Regulation

The association will also work on cyber risks, cladding and reducing regulation this year.

Chris Croft and Caroline Wagstaff will help to assess the UK sector’s competitiveness.

The London Market Group’s CEO Caroline Wagstaff has set out how the approach of regulators needs to evolve, amid regulatory reforms.

The Axa XL executive said a parliament inquiry into London market regulation provides a platform to raise issues around the absence of UK captives and domestic reinsurers.

Data obtained from PRA and FCA shows fewer Skilled Persons Reviews in recent years – but the tool remains a valuable one for regulators.

The Lords Industry and Regulators Committee probe follows the group’s calls for legislative changes.

The House of Lords Industry and Regulators Committee will explore whether regulatory policy is well-designed and proportionate for (re)insurers.

The regulator said it does not seek to either “incentivise or disincentivise” legacy transfers.

Jonathan Clark takes up the role with immediate effect, replacing Sian Fisher, who is leaving after six years.

In a Dear CEO letter from Charlotte Gerken and Anna Sweeney, the regulator has set out expectations on climate change, systemic risks, and a stress test for later this year.

The ratings agency said that long-tail classes could be hit by reserve deficiencies.

The European authority’s stress test on 43 carriers found that a section of the market still relies heavily on transitional measures.