Douglas Shillito
This week, the Chartered Insurance Institute (CII) launched its Strategic Manifesto 2021 Roadmap with an emphasis on building public trust in insurance - a formidable, but essential, challenge. Insurance Europe commented on Insurance Capital Standard version 1, on the Paris Climate Change Agreement coming into force, and responded to EC consultation on personal pensions.
Third quarter and year to date financials continued to be announced-including Allied World (CEO happy with net income and combined ratio), Berkshire Hathaway (insurance investment income up but underwriting operating earnings down), Lancashire (improved profit), Markel ("all three operating engines made substantial contributions"), RenRe (net income close to doubling in third quarter), Swiss Re (net income down), Validus (improved in third quarter), White Mountains (solid third quarter), AIG (continues to execute on strategic initiatives), AXA (continues to deliver disciplined growth says CEO Buberl), CNA Financial (strong P&C results and higher investment income), Hastings Insurance Group (good growth over nine months), RSA (on track), The Hanover (CEO pleased with third quarter performance), JRP Group (sales benefit from merger), MetLife ("has solid third quarter on an operating basis"), Prudential Financial (improvement in third quarter), Aon (net income up in third quarter), and Willis Towers Watson (CEO pleased with progress since integration).
Aspen acquired Blue Waters marine agency in Puerto Rico, and Markel International moved for London-based MGA Galleon. RenRe made key leadership changes in its finance function, and Aon Benfield appointed a CEO for its UK business. Ed (formerly Cooper Gay) launched a global cyber academy, and JLT commented on the UK Government's National Cyber Security Strategy. Towergate renamed its London Market broking business "Bishopsgate". The International Underwriting Association (IUA) is to establish a new group to examine the future impact of technology on underwriting, whilst the London Market Group (LMG) is to sponsor a research project into smart contract technology (blockchain).
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.