Douglas Shillito
This week, first quarter results were dominated by majors: Allianz (on track), Generali (happy with technical result in difficult investment environment), Zurich (action on general insurance beginning to take effect), Berkshire Hathaway (underwriting earnings more than halved), Hannover Re (a "gratifying" quarter), Munich Re (profit down), and Chubb (increase in operating income and book value per share).
Sun Life Financial improved earnings across all four portals. Hiscox and Novae Group both had a good start to the year, and Willis Towers Watson was bullish, following the merger. Skuld reported its best combined ratio for five years in 2015 and the UK P&I Club's underwriting result was on target. Generali also announced the formation of a Global Business Lines & International function, to be headed by Frederic de Courtois who is joining from AXA. European senior management hopping continues.
Standard & Poor's reported that global multi-line insurers were best placed to withstand the industry's top challenges, and also reviewed the potential impact of the Fort McMurray wildfire on Canadian insurers. A new survey indicated that people are increasingly buying insurance online in the UK. The survey compared the various online methods being used with an earlier survey three years earlier. Insurance Europe reported on case studies examining successful initiatives to promote European insurance workers' wellbeing. The London Market Group (LMG) published its first market-wide Talent Report which provided "food for thought in a number of areas".
EIOPA published its year-end report 2015 on the Functioning of Colleges of Supervisors and Accomplishments of Action Plan. The Joint Committee of the European Supervisory Authorities (EBA, EIOPA, ESMA-ESAs) published its Opinion on the European Commission’s intention to amend the draft Implementing Technical Standards (ITS) on the mapping of External Credit Assessment Institutions’ (ECAIs) credit assessments under the Capital Requirements Regulation and Solvency II Directive. The Opinion was produced in response to the EC’s proposed amendments to the draft ITS.
In other news, Chadid Capital acquired 75% of UAE-based Al Manara Insurance Services; Tokio Marine Kiln (TMK) launched its Aviation Consortium on Lloyd's Asia platform; W.R. Berkley formed Berkley Insurance Asia; and Willis Towers Watson appointed a CEO of its WCMA investment banking business.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com