Douglas Shillito
This week, FitchRatings said it expected consolidation in the reinsurance market. According to Consumer Intelligence, UK home insurance premiums are rising at their fastest rate for three years. AXA welcomed the UK government announcement on partially driverless lorries, and UK insurance associations warned on the European Court of Justice (ECJ) ruling on widening compulsory third party insurance for vehicles on private land. Lloyd's Market Association (LMA) reported on a new Political Risks Working Group created to examine regulatory issues affecting banking clients.
InsurTech announcements featured strongly, with Verisk Analytics signing a definitive agreement to acquire London-based Sequel from HgCapital and other Sequel shareholders for £250m. Aviva Ventures invested in US home telematics startup Roost, as did Desjardins Insurance and Fosun RZ Capital, whilst AXIS Capital partnered with Plug & Play's global digital startup innovation platform. Allianz Worldwide Care launched its innovative Symptom Checker feature on its MyHealth app, and Sompo International successfully began deploying Guidewire's PolicyCenter solution in the London Market.
Latest interim and second quarter results were published by Ecclesiastical (profit before tax well up at half time), IAG (increased investment return and higher than expected reserve releases), IGI (net profits down but "remain focused in challenging period"), Phoenix Group (on track), UNIQA ("on the right path" says CEO), and Vienna Insurance Group (strong first half).
Aviva Italia Holding announced that it had exercised an option to sell its entire 50% shareholding in its joint venture in Italy, Avipop Assicurazioni and its wholly-owned subsidiary Avipop Vita(AV), to Banco BPM. Meanwhile, Canada Life U.K. is to acquire Retirement Advantage. Ascot announced the creation of Ethos Specialty Insurance Services, a standalone MGA; AXIS Capital made a full and final offer for Novae Group; and Compre continued on the acquisition trail with the takeover of another Gjensidige portfolio. Fairfax Financial is to sell First Capital Insurance in Singapore to Mitsui Sumitomo, and they are to form a global strategic alliance. SCOR received approval to open a Global P&C representative office in Nairobi, and Munich Re Syndicate introduced a unique insurance solution to cover cyber exposure for the independent oil and gas sector. Willis Towers Watson appointed a new CFO.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com