Of Special Interest

9th April 2017

Newslink Global Insurance Trends

This week, EIOPA published it's methodology to derive the Ultimate Forward Rate(UFR) relating to Solvency II, but Insurance Europe swiftly commented that there was no need to make rushed changes. The Pensions Dashboard prototype project, to be launched in the coming week, has been managed by the Association of British Insurers(ABI) on behalf of HM Treasury, co-ordinating the efforts of around 80 people from seventeen pension firms and six technology companies, with input from Government, regulators and independent industry experts. The ABI also published a Trade Credit Report highlighting that insurers paid out, on average, over £4m in claims every week in 2016. Conning released a new global report-“Consolidation of insurance distributors continued at a rapid pace through 2016 and into 2017”, and JLT Specialty reported a 60% increase in M&A insured deals last year.
Lloyd's commenced operations in India, and also announced appointments to its Council and Franchise Board. Markel acquired the remaining 50% of Canadian MGA Allsport it did not already own, PartnerRe completed the acquisition of North American life reinsurer Aurigen Capital, and SCOR Global Life opened a branch office in Japan. 2016 results were published by China Re(stable growth), Peak Re(net income impacted by lower investment return), and Trust Re(underwriting profit slightly down). There was a senior appointment at Liberty Specialty, and Stephen Catlin is to retire as executive deputy chairman of XL Group.
DXC Technology, formed from the merger of CSC with the Enterprise Services business of Hewlett Packard Enterprise(HPE), commenced trading on the New York Stock Exchange. Open GI moved for Transactor Global Solutions, and Keylane acquired Schantz. Saga selected Guidewire solutions, whilst South African-based Alexander Forbes chose Sapiens. RMS announced the expansion of its range of cyber models to include a new class of ‘cyber-physical’ models, and Instanda and Concirrus are to collaborate on Internet of Things(IoT) connectivity for insurance. Cayman Islands-based Saxon and Starstone were both awarded a Celent 2017 Model Insurer accolade. In the UK, Cover Me Now, a new instant protection insurance tool, was launched, and Medigest aims to revolutionise the way consumers research and invest in private health insurance.
SSP is to partner with AXA to deliver Flood Re policies through broker channels, and AXA/MetLife joint venture MAXIS Global Benefits Network launched a new website and client and member portals.
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.