Of Special Interest

10th November 2013

The Global Insurance Week
Opinion

This week was an active time for results and interim management statements-Newslink covered reports from AEGON, Ageas, Aviva, Beazley, CNP, Generali, Hiscox, ING, Lancashire, Markel, Novae Group, Sampo, Legal& General, Sun Life Financial, Hannover Re, Munich Re, SCOR, Swiss Re, Crawford, JLT, and MarshMac.
RSA issued a profit warning related to severe weather on Tuesday which hit the share price, but on Friday the news that it had suspended three top executives in its Irish operation, regulators were investigating, and there would be a further impact on profits, puts pressure on group chief executive
Simon Lee, with a further share dip posssible.
IGO published a survey of US insurance legacy systems and the increasing pace of replacement, Accenture are working with Zurich on a global financial system, and Guidewire PolicyCentre and BillingCentre solutions are being implemented at AIG Japan. ISO extended its case management system in the UK to include EL and PL claims, Quindell won a major telematics contract in Canada, and ProspX issued a new release. An ECF website is to be launched by LMA, and Xchanging is to partner with Watertrace to deliver Binder 360 Services, and also introduced Aromo through Xpresso to facilitate meetings between brokers, underwriters and senior claims management.
Gallagher and MarshMac Agency acquired in Texas, Hub bought in Manitoba' whilst Howden Broking Group moved for an Israeli broker. Zurich received reports from regulator FINMA relating to the suicide of its cfo.
Willis Capital Markets reported a big increase in cat bonds and also announced it had placed one for Catlin. S&P Capital IQ reviewed the rise in equity markets and its possible impact on the insurance world, and a report indicated the growth of microinsurance in Asia and Oceania, with potential for much more. European Supervisory Authorities, including EIOPA, launched a consultation around credit ratings "reliance" definition.