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9th August 2015

Newslink Trends: Weekly Global Insurance Analysis
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This week, PartnerRe reached a definitive agreement with EXOR-AXIS Capital will receive £315m from PartnerRe after the termination of their amalgamation agreement. Quindell adjusted earnings significantly downwards and confirmed that the Serious Fraud Squad had opened an investigation into past business and accounting practices. The second quarter and interim financials continued to flow in, with particular interest in RSA(better than expected) and Zurich(GI result impacted by large losses and higher expense ratio). Aviva "is moving into a different phase of delivery" said its Group ceo,and Direct Line pleased. Ageas, Allianz, and AXA all improved, Generali reported a record breaking half year, Legal & General and Old Mutual were strong, and Standard Life indicated a continuing shift to investments. Net income was down at AIG, and operating income dipped at Allstate and CNA Financial. Great West Lifeco, Manulife, and Sun Life Financial all improved. Berkshire Hathaway announced an underwriting loss and insurance investment income was down, Endurance Specialty held income levels with good growth, Fairfax Financial was impacted by unrealised losses on bonds, and Hannover Re reported almost a 20% rise in net income. Markel comprehensive income was down, Munich Re increased its profit prediction for the year end, and Novae Group pre-tax profit increased. XL Group ceo Mike McGavick said he was "excited" with future prospects following the Catlin acquisition. Net income was down at Aon.
Milliman reviewed the potential impact on insurance in ASEAN countries transitioning to the Asean Economic Community, and ABI Research looked at cyber risk insurance trends. The Lloyd's Market Association(LMA) issued a Claims Buffers Guide, and jointly with the International Underwriting Association(IUA) published a quick reference guide to the Insurance Act 2015. The Association of British Insurers(ABI) commented favourably on the UK Government's proposed review into consumers' access to financial advice, and RiiG announced the formation of its Claims Academy. Solvency II Wire and the Scottish Financial Risk Academy(SFRA) published OnRisk Dialogues based on articles by speakers from the SFRA Risk Colloquia.
Integra is to be acquired by entities affiliated to Odyssey Investment Partners, Hannover Re's Solvency II internal model was approved by the German regulator, Standard & Poor's revised its outlook from positive to stable for Liverpool Victoria FS core entities, XL Group shareholders approved a new share buyback program, and TigerRisk opened in Hong Kong.
On the information technology front, Sapiens announced strong earnings and growth in the second quarter, The Floow had a successful visit to South East Asia with the UK Prime Minister's Trade Delegation and made further progress in China, whilst Total Objects' GLOBAL XB solution was up and running with a Hong Kong-based broker within six weeks of the order being placed.
The LMA appointed a director of Finance and Risk, and Peak Re announced a head of Europe.
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