Of Special Interest


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23rd November 2014

Newslink Trends: Weekly Insurance Global Analysis

This week, UK companies were to the fore-Aviva issued a statement after stock marking closing on Friday saying it had reached agreement on key financial terms for a "possible offer" with Friends Life, Quindell's chairman and two directors are to leave the Board following reaction to a share arrangement, and Towergate said they had received approaches to potentially acquire the Group. China Re's special purpose Syndicate at Lloyd's is to transform to stand-alone status, managed by Catlin Underwriting Agencies, and Pool Re members agreed changes to Treasury retrocession arrangements. Aon announced a new share repurchase program, and Catalina completed a Californian acquisition.
EY reported that UK motor premiums are due to increase, the Economist Intelligence Unit(EIU) predicted that insurers set to allocate more than 15% of investments in private assets could double in the next three years, and a Guy Carpenter survey indicated key drivers and threats to US p & c (re)insurers. Towers Watson reporting on European merger activity saying that competition amongst insurers for attractive technology assets could intensify, and Target highlighted that taking insurance products and services to market needed to be quicker in the UK as they were not keeping up with customer changing demands. SAS issued a report looking at the use of predictive analytics in the claims area, and Xchanging published a survey on the Canadian insurance markets' planned investments, business priorities, and growth strategies. Ark chose the Sequel Impact risk exposure and aggregation solution.
On the regulatory front, the Bermuda Government said it would reserve any commitment to a UK model for beneficial ownership until it was further recognised internationally, and the Indian Insurance Bill to uplift the threshold for foreign insurer investment looks destined to be delayed yet again. A House of Lords committee has requested an urgent Call for Evidence over the UK Insurance Bill, and Pennsylvania has joined the IAIS MMoU. Willis Global Head of Financial Institutions outlined key factors for the UK market to consider in dealings with regulators, and the European Parliament is unlikely to extend the objection period for Solvency II Delegated Acts.
Amlin and Prudential both announced good progress. The Association of British Insurers(ABI) named a new director general, and Chubb made a major European appointment.
The International Insurance Society revealed Hall of Fame candidates, and the Chartered Insurance Institute(CII) introduced four new categories to its Public Interest Awards.
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