Douglas Shillito
This week, Lloyd's announced an increase in pre-tax profit for the first half, but the combined ratio also rose from 89.5 to 98. Chief Executive Inga Beale again emphasized the importance of Brexit and that plans were being put in place, and chairman John Nelson revealed that a Tier 1 onshore reinsurance licence has been applied for in Malaysia. Lloyd's also reported on a survey which indicated cyber risk was now on top of European CEOs’ agenda. Lloyd's and the Lloyd's Market Association (LMA) announced a "ground-breaking" Oasis shared services deal, and the LMA also published a report on key trends in causes of major losses in the onshore oil, gas and petrochemical industries. The Prudential Regulatory Authority (PRA) issued a consultation paper on a draft supervisory statement in relation to general insurance significant events which might affect solvency or future business plans.
The Financial Conduct Authority (FCA) published a Feedback Statement following its Call for Inputs on Big Data in UK retail insurance. Willis Towers Watson's latest UK Motor Insurance Industry Report warned on an increase in cost of damage claims due to technology advances, and the Willis Research Network celebrated its first 10 years of helping develop research and solutions to meet the challenges of understanding risk and resilience. Marsh looked at how technological change is redefining risk for retailers, and released its latest Environmental Market Update. ICMIF research indicated growth in the number of women on boards of mutual and cooperative insurers, and the trade association also reported on the B20 Summit in China and presentation of micro-insurance strategy to G20 leaders and others. Allianz Global Corporate & Specialty (AGCS) published a new report on the rise of drones and unique associated risks.
The London Market Group (LMG) appointed Chris Beazley as its first permanent CEO. Zurich is to combine Corporate and Commercial into a single global business and appointed three new executive committee members. ICICI Prudential Life became the first Indian insurer to proceed with an IPO, which was oversubscribed 10.4 times. Atradius moved for the remaining 55% of Graydon, and LV= general insurance operating profit dipped but life operating profit more than doubled at half time. Watchstone refuted grounds for a claim to be brought by Slater & Gordon. Advent launched a Bespoke Products underwriting unit, and Asta received "in principle" approval to establish and manage Blenheim Syndicate 5886. Ed (previously Cooper & Gay) launched an Accident & Health division and named its head, and Novae Group reported that director and CFO Charles Fry was leaving the company. XL Catlin moved for an Australian-based Lloyd's coverholder, and appointed a Country manager for Hong Kong.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.