Douglas Shillito
As the reinsurance market gathers at the annual Monte Carlo Rendezvous this week, participants have been going into overdrive with many announcements. The Willis Re bi-annual Reinsurance Market Report reviewed global market size and trends, and the broker today launches its next generation of its cyber risk portfolio modelling tool, PRISM-Re. Fitch warned on reinsurers' falling premiums and investment returns, and Standard & Poor's published comparative statistics for the top 40 reinsurers globally, and said it expects reinsurance prices to continue softer for longer in the absence of a very large loss. SCOR launched its "Vision in Action" new three year plan, and Swiss Re announced that it leads the Dow Jones Sustainability Indices (DJSI) for the third consecutive year. Cooper Gay named further senior appointments, and has rebranded as Ed to "redefine broking." Today, Vario Partners announced that Sompo Canopius chairman Michael Watson is to join them in a non-executive capacity.
Meanwhile, EIOPA seeks stakeholder input on Guidelines for the assessment of Insurance-Based Investment Products (IBIPS). UK pensions investments reached record levels in the second quarter, according to Equifax Touchstone. The Association of British Insurers (ABI) responded to the Government on driverless cars, and also backed the HeforShe insurance campaign for gender parity. The Dive In diversity and inclusion event is to go global. The Managing General Agents' Association (MGAA) has named Charles Manchester as its new chairman, taking over from James Gerry who has stood down to concentrate on commercial commitments. At the Lloyd's annual dinner, chairman John Nelson, in his swansong speech, spoke strong words about Brexit and passporting rights, as did new London Mayor Sadiq Khan.
Guidewire's CEO said that "revenue and profitability exceeded our guidance" for fiscal and fourth quarter 2016.
R & Q acquired the Aegon and Royal London UK general insurance closed books, and also reported stronger interim results, as did Skuld and Helvetia. There were senior appointments at Antares, Arig, DAS UK, Manulife, and PartnerRe.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.