Of Special Interest


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30th March 2014

Weekly Insurance Global Analysis

This week, UK life market share prices took yet another pounding as the Financial Conduct Authority(FCA) needed to issue a clarification statement on its planned investigation into closed life books after the ABI contacted the head of the regulator. The FCA also later on Friday announced it is to hold an enquiry into the discussions with the press-the head of the Treasury Committee, Andrew Tyrie, said it was an "extraordinary blunder" and the enquiry should be totally independent.
Meanwhile, PwC published a survey on insurers' readiness for Solvency II Pillar 3, and Insurance Europe commented on the EC Communication on long term funding of the economy.
Ernst & Young revealed its latest annual survey of insurance chief risk officers in North America, and Towers Watson reviewed merger and acquisition trends in the same region. Swiss Re reported on a sigma study on 2013 catastrophes.
Guidewire were again in the news-with a further win in the US, an accolade from researchers Gartner, and Capgemini's Insurer Connect cloud offering for Guidewire's InsuranceSuite was chosen. An Australian customer of RDT won a Celent award for the fourth consecutive year, and SunGard released an accounting component to its iWorks Enterprize Financial solution. CoreLogic acquired Marshall & Swift/Boeckh and DataQuick, and Discoverture and Systema are to collaborate. The new chairman of the London Market Group(LMG) outlined its future wider role, and Xchanging launched its Mobile Claims Agreement Service on X-presso. Insurance Newslink interviewed Pegasystems European Insurance director, Tony Tarquini.
It was an active week for acquisitions and disposals-Aviva sold its general insurance arm in Turkey, Catalina moved for SPARTA, Wilton Re is to be bought by Canada Pension Plan Investment Board(CPPIP), and Gallagher acquired in New York. Standard Life is to purchase Pheonix Group's Ignis Asset Management arm, and Old Mutual sold Skandia Germany and Skandia Austria books. RSA launched its major rights issue to general approval, and Equitable Life's long suffering policyholders received a boost.
Chesnara, Ecclesiastical, Lloyd's(a better result in a low catastrophe year) and Talanx reported financials.
EIOPA announced the appointment of a new board member.
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