Douglas Shillito
This week, the UK media was generally optimistic after the agreement with the EU over a Brexit transition timescale. The Association of British Insurers (ABI) said they were pleased to see the Bank of England take a pragmatic approach to regulation during the implementation period regarding passporting rights in the UK. Insurance Europe published an insight briefing on the upcoming Solvency II reviews, and the FCA issued new rules on pension transfer advice and is seeking views on additional changes. EIOPA released a consultation linked to corrections and amendments of the implementing technical standards on reporting and disclosure.
The latest CBI/PwC UK Financial Services Survey highlighted a continuing drop in optimism, whilst a Fitch report indicated that North American P&C (re)insurers produced an aggregate underwriting loss for the first time in 6 years. A uSwitch survey of UK motorists’ driving practices produced surprising results.
Blockchain Insurance Industry Initiative (B3i) announced the incorporation of B3i Services AG in Zurich, and Guidewire reported from its second insurance forum in Germany. XL Catlin and RedSeal announced a new, dynamic approach to cyber insurance, and TMK launched Cyber Ctrl – a new insurance and services policy to protect clients against the impact of cyber attacks. The International Underwriting Association (IUA) established a code of conduct for the use of electronic trading by its member companies in the London Market.
The Hanover announced that it was reviewing strategic alternatives for Chaucer including a possible sale, and Integro is to merge with Tysers. Zurich UK is to acquire Oak Underwriting from RSA, and DARAG and New Nordic Advisors, a London-based investment management company, announced the formation of a strategic partnership. SCOR released its 2017 Activity and Corporate Social Responsibility Report. LV= and Royal London Mutual both produced strong 2017 results, and AEGIS London delivered a combined ratio of 99 in 2017 for Syndicate 1225 – 15 points better than the result announced for the Lloyd’s market overall. There were senior appointments at Canopius, SCOR, Aon, and Willis Towers Watson.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com