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31st May 2015

Newslink Trends-Global Insurance Analysis

This week, Generali laid out new financial targets and said it aims to become the leader of retail insurance in Europe. Mapfre finalised the acquisition of Direct Line business in Italy and Germany. London brokers RFIB are to sell a majority stake to Calera Capital, and past Aon UK ceo Dennis Mahoney is to join as executive chairman. Ageas has formed a joint venture with EastWest Bank in The Philippines, ACE formed a new Commercial Lines team to focus on the SME sector in Hong Kong, and the shortly to be launched Indonesia Re in likely to receive regular government funding over the next few years. PartnerRe and Axis Capital received regulatory approval from the European Commission for their amalgamation agreement.
The International Underwriting Association(IUA) is to establish a company market committee to discuss Delegated Underwriting Authorities. The Association of British Insurers(ABI) responded to the Financial Conduct Authority's(FCA) report on the need for improvement in claims handling in the SME sector. Insurance Europe re-elected Sergio Balbinot as chairman for a further three years, and Gibraltar joined the IAIS MMoU.
UK motor insurers' combined ratio improved slightly but could worsen in the next two years, according to a Deloitte report, and US P&C insurers had another moderately successful year, said the regular ISO/PCI survey.
Turkish insurer Anadolu went live with modules of Sapiens' IDIT Software Suite.
The collective first quarter results from the Reinsurance Association of America's(RAA) members indicated a 90.5 combined ratio. Helios Underwriting achieved its "best year yet" in 2014.
There were senior appointments at Endurance Specialty(ceo Global Reinsurance), Equinox Global(head of UK and Ireland), Markel(coo Claims), Oman Insurance(ceo), and JLT(Group Finance director). Lord Howard, past Leader of the Conservative Party, was appointed senior non-executive director at Quindell.
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