consumer.
The service acts as a strategic catalyst enabling quicker, better decisions across market players and suppliers bringing global market,IT, and regulatory trends together, adding value for student through to CEO.
Our content is read broadly equally across The Americas, Europe, and Asia Pacific by all ranges of management and we are increasing the number of distribution partners. Our service is available from a single user to a corporate subscription.
For the past 40 years, we have worked with over 100 market players and major technology suppliers-go to our consultancy site-Shillito Market Intelligence Ltd at www.shillito.org.uk for more background and a list of some of our clients. For the last 30 years, our Newslink Global Trends Research Database has been proven as the core content for our numerous white papers, university business school lecturing, training, speaking, and chairing events globally.