Of Special Interest

5th April 2015

Newslink Trends: Global Insurance Analysis
Trend

This week, Quindell announced it was to focus on its range of insurance technology businesses having reached a conditional agreement to sell its Professional Services Division to Slater & Gordon, but needed to correct the original release to include two Digital Solutions entities.
It was an active time in the reinsurance and wholesale market-Endurance Specialty and Montpelier Re are to merge, and Hamilton Insurance Group will have a Lloyd's presence through its completed acquisition of Sportscover and Kinetic. Beazley and Korean Re are to partner and create a Lloyd's SSP, and ICAT also received a provisional Lloyd's nod to form a similar vehicle. XL Group announced the creation of a sponsored venture capital initiative. Willis Re reviewed April renewal trends, and Aon Benfield highlighted the rise in reinsurance market capital last year.
AIG sold a tranche of PICC P&C shares for around $500m, ACE launched high net worth personal insurance capabilities in Canada, and Towergate received High Court approval for its Schemes of Arrangement. Gallagher was voted one of America's Best Employers.
Towers Watson reported that there was a fundamental distribution shift in insurance purchase in Europe being led by the under 30s, and Standard & Poor's released a report headed "Pursuing Global Insurance Profitability Amid Tempered Economic Growth". The Chartered Insurance Institute(CII) surveyed workplace salaries in the UK insurance sector, highlighting that Chartered members earned 25% more on average than non-Chartered members.
The RAC highlighted the high crash detection accuracy of its telematics solution, and SSP discussed the impact of continuous investment in its Pure Insurance offering. Total Objects launched its QuoteCloud application at the annual AAMGA Automation Conference in the US, and Synova Capital assisted with an MBO at financial services analysts Defaqto Group. Sapiens announced the availability of its Closed Book solution for the European life and pensions market after its successful implementation at Wesleyan.
On the 2014 results front, Pro Global Insurance Solutions were pleased with progress, and Chesnara indicated a clear strategic focus.
There were senior appointments at JLT, Willis, Lloyd's Market Association(LMA), and Julie Lynch, well known in the London Market through her long term senior role at Xchanging, is to head the Insurance Practice at The People Development Team.
Articles on the above topics are included in those added to the Insurance Newslink and Financial Newslink global database service on Wednesday and today at www.onlystrategic.com