Douglas Shillito
This week, a change in the Ogden personal injury discount rate created an uproar. UK insurance industry leaders met with Chancellor of the Exchequer Philip Hammond the following day, with a promise of a speedy review of the process. The International Association of Insurance Supervisors (IAIS) reported that it was developing an activities-based approach to systemic risk assessment. EIOPA published its 2016 Year-end report on the Functioning of Colleges of Supervisors and priorities for 2017, and also released its first new Risk Dashboard after Solvency II implementation. The Chartered Body Alliance was launched to enhance and sustain the level of professionalism and trust in the financial services sector-comprising of the Chartered Insurance Institute (CII), the Chartered Institute for Securities & Investment (CISI) and the Chartered Banker Institute.
Ariel Re announced the launch of the Xuber for Reinsurers platform across its Lloyd’s and Bermuda businesses, and US regional insurer Westfield selected Duck Creek On-Demand, to update its core policy processing functions. Florida-based Weston Insurance chose Insurity's Oceanwide Bridge Insurance Software Suite, and Majesco published a new thought leadership report. Willis Towers Watson introduced its Cyber Risk Culture Survey solution, and the Swiss Re Institute was launched with a cyber risk sigma report.
Breaking news over the weekend was that Standard Life and Aberdeen Asset Management confirmed discussions over a possible all-share merger. Lloyd’s CEO and head of Latin America kicked off its first ever Latin America-focused Meet the Market in Miami. Arig received a license from the Dubai Financial Services Authority (DFSA) to operate its wholly-owned new reinsurance subsidiary, Argo announced a partnership with Marine Underwriters of America, and Asta is to take a minority stake in a new Dubai-based MGA and will provide support in finance and IT. MS Amlin is to acquire Hong Kong-based MGA Phoenix Underwriters, Pool Re increased its commercial reinsurance cover to £2bn, and R&Q raised £16.9m through a share placing.
Results kept flowing for 2016 and the fourth quarter. They included Hastings Group (continued growth and net income increased), St James's Place (kept on growing-Bellamy to stand down and CFO Croft to take over), Hiscox ("good result" for 2016 said chief executive Masojada), Liberty Mutual (net income down in fourth quarter), JLT ("delivered a good set of financial results in 2016 in a challenging trading environment" said Group chief executive Burke), Nexus Underwriting (impressive growth), Qatar Re (net earned premiums and net income rose), QBE (CEO Neal reported "a significant uplift in profitability" and ex-Aviva David McMillan joined as COO), Skuld (positive outcome from renewals), and StarStone (Net earnings nearly doubled). There was a senior appointment at THB.
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