August 22, 2017

Looking West

Looking West

Liberty to shift post-Brexit EU HQ to Luxembourg

Liberty Specialty Markets (LSM) has announced that it intends to headquarter its post-Brexit EU operations in Luxembourg. The move follows a detailed analysis of potential jurisdictions, with the aim of ensuring that LSM’s post-Brexit structure complements its European strategy. LSM will be seeking regulatory approvals to operate via an insurance...

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Swiss Re shifts USD130 bn investments

Swiss Re is switching the entire USD130 billion it holds in liquid assets to track ethical indices, the latest move towards principled investments by the insurance industry. The reinsurer is 90 percent of the way through shifting its holdings from tracking traditional benchmarks, a process it expects to complete by...

AIG forms life pact with RBS

AIG has become the sole seller of life insurance for Royal Bank of Scotland (RBS). The American insurer will sell several products, including life and critical illness cover, mainly alongside the mortgage business of RBS and its divisions Natwest and Ulster Bank. It is the company’s biggest push back into...

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Grenfell Tower claims may reach USD65 mn

The insurer of London’s Grenfell Tower, where at least 80 people died in a fire, raised its estimate for property and liability insurance claims to GBP50 million (USD65 million). British police have said the final death toll from the blaze that gutted the 24-story apartment block on June 14 may...

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Motor premiums skyrocket: ABI

Motor insurance premiums hit record highs between 2015 and 2016, according to the Association of British Insurers (ABI). Data from the organisation found all age groups except those aged under 21 saw costs rise. The average price paid for comprehensive motor insurance across all ages hit a record GBP462, a...

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Progress on ORSA, revisions needed: EIOPA

Most European insurers and reinsurers have made solid progress regarding the implementation of the Own Risk and Solvency Assessment (ORSA), but the European Insurance and Occupational Pensions Authority (EIOPA) has called for further improvements. A supervisory statement released by the EIOPA explores the implementation of ORSA under Europe’s Solvency II...

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InsureTech could rise to 55% global usage: EY

As InsureTech aims to hit mainstream, consultancy EY expects technology based insurance to increase rapidly. EY surveyed 22,000 digitally active consumers from across 20 markets as part of its FinTech Adoption Index, finding that insurance technology usage has risen significantly in the last two years. In terms of adoption, insurance...

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AXA to list US life operations

AXA chief executive Thomas Buberl plans to overhaul the group’s US operations, proposing to float its American life insurance and asset management businesses in 2018 in order to free up capital and pursue takeover targets elsewhere. In the past investors have questioned whether AXA needs to retain two separate asset...

Generali to push into asset management

Generali has unveiled an ambitious push into asset management, with a new plan to more than triple the profits it makes from the business. The move comes despite tough conditions in the asset management world. Generali, which earlier this year saw off takeover interest from Intesa Sanpaolo, plans to increase...

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Report: London losing reinsurance share

London is at risk of losing its global share and importance in reinsurance to places like Bermuda, a new report has warned. London Matters — The Competitive Position of the London Insurance Market, commissioned by the London Market Group, said that the City of London’s share or reinsurance had dropped...

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