Of Special Interest

8th February 2015

Newslink Trends: Weekly Insurance Global Analysis
Trend

This week, Towergate published two restructuring plans-initially with secured creditors, then on Friday, bringing in unsecured creditors as well.
Standard Life surprised the UK life market by announcing a countrywide financial advisory business and its first IFA acquisition.
Standard & Poor's looked at risks across the German insurance market, whilst the Association of British Insurers(ABI) reported that average motor insurance premiums reduced by 4% last year.
EIOPA announced a cut in its budget at a crucial time for Solvency II implementation-this was followed by a series of announcements covering Guidelines, infrastructure investment, equity capital charge adjustment, conflict of interest, and occupational pensions. The Financial Conduct Authority(FCA) finalised rules requiring firms with workplace pensions to form independent governance committees. The International Underwriting Association(IUA) and the Lloyd's Market Association(LMA) are working together to review contract implications from the upcoming Insurance Bill, and the former has responded to the Prudential Regulatory Authority(PRA) regarding the proposed Senior Insurance Managers Regime.
Both Pegasystems and FINEOS introduced solutions for Employee Benefits insurers, and Markerstudy indicated increased volume of motor quotes, a reduction in application fraud, and an improved loss ratio through the usage of RDT's innovative rating hub. ISO in the UK announced its first outsource provider to license its MoJ claims management system, and Willis Re introduced a cyber risk modelling tool.
Compre has a new majority shareholder, Markel International is to offer reinsurance through the Lloyd's China hub, and Fairfax Financial moved for QBE's Ukrainian book. SCOR sponsored a new cat bond, and Gallagher continued its acquisition trail in New Jersey, as well as reporting good growth in 2014.
The fourth quarter and full year financials started to flow-of particular interest were those for AXIS Capital and PartnerRe who are getting together, and Aspen who defended against an offer from Endurance Specialty. Other results included Everest Re, RenaissanceRe, XL Group, Beazley, Munich Re, The Hanover, and The Hartford.
Novae Group appointed a new head of Casualty, and there were senior changes at the Channel Managing Agency.
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