Of Special Interest

14th June 2015

Newslink Trends: Global Insurance Analysis

This week, both PartnerRe and determined suitor EXOR wrote to the former's Preferred Shareholders with the vote on the amalgamation agreement with AXIS Capital due next month. Newcomer Fidelis, headed by ex Lancashire ceo Richard Brindle, secured $1.5bn of equity capital, and Tokyo Marine moved for HCC. Markel Europe and Markel International got the nod from the UK High Court to merge, and Capita Managing Agency and Latin American specialist Istmo Re are to form a new Lloyd's Syndicate. Allianz Global Corporate & Specialty(AGCS) formed a strategic partnership with global crisis management assistance specialist red24, and Willis is to acquire in Taiwan. The LMA and IUA published a guide to the Insurance Act and the Bermuda Monetary Authority(BMA) commented on the European Commission(EC)'s recommendation for adoption of "provisional" Solvency II equivalence for Bermuda(and Australia, Brazil, Canada, Mexico, and the US).
The London Market ILS committee held its first meeting with HM Treasury representatives, and Slovakia joined the IAIS MMoU. The UN Secretary General is to give a keynote address at the UN Insurance Sector Summit on the third day of the 51st International Insurance Society(IIS) Global Insurance Forum to be held in New York tomorrow through to Wednesday.
Old Mutual is preparing for a public offering of shares in its US-based asset management business, and China's sole online insurer Zhong An has raised around $935m from five new investors. Standard & Poor's reviewed the rating status of Irish Life.
The annual IASA event in Las Vegas was the trigger, as usual, for announcements from leading insurance software suppliers-including Guidewire(Gateway Portal for Agents), FirstBest(a new version of its product suite), FINEOS(Billing), and Insurity(enhancements to its Insurance Enterprise View solution, and two new orders from Canopius Underwriting Agency in New York, and Alaska National). Sapiens' ALIS offering went live with a new entrant to the Israeli life sector, and Coverbox in the UK spun off its telematics development business as Insure Telematics Solutions(INS). EY launched its Managed Security Operations Center to focus on cybersecurity, Guy Carpenter announced its Financial Institutions and Cyber components of GC ForCas casualty catastrophe modelling platform, and Liberty Mutual Insurance launched its Risk Reduce portal for commercial insurance customers. Ovum research indicated that SaaS(Software as a Service) was already being used or being trialed by at least a third of insurers globally.
There were management appointments at AEGIS, Capsicum Re and JLT.
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