Of Special Interest


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2nd March 2014

Weekly Insurance Global Analysis

This week, Stephen Hester, new Group chief executive at RSA, announced a loss, a rights issue, potentially some disposals, and no final dividend. Others reporting included Allianz, Direct Life(positive figures and now free from RBS ordinary shareholding), Hiscox, Legal & General, Liberty Mutual, Old Mutual, QBE(loss in the US), St.James Place, and Standard Life.
London Market claims were in the spotlight as Lloyd's Market Association(LMA) announced an in-depth quality study, the FINEOS platform was chosen by Crawford to provide a Volume Claims Service, Montpelier signed up for Charles Taylor's claims solution, and Ambant launched its Loss Fund Service.
Sapiens and Xchanging announced results, Capita bought its second stake stake in an MGA, Towers Watson launched a new life insurance financial modelling offering, and Unirisx established a permanent presence in Malaysia.
The Annual Capgemini/Efma World Insurance Report focussed on customer experience and the growing diversification of distribution channels, whilst the performance of insurance mergers was reviewed by Towers Watson and Cass Business School. The Chartered Insurance Institute(CII) partnered with Oliver Wyman in a survey to ascertain the UK insurance industry executives' views on the approach of the Financial Conduct Authority(FCA). In a busy week, the CII also polled its members who are more optimistic about economic performance than they were last year. Insurance Europe looked at stumbling blocks in the way of cross-border activity, whilst a Northern Trust survey warned on the state of insurance investment systems.
Cigna announced a joint venture in India, Swiss Re acquired a majority interest in a Columbian surety insurer, and president of ACE European Group, Andrew Kendrick, spoke about the future for the European insurance market at the Economist Insurance Summit Conference in London.
Brightside appointed a new ceo, and Tom Stoddard is to be the cfo at Aviva.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global database service today at www.onlystrategic.com