Douglas Shillito
This week, the London Market Group (LMG) hit the headlines. Monday saw the Placing Platform (PPL) go live, and within an hour, the first standalone terrorism risk was bound. LMG also prepared a document for the UK Government listing urgent issues around Brexit negotiations which are likely to seriously impact the London Market, and launched a white paper in the House of Commons to discuss the creation of a Foreign Aid Catastrophe Bond (FAB) using the soon to be created London ILS regime.
The International Underwriting Association (IUA) appointed a Finance manager, and in the US, the Insurance Information Institute (III) named a new President and CEO. The Financial Conduct Authority (FCA) also had a busy week, releasing its third annual report, publishing its Terms of Reference for its Retirement Outcomes Review, and fining Towergate for failings in protection of client and insurer money.
The ISO/PCCI regular review of US P&C insurers indicated a dip in net income in the first quarter, whilst Conning reviewed US life and annuity distribution and marketing trends. Munich Re reported that natural catastrophe losses were up compared with the first half of 2015, and Willis Capital Markets & Advisory (WCMA) reported that ILS issuances had slowed down in the second quarter after a brisk start to the year. Clyde & Co revealed that insurance M&A's were down, indicating that players were looking at alternative strategies. Confused.com and Willis Towers Watson indicated that UK comprehensive motor insurance premiums had continued to rise in the second quarter.
Gable Insurance reported 2015 financials and a new capital strategy, and Tokio Marine Kiln completed its integration with restructuring of its underwriting divisions. There were senior management appointments at Allied World, Beazley, Liberty Mutual Specialty, DUAL, and Willis Towers Watson.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.