Of Special Interest

21st July 2013

The Global Insurance Week
Opinion

This week, reported by Newslink, the IAIS published assessment methodology and policy measures for G-SIIs, whilst the FSB named nine insurers-there was a mixed reception. EIOPA released its final report on the results of two peer reviews on internal models, and a EDHEC-Risk Institute study indicated that insurers should invest in infrastructure. Swinton were fined heavily by the FCA for mis-selling add-on products.
Conning looked at the performance of successful US individual life and annuity insurers and Fitch reviewed the potential impact of interest rates on the US life sector. Towers Watson and Confused.com revealed that premiums in the UK motor sector continue to drop, and J.D. Powers reported that US auto claims customer experience has held steady in the second quarter compared with the first.
Allstate is to sell Lincoln Benefit Life to Resolution. Canopius has acquired Equity's personal lines business and its 25% stake in Arista-the latter is now 75% owned by Canopius- Equity Red Star announced a restructure. AIG said that it intends to merge its Japanese sibsidiaries, whilst Prudential is to sell its closed life book in that country. Swiss Re confirmed it was in talks with Phoenix Group to explore a possible merger with its outsourcing unit Admin Re, and
Simply Business announced a management buyout. Quindell issued a trading report and an investment in a US telematics specialist. Allianz and Marsh announced Major Claims Promise, and Direct Line DLG Legal Services was launched. Brown & Brown and UnitedHealth announced second quarter results.
On the IT front, FirstBest introduced a new underwriting management solution for workers' comp insurers, and FINEOS launched Business Analyser to add to its other claims solution modules for the London Market. Appalachian Underwriters choose Instec's rating software, Zurich North America selected
ISO ClaimsDirector fraud analytics service, and Verisk announced a new version of Class Insight for commercial property rating. XL Group and Cognizant announced a new mobile-enabled risk engineering platform.
A ceo of Aviva Investors was appointed-Euan Munro will move from Standard Life.