Douglas Shillito
This week, major European insurers published financials for the nine months and third quarter- including Aegon ("Solvency II ratio remains strong" says CEO), Allianz (net income and operating profit up in third quarter), Generali (improved in third quarter), MAPFRE (improved combined ratio in key markets), and Zurich (strong third quarter). Also reporting were UK personal lines specialists Direct Line (optimistic on combined ratio target range) and esure (motor growth continues). Meanwhile, other reports featured Beazley (maintained momentum), Endurance (improved net income in third quarter), Enstar (consolidated net earnings much better), Hannover Re (well on track for year's net income target), Hiscox (margins getting tighter in some areas of London Market), Liberty Mutual (rebound in third quarter), Munich Re (improved profit in third quarter),and JLT (optimistic Interim Management Statement).
The Global Federation of Insurance Associations (GFIA) published its annual report for 2015/16 and announced the election of its executive committee. The decline of global insurance rates moderated in the third quarter according to a Marsh report, and a panel discussed alternative capital trends in the global reinsurance market at Standard & Poor's Bermuda Conference. A Guy Carpenter survey indicated that technology innovation will provide the biggest growth opportunities for(re)insurers.
Lloyd’s application to establish an onshore reinsurance branch in India was approved, and SCOR also received the regulatory nod to open a composite branch office in the country. Markel International entered the US cyber market in London, and R&Q announced an Irish run-off arrangement.
Prudential is to sell its Korean life subsidiary to Mirae Asset Life Assurance. Aviva appointed a new CFO of UK General Insurance, and Legal & General formed a new Insurance division for UK and US headed by Bernie Hickman. RFIB appointed three new hires from Ed to form a new South East Asia Marine Cargo Team.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.