Of Special Interest


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8th November 2015

Newslink Trends: Weekly Global Insurance Analysis

This week, Singapore attracted attention-The Singapore Reinsurance Association(SRA) and the International Underwriting Association(IUA) announced an affiliated partnership, and Lloyd's opened its expanded specialist underwriting platform. In addition, Xchanging announced a three year contract to supply services to Lloyd's Service Companies operating from its Asia platform. Xchanging also reported that Apollo was not going ahead with a bid, and a further announcement will be made "as and when appropriate" regarding the agreed bid from Capita. Meanwhile, the ECF Write-Back development was awarded an ACORD accolade at its annual Forum.
EIOPA published a final report on public consultation on draft ITS relating to the Solvency II equity risk sub- model, and Solvency II Wire launched ORSA Knowledge Centre.
Insurance Europe reviewed the varying cost of motor claims across the Continent, and Standard & Poor's highlighted the continuing fierce competition Asia Pac reinsurers were experiencing, and also reported on the increasing liklihood of Chinese insurers seeking overseas investments. The Association of British Insurers(ABI) published figures on the impact of the new pensions freedoms, and also announced new board appointments and a change of location-at its Biennial Conference.
On the IT front, Guidewire announced new versions of its DataHub and InfoCenter solutions, Intellect SEEC launched its Digital Distribution Suite for the UK life and pensions sector, and Sapiens reported "solid growth and performance". The London Market Group(LMG) announced the appointment of a ceo.
Aegon was designated as a G-SII by the Financial Stability Board(FSB), replacing Generali. Mitsui Sumitomo's Scheme of Arrangement was given the nod by Amlin shareholders, and TMK announced governance changes. Denis Mahoney, recently appointed executive chairman of RFIB, is to take over as ceo from Jonathan Turnbull.
It was a busy week for third quarter, year to date results and Management Statements-they included Ageas(net profit up), AIG(in transition),Allianz(on target), CNA Financial(operating income up), CNP(continued steady earnings), The Hanover(net income up), Generali(passed last year's profit after nine months), Great-West Lifeco(net earnings still increasing), Legal & General(international business growing), MetLife(impacted by macroeconomic factors and charge), RSA(Hester bullish), Sun Life Financial(slight improvement in volatile market), and Zurich(recovery plan activated). In the reinsurance/specialty sector-results included Aspen(record insurance underwriting income and insurance president/cuo appointed), Berkshire Hathaway(insurance underwriting earnings down and investment income up), Endurance(completed Montpelier Re integration), Fairfax(operating income up and increased stake in Indian jv), Hannover Re(group net income up 13%), Lancashire(combined ratio improved), Markel(underwriting improved, equity portfolio declined, and major appointment in Shanghai), Munich Re(investment result impacted by capital market turbulances down in third quarter but on course), RenaissanceRe(operating and net income up), SCOR(net profit up 30.5% after nine months). JLT highlighted the performance of its Risk and Insurance, and international Employee Benefits businesses.
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