Insight and Intelligence on the London & International Insurance Markets

17 October 2017

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Briefings

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Opinion: The NFIP bailout à la Trump

16 October 2017

The National Flood Insurance Program (NFIP)'s pending $16bn bailout offers a prime example of the deep-seated rot that ultimately prompted disgusted American voters to elect Donald Trump as presidentRead more


LMA calls for clarity on Ogden review timing

13 October 2017

The Lloyd's Market Association (LMA) said the government should specify when changes to the Ogden discount rate will kick in after it concludes the regular reviews proposed under pending legislationRead more


UK ILS regulations expected to be approved by November

13 October 2017

The new London insurance-linked securities (ILS) legislation is expected to be approved by the end of the month, according to sister title Trading RiskRead more


Brexit contract, data issues on regulatory radar

10 October 2017

Contract continuity and data issues arising from Brexit are climbing up regulators' priority list even as doubt remains about any transition period after the UK leaves the EU in March 2019Read more


Opinion: Police permits

4 October 2017

Regtech. Not a superstar DJ or a character from a Martin Amis novel. But, if the hype is to be believed, the future solution to the financial sector's ever-expanding regulatory and compliance to-do listRead more


Pool Re revamps SME cover to increase penetration

3 October 2017

Pool Re has rejigged its reinsurance offer for its members to help close a protection gap for political violence cover among small and medium-sized enterprisesRead more


Opinion: Sayonara Sifi

3 October 2017

AIG has successfully removed the albatross from around its neck imposed by the Obama administration in 2013, after the Financial Stability Oversight Council (FSOC) voted to remove the global insurer from its "too big to fail" categoryRead more


Everest Re gains approval for Dublin EU hub

2 October 2017

Everest Re has secured in-principle regulatory approval for a Dublin-based subsidiary that will allow it to continue trading with the EU post-Brexit, the company said todayRead more


Scor progresses plans for Iranian XoL cover

2 October 2017

Negotiations between global reinsurer Scor and Iranian authorities appear to have taken a step forward, after Iran's insurance regulator hailed the "beneficial outcome" of recent conversationsRead more


AIG is no longer ‘too big to fail’ US regulators agree

29 September 2017

AIG slipped out from under the regulatory thumb imposed by the administration of former President Barack Obama today after the Financial Stability Oversight Council voted to remove the global insurer from the “too big to fail” categoryRead more


Eiopa chairman reiterates 90% cession limit

28 September 2017

The head of the pan-EU insurance regulator has warned carriers setting up a post-Brexit presence in the trade bloc not to reinsure everything back to LondonRead more


Bermudians paid $73bn to EU customers over 20 years: BMA

27 September 2017

Bermudian (re)insurers have paid out nearly $73bn in claims to EU clients and cedants over the past 20 years, according to the Bermuda Monetary Authority (BMA)Read more


EC regulatory reforms to ‘level Solvency II playing field’

26 September 2017

UK carriers looking to establish EU subsidiaries for Brexit face less room for manoeuvre after the European Commission (EC) issued plans to bolster the bloc's financial regulators at the expense of national watchdogsRead more


Setting US-EU accord rules could take 5 years

26 September 2017

Certain benefits from the covered agreement signed on 22 September by US and EU officials may be a long time in coming, as full implementation may take five yearsRead more


Former CIRC chief to be handed to authorities: Reuters

25 September 2017

China's Communist Party has reportedly expelled the country's former top insurance regulator Xiang Junbo, and plans to hand him over to prosecutorsRead more


Agora cleared for full Lloyd’s syndicate launch

22 September 2017

Skuld-backed special purpose arrangement (SPA) Agora has received Lloyd's approval to become a syndicate, its third-party managing agent Asta said todayRead more


AIG SIFI status may be ended

21 September 2017

AIG may be released from federal oversight as a systemically important financial institution (SIFI) at a meeting of the regulatory body in charge of making such designations tomorrowRead more


Pioneer gains in-principle approval for Lloyd’s syndicate

21 September 2017

Pioneer Underwriters has secured preliminary approval from Lloyd's Franchise Board to establish a full syndicate, with Asta acting as its third-party managing agentRead more


XL picks Dublin for post-Brexit EU base

19 September 2017

XL Group has decided to move its European headquarters to Dublin from London in response to Brexit, joining several other carriers that plan to set up EU bases thereRead more


Muted response to Ogden reforms predicted for 1.1

19 September 2017

Primary auto carriers, their brokers and reinsurers face a complex round of January renewal discussions after the UK government drafted reforms to the Ogden discount rateRead more


PPL facilities update pushed back again

18 September 2017

The introduction of a long-awaited update to the risk placing platform at the heart of the London market reform programme has been delayed by a nearly a month, a spokesperson from Placing Platform Limited (PPL) has saidRead more


Sirius agrees to $700mn deal for Israel’s Phoenix

14 September 2017

Sirius has agreed to buy a majority interest in Phoenix Holdings for about 2.51bn shekels ($702mn) from Israel’s Delek Group, starting with a 4.9 percent stakeRead more


Pool Re urges action on UK government’s BI consultation

14 September 2017

(Re)insurers are being urged to engage with a government consultation about Pool Re broadening its coverage to meet the business interruption needs of companies impacted by terror attacksRead more


Harvey expected to cost NFIP $11bn

13 September 2017

Hurricane Harvey will probably land the National Flood Insurance Program (NFIP) with $11bn of losses, mostly in Texas, according to the body’s chief administratorRead more


Pool Re cleared to add cyber cover

13 September 2017

State-backed terrorism reinsurer Pool Re has gained the UK government's backing in principle to remove a cyber exclusion from its coverage and expects to offer protection for cyber events from 1 April next yearRead more


Lloyd’s risks market ire as 9 start-ups target 2018

12 September 2017

The Corporation of Lloyd's has placed itself on a collision course with incumbent managing agents by entertaining at least nine full syndicate and special purpose arrangement (SPA) start-ups for the first half of 2018Read more


Chubb picks France for post-Brexit hub

11 September 2017

Chubb broke with the insurance pack today with an announcement that it will establish a regional headquarters in France to serve EU markets after BrexitRead more


Opinion: Discount dash

8 September 2017

The UK government has defied the more pessimistic assumptions that it had kicked the Ogden reforms into the long grass following Prime Minister Theresa May's election own-goalRead more


Ogden change could save (re)insurers $3.3bn: EY

7 September 2017

UK government proposals to reform the way the Ogden rate is calculated could save the (re)insurance industry £2.5bn ($3.3bn), according to Ernst & Young (EY)Read more


UK government says Ogden reforms would change rate to 0%-1%

7 September 2017

The UK's Ministry of Justice (MoJ) has drafted Ogden discount rate reforms which it said would result in a rate of between 0 percent and 1 percent, compared with minus 0.75 percent at present, based on current conditionsRead more


NFIP ran a $1.4bn deficit even before Harvey: CBO

5 September 2017

The National Flood Insurance Program (NFIP), which is now projected to face Hurricane Harvey-related losses of as much as $10bn, underestimates annual claims by $1bn even in years without major catastrophes, a new Congressional Budget Office (CBO) study showsRead more


Harvey likely to drive short-term NFIP extension

5 September 2017

Dealing with the aftermath of Harvey and working on how to keep the National Flood Insurance Program (NFIP) in business past the end of this month will likely take centre stage as Congress returns from its August recessRead more


Opinion: NFIP flaws

31 August 2017

The inundation of Houston this week undoubtedly will expose the most fundamental flaws in the National Flood Insurance Program (NFIP), a creation of the same government that ushered in then-president Lyndon Johnson's Great Society social welfare programmes in the 1960sRead more


Opinion: Feeling the spirit

24 August 2017

Managers, do you love regulation?Read more


Washington remains divided on NFIP as deadline nears

22 August 2017

As Washington's fiscal clock ticks down to zero and the National Flood Insurance Program (NFIP) faces the end of its legal life next month, efforts to compel lawmakers to renew and reform the federally subsidised coverage have taken on fresh urgencyRead more


Opinion: Trump flood rollback

17 August 2017

As with just about all things Trumpian, the US president's latest message has been clouded with unrelated and often inflammatory rhetoric that grabs headlines while obscuring the portent of his actionsRead more


Trump rolls back flood standards for roads, bridges

15 August 2017

President Donald Trump revoked an executive order from the Obama administration to roll back building standards in flood-prone areas to the rules that applied in the mid-1970s, sparking blistering criticism from both right and leftRead more


Insurers support rethink on Australian disaster spend

14 August 2017

Australian insurance bodies have supported a Senate committee report that called on the federal government to reconsider increasing its spending natural disaster mitigationRead more


Opinion: Ogden appeal

14 August 2017

The chaos unleashed by the UK government's decision to alter the Ogden discount rate in February has continued this week, as another round of earnings results has laid bare the impact on (re)insurersRead more


Advisers see notification issues from Part VII rulebook

1 August 2017

The regulatory requirements surrounding Part VII portfolio transfers look set to increase under proposals from the Financial Conduct Authority (FCA)Read more


Challenges seen as UK regulators expand accountability rules

1 August 2017

Insurers and intermediaries face upheaval as the UK's financial regulators prepare to roll out conduct and accountability rules originally devised for bankers in the aftermath of the financial crisisRead more


Fosun chairman backs China overseas M&A crackdown: report

31 July 2017

Fosun International chairman Guo Guangchang has thrown his weight behind an "essential and timely" push for stricter oversight of overseas M&A deals by Chinese authorities, according to a reportRead more


Starr Companies picks Malta for post-Brexit base

27 July 2017

Starr Companies has opted to establish a subsidiary in Malta as its future base in the European Union, the US carrier has told this publicationRead more


UK regulators consult on manager accountability rules

26 July 2017

The Financial Conduct Authority (FCA) today released long-awaited proposals for the rollout of a new personal accountability framework to insurers and other firms under its auspices, as the Prudential Regulation Authority (PRA) began consulting about honing its recently introduced regime for insurance managersRead more


Starr to establish P&C branch in Netherlands

26 July 2017

Starr Companies is setting up a new operation in the Netherlands as part of an expansion of its property and casualty businessRead more


Opinion: Taming takeovers

26 July 2017

From the ashes of her manifesto Prime Minister Theresa May has picked out a measure that could see certain UK companies shielded from foreign biddersRead more


NZ regulator blocks Suncorp's Tower takeover

26 July 2017

The New Zealand Commerce Commission has blocked Suncorp's agreed takeover of the country's third-biggest insurer, TowerRead more


Opinion: Transitioning

25 July 2017

The government of UK prime minister Theresa May is about to make it easier to transitionRead more


New ILS regulations welcolmed as ‘workable’ framework

25 July 2017

Reaction to the UK government's insurance-linked securities (ILS) regulations released last week has been positive, with market participants saying their concerns about earlier draft proposals had been noted and the end result was a framework they could work withRead more


UK government publishes final ILS rules

24 July 2017

Marathon efforts to establish London as an insurance-linked securities (ILS) hub passed a major milestone last week when the UK government released final regulations for the new regimeRead more


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