Douglas Shillito
This week, Marsh and TheCityUK published a report headed "Cyber and the City" and warned that more has to be done by the insurance industry. Meanwhile, Guy Carpenter and Symantec are to create a cyber aggregation model. The regular ISO/PCI review of US P&C insurers indicated a dip in net income and combined ratio in the fourth quarter in looking at 2015 collective results. Insurance Europe and the ABI responded to the EIOPA consultation on infrastructure corporates in Solvency II.
On the company front, Compre completed its restructure, GCube is targeting Weather Risk Transfer in North America, and RFIB Americas was formed. Skuld is to acquire in Norway, and XL Group announced a new share buy-back arrangement. Amongst the remaining results were Ageas ("a solid start"), Helvetia (improvement in occupational pensions), and Liberty Mutual (a big increase in net income). There were senior appointments at Aspen, Charles Taylor, Marsh and The Hanover (new CEO). Nicolas Moreau, the CEO of AXA France, is to leave.
Sean McGovern, Lloyd's CRO and General Counsel, is to join XL Catlin as Chief Compliance Officer and head of Regulatory and Government Affairs. The Lloyd's Market Association (LMA) named four new elected members of its Board, and the Insurance Development Forum (IDF) appointed a wide range of insurance industry leaders to serve on its Steering Committee.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.