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25th January 2015

Newslink Trends: Weekly Insurance Global Analysis

This week, Solvency II was a hot topic as the Designated Acts were finally adopted and the deputy head of the Prudential Regulatory Authority(PRA) gave a positive speech saying that UK insurers were in a good position and the regulator was not looking to use Solvency II as an opportunity to raise capital requirements across the board or "gold plate". Fitch also reported that EMEA insurers were strongly capitalised.
A major insurer/broker consortium launched a micro insurance incubator vehicle(MVI)at Davos and the British Insurance Brokers' Association(BIBA) released its 2015 Manifesto.
The latest quarterly CBI/PcW UK financial services review indicated that IT spend was rising across the insurance sector. Darktrace signed up a Norwegian marine insurer for its cyber defence solution and Swiss Re strengthened its Cyber & Technology team.
Eurobase International Group reported a good first six months, and FirstBest announced the general availability of its Insight integrated analytic model. Polish insurer Warta has deployed Guidewire's ClaimCenter and Hastings Mutual announced it is to implement further solutions from the software supplier. Genpact published a survey on the challenges and opportunities for US p&c insurers, and SSP research showed that 29% of UK consumers for motor insurance believe it is not their responsibility to check the accuracy of applications. Quindell confirmed they were in talks with law firm Slater & Gordon over the sale of one of its divisions.
Willis announced that the partnership agreement with Miller had been finalised, and made two senior appointments to its GB division. Allied World is to move into the marine liability sector with a new hire in London, and there were also managerial appointments at Capsicum Re, Gen Re, and Skuld. Hiscox reported that its Kiskadee ILS funds had reached $400m, Korean Re is looking to open a subsidiary at Lloyd's in London, and QBE is to sell its US agency business to Alliant Insurance Services.
The Aviva/Friends Life merger could result in the loss of up to 1,500 jobs. A major Turkish insurer and retirement fund are to be privatised.
Hyperion reported a strong return, and Travelers produced record net and oerating income for the year and fourth quarter.
St. James's Place continued its impressive growth.
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