Of Special Interest

7th February 2016

Newslink Global Insurance Trends
Trend

This week, fourth quarter and full year 2015 results began to flow with reinsurers/specialty to the fore-they included Allied World(net income drop in fourth quarter), Aspen(net and operating income up), AXIS Capital("stronger and more focused"), Beazley( profit up and head office to return to London), Endurance(Montpelier Re integration completed), Munich Re(close to 2014 result), RenRe(net income down but operating income slightly up), and XL Group(Catlin integration "exceeding expectations"). Hannover Re and PartnerRe reported on 1st January treaty renewals.
Also reporting financials were leading brokers Aon(net income up) and Marsh("outstanding fourth quarter"), Allstate(strong ending), The Hanover(improvement in 2015), and MetLife(impacted by lower variable investment income and a strong US dollar).
Sompo Canopius became a new brand, and Mitsuui Sumitomo completed its acquisition of Amlin. Lloyd's is to extend its Open Trading Sessions at its Singapore hub, amidst local support for the move, and Cobalt Underwriting is to work with Chaucer on a new Shariah-compliant political violence product. XL Group acquired in the US, and Flood Re in the UK secured a £2.1bn multi-year reinsurance programme.
EIOPA published a Consultation Paper on Guidelines for effective dialogue between regulatory supervisors and auditors of (re)insurers, and another one on its advice related to the development of a single EU market for personal pensions products. Insurance Europe said that a one year extension is required before new proposals for PRIIPs are introduced.
Accenture revealed in a global survey of over 400 insurers that more than half were considering setting up their own aggregator sites. The UK government is investing a further £20m in connected car/driverless car research projects as the subject gains increased media coverage, and Willis Re announced a strategic partnership to advance the use of drones in the insurance market. RMS launched its Cyber Accumulation Management System, and Swiss Life is working with Attunity to aggregate customer information more speedily and accurately.
There were senior appointments at Gallagher's US Wholesale Broking business and in the MENA area, and at Bowring Marsh, whilst Travelers announced a new European coo, and Lloyd's Market Association(LMA) appointed a new Finance Committee chairman. Anne Richards is to head Prudential's M&G Investments arm, moving from Aberdeen Asset Management.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global database services last Wednesday and today at www.onlystrategic.com