Of Special Interest

9th March 2014

Weekly Insurance Global Analysis

This week, Hiscox announced it is to acquire Singapore-based AsiaDirect and also chose Sapiens' IDIT solution as a common platform for its global retail business. Ascot Undderwriting selected Xuber Claims for its London Market operation, and insurethebox is to work with ISO's Claims Outcome Advisor. Xchanging set out its insurance market plans at a London Forum, and also received an award for its X-presso product. Significantly for the catastrophe modelling sector, RMS announced its RMS(one) Developer Network. MajescoMastek had another success in the US.
Latin America was active-JLT Re Argentina was formed, and Gallagher took a controlling stake in a Peruvian broker. Brit is to proceed with an IPO, Argo Re and Horseshoe Re are to collaborate in the ILS sector, and CGSC restructered its Asian marine operations. Hub acquired in Illinois and Swiss Re finalised a longevity transaction with Aviva relating to the latter's Staff Pension Scheme.
The Willis Re president advised reinsurers to remain relevant, the UK insurance industry launched an apprentice scheme, and Fitch believes that UK flood costs are menageable for insurers.
Results continued to be announced-they included Admiral(lower turnover, higher profit), Amlin, Aviva(good progress but full potential still to be achieved), Berkshire Hathaway, JLT, Legal& General(record financials), Novae Group, and SCOR(strong all round).
Chinese regulator CIRC has issued a directive on reputational risk to insurers.
RSA appointed a new ceo for Ireland from Zurich who started his career with RSA, and Nick Prettejohn is to stand down as a non-executive at the PRA as he is to leave the regulatory sector.
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