Douglas Shillito
This week, the Financial Conduct Authority (FCA) launched a consultation on its Mission, with new CEO Andrew Bailey setting out its future objectives. Insurance Europe warned of dangers of protectionist policies against foreign (re)insurers, and also published an insight briefing into the design of the Insurance Product Information Document (IPID). The International Cooperative and Mutual Insurance Federation (ICMIF) announced that Hilde Vernaillen, chair of the Management Committee, P&V Group (Belgium), will be the Federation’s new chair.
Standard & Poor's reviewed the Irish P&C sector. An Axco report highlighted how public-private partnerships can unlock opportunities in emerging markets for (re)insurers, and later in the week, Swiss Re announced it had entered into a agreement as sole reinsurer to protect seven prefectures of Guangdong province in China, its second such agreement in the country.
Third quarter and nine month results began to be published -early birds included AXIS Capital (continued improvement in operations and results says Benchimol), Chubb (net and operating income up), PartnerRe (Clarke happy with third quarter results), Qatar Insurance (strong growth), SCOR (strong nine month results says Kessler), XL Group (improved combined ratio, and realigned its P&C operating model, making senior role changes), and MarshMac (growth continues). Genworth agreed to be acquired by China Oceanwide, and Somerset Re increased its common share capital to $375m. Willis Towers Watson announced that president and deputy CEO, Dominic Casserley, is to leave at the end of the year, and Willis Capital Markets & Advisory(WCMA) appointed a senior vice president.
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