Of Special Interest

25th May 2014

Newslink Opinion: Weekly Insurance Global Analysis

This week, telematics stayed in the headlines as LexisNexis Risk Solutions moved for UK-based specialist Wunelli. Guidewire was chosen by a Swiss insurer and its ClaimCenter solution went live in Japan with Mitsui Direct. Xchanging opened another global support office in India, and Capita announced its third MGA investment/outsourcing arrangement.
Trend reports were issued by Conning, reviewing US p&c loss reserving, SNL on the US M&A scenario, and Fitch produced its Global Reinsurance Results Dashboard. Standard & Poor's said that the insurance industry was dealing well with the increase in extreme weather conditions, whilst the Geneva Association reported that its Climate Risk Statement had been approved by leading ceo's at its annual get-together in Toronto.
On the regulatory front, Solvency II Wire summarised its Regular Meeting in Paris and published a written interview with Michel Barnier, the EC Commissioner, who said he did not expect further delays in the adoption of Solvency II Delegated Acts. The FCA published a "broadly positive" survey into the handling of household/travel claims, and the Governor of the Bank of England, Mark Carney, aired his views on the insurance market in an article in The Times. EIOPA issued a Discussion Paper on conflicts of interest in the distribution of insurance-based investment products, and Brazil's insurance regulator SUSEP joined the IAIS's MMoU.
The Internation Insurance Society(IIS) introduced its 100 Global Stock Index Monitor.
Achmea's Outlook was changed to Negative from Stable by S & P, and Capital Z is to invest in the BMS Group. RSA is to sell its Canadian broking unit to AJ Gallagher, and also announced that it is to reduce its UK personal motor insurance broker relationships by 35%. SCOR introduced the creation of an "Alternative Solutions" new business unit, CGSC entered the MENA region with an office in Dubai, Gallagher moved for Guernsey-based captive management company Heritage, and Marsh Mac Agency acquired again in the US.
Willis appointed a M&A specialist to be based in New York, and Lloyd's director of finance and operations and Solvency II expert, Luke Savage, has been named as cfo and executive diector at Standard Life.
Amlin reported on the first quarter, and Gable Insurance for 2013.
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