Of Special Interest

30th October 2016

Newslink Global Insurance Trends

This week, the Financial Conduct Authority(FCA) launched a consultation on its Mission, with new ceo Andrew Bailey setting out its future objectives. Insurance Europe warned of dangers of protectionist policies against foreign (re) insurers, and also published an insight briefing into the design of the Insurance Product Information Document(IPID). The International Cooperative and Mutual Insurance Federation(ICMIF) announced that Hilde Vernaillen, chair of the Management Committee, P&V Group(Belgium), will be the Federation’s new chair.
Standard & Poor's reviewed the Irish p&c sector. An Axco report highlighted how public-private partnerships can unlock opportunities in emerging markets for (re) insurers, and later in the week, Swiss Re announced it had entered into a agreement as sole reinsurer to protect seven prefectures of Guangdong province in China, its second such agreement in the country.
The board of PPL Ltd announced that Directors & Officers, Financial Institutions and Professional Indemnity will all go live on the PPL platform from the 7th November. Duck Creek Billing and Policy solutions were selected by US-based Cumberland Insurance Group, a new release of the Guidewire Insurance Platform was announced, and Fadata is to establish a permanent base in Stockholm to increase its Nordic presence. FICO Enterprise Security Score was launched to assess the likelihood of an organisation being breached by a cyber attack, and Sapiens' platform was selected by Generali Nederland to administer a large portion of its life portfolios. Verisk Analytics acquired Analyze Re, Willis Re collaborated with SpatialKey to launch a new European Windstorm app, and Xceedance, a global provider of property/casualty insurance technology, analytics and consulting services, has established an office in London to serve the European, Middle East and Africa(EMEA) market.
Third quarter and nine month results began to be published -early birds included AXIS Capital(continued improvement in operations and results says Benchimol), Chubb(net and operating income up), PartnerRe(Clarke happy with third quarter results), Qatar Insurance(strong growth), SCOR(strong nine month results says Kessler), XL Group(improved combined ratio, and realigned its p&c operating model, making senior role changes), and MarshMac(growth continues). Genworth agreed to be acquired by China Oceanwide, and Somerset Re increased its common share capital to $375m. Willis Towers Watson announced that president and deputy ceo, Dominic Casserley, is to leave at the end of the year, and Willis Capital Markets & Advisory(WCMA) appointed a senior vice president.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global trends database services last Wednesday and today at www.onlystrategic.com -featuring advanced structured search and report facilities and a free 14 day full trial.