Douglas Shillito
This week, Standard & Poor's reported on reinsurer investment trends, and also opportunities for reinsurers in the US mortgage market. The International Cooperative and Mutual Insurance Federation (ICMIF) revealed that mutual and cooperative insurers were increasing their share of the Latin American market, and launched the first 5-5-5 Mutual Microinsurance Strategy initiative in India.
Driverless cars could pose challenges for the insurance industry according to a new study by LexisNexis Risk Solutions. The Financial Conduct Authority(FCA) cleared Tech Mahindra's acquisition of Target Group.
Allianz announced a 10-year bancassurance agreement with Maybank across the whole of Indonesia, and FM Global broke ground on construction of its new loss prevention training and operations centre in Singapore Science Park. Liberty Specialty Markets moved for an Italian Lloyd's coverholder, and Beazley doubled its environmental risk capacity to $50m with the new Beazley Elements consortium at Lloyd’s.
Results continued to be reported, including IAG (Full year 16 profit up), PZU ("sales and market share growing"), Vienna Insurance Group (on track), Phoenix Group (AXA Wealth pensions and protection business acquisition on track and looking for further opportunities), and Towergate ("turnround ahead of schedule"). Argo Global appointed a head of Marine, PartnerRe announced two new independent directors from outside the reinsurance sector, and Willis Re named Chris McDowell as its new CEO in Bermuda, with Michael Harden moving to take over as President, Asia Pacific.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.