Of Special Interest

9th June 2013

The Global Insurance Week
Opinion

This week, three large US insurers were named as systemically important. The Geneva Association in a report said that governments should cooperate more with insurers to mitigate the impact of natural catastrophes, and Guy Carpenter looked at the impact of the growth in ILS on the traditional reinsurance market. Timetric warned on the Bahamas insurance market as the Atlantic hurricane season officially began.
THe FCA fined leading UK financial adviser Sesame over £6m, and the ABI supported moves by the UK regulator over Motor Legal Expenses Insurance(MLEI).
Guidewire introduced DataHub and InfoSearch solutions following its acquisition of analytics specialist Millbrook, GMC launched a Customer Service Correspondence solution, and there were enhancement announcements from Insurity and MajescoMastek. Hiscox France went live with Prima Insure SaaS Platform, SAP launched analysis of ISO Circulers through a cloud-based service, and SSP published a noteworthy overview white paper on the state of the telematics market. Quindell secured a claims outsourcing contract with a major UK broker, and Xuber extended its software support services. Eqecat finalised an agreement to share exposure data schemas with RMS, and Marsh announced NAT CAP Risk Map.
On the company front, Generali is to sell its US life reinsurance book to SCOR, and also secured an up to E2bn revolving credit facilities. Enstar moved for Atrium and Arden Re, whilst Fairfax Financial is to acquire American Safety excluding its Bermudan unit which will be bought by Tower Group. Marsh is to acquire the leading broker in the Dominican republic, Besso invested in an Australian underwring agency, and Randall & Quilter took over a French run-off book. Dai-ichi Life bought a stake in an Indonesian life insurer, and deVere Group obtained a federal license in the US.
Arista announced financials.
The new chairman of the Geneva Association is ceo of XL Group, Mike McGavick, Nick Prettejohn was appointed to the Board of the PRA, and Hiscox announced a European coo.