Of Special Interest


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30th November 2014

Newslink Trends: Weekly Insurance Global Analysis

This week, the Prudential Regulatory Authority(PRA) published a consultancy paper on the introduction of accountability for specific insurance management positions, and the Financial Conduct Authority(FCA) issued standards for delivering the Guidance Guarantee aimed at defined contribution pensions following Budget changes. EIOPA opened consultation on intervention powers of a regulatory authority to temporarily prohibit or restrict insurance-based investment products.
There was more optimism regarding the Indian Insurance Bill which would lift the cap on foreign insurer investment, and an House of Lords Committee will begin taking evidence on the UK Insurance Bill on Tuesday.
Swiss Re released its global review of this year and 2015/2016, and the Managing General Agents' Association(MGAA) highlighted in a survey that 40% of UK MGA's were involved in or looking into mergers. The Royal Society said that global financial systems were failing to take into account the risks imposed by extreme weather, and the "1-in-100" disaster resilience initiative received United Nations support.
SunGard's financial planning solution, The Floow telematics specialist, and an Australian customer of Sapiens were all recognised at Award events in the US, UK, and Singapore respectively. FINEOS reported on the success of its Second London Market Cliams Summit, and Sequel is to hold an Innovation Forum in the Spring for its client base where the impact of the recent London Market Group(LMG)/Boston Consulting Group research on the future of the London Market will be discussed. MetLife launched a new digital platform in China, with a plan to expand it to other AsiaPac countries.
Arch Re is to acquire the remaining 50% of Gulf Re in Dubai, RenaissanceRe is to acquire Platinum Underwriters, R & Q completed a merger in Florida, and AmTrust Financial Services bought a specialty insurer in Michigan. Aegon is to sell its stake in its joint venture with La Mondiale, and Charles Taylor finalised the takeover of a Luxembourg-based life company. A new reinsurer specialising in African risks received regulatory approval to open in London.
There were managerial appointments at Scor Global Life, Argo, Markel, and Willis.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global database service on Wednesday and today at www.onlystrategic.com