Reinsurance News
UK insurance
Expleo-ACORD partnership set to boost London insurance market
30th May 2024
Expleo, an engineering, quality assurance, and digital consulting company, partners with ACORD, a nonprofit organisation serving the insurance industry, in order to boost the London market's modernisation efforts. Together, they provide testing assurance services for organisations preparing for the Lloyd’s Blueprint Two initiative. This partnership promises to enhance the London market's ... Read the full article
Legal & General finalises Nortel pension buyout
28th May 2024
UK insurer Legal & General Assurance Society Limited has successfully completed a buyout with the Nortel Networks UK Pension Plan, which belonged to the now-bankrupt telecommunications company Nortel Networks. This latest agreement secures the benefits for the remaining Plan members, involving an initial premium of £14 million and an additional £6 ... Read the full article
IUA welcomes PRA’s decision to halt FSCS alterations in UK
23rd May 2024
The International Underwriting Association has expressed approval for a recent decision to halt proposed alterations in the Financial Services Compensation Scheme (FSCS). The Prudential Regulation Authority (PRA) had entertained the idea of expanding the scheme's coverage by redefining the term 'small business'. The IUA contended that such action would significantly alter the ... Read the full article
Arch UK Regional Division welcomes new Claims Relationship Manager
22nd May 2024
Adam Waterstreet, equipped with vast insurance claims expertise, takes on the role of Claims Relationship Manager, effective immediately, as announced by Arch Insurance UK Regional Division. In his new position, Waterstreet assumes responsibility for supervising account management efforts for brokers throughout the UK regions, fortifying client connections, and identifying avenues to ... Read the full article
Solvency reforms UK: S&P global notes no revolutionary changes for insurers
17th May 2024
S&P Global Ratings anticipates the implementation of Solvency UK reforms, which align the European Economic Area-wide Solvency II insurance regulatory framework with the UK insurance market, to be largely completed by the end of 2024. The insurance industry generally welcomes these reforms due to their potential to reduce costs and increase ... Read the full article
UK insurers to report slowing premium income growth over next three years: EY
9th May 2024
As per EY's latest ITEM Club Outlook for Financial Services, UK insurers are anticipated to report slowing premium income growth over the next three years as inflation continues to fall. EY noted that while falling inflation is likely to mean that increases in insurance premiums will be smaller, it should prompt ... Read the full article
Hadron expands into the UK with Folgate Insurance acquisition
1st February 2024
Hybrid insurer Hadron has entered the UK market with the acquisition of Folgate Insurance Company Limited, terms of the transaction were not disclosed. Based in the US, Hadron announced its launch in the fourth quarter of 2023 with a significant capital injection of over $250 million from Altamont and other ... Read the full article
UK pension insurers join A4S Sustainability Principles Charter
1st February 2024
Members of the UK insurance and pension industry have become signatories of the newly launched Sustainability Principles Charter, which focuses on transparency, reporting and engagement around sustainability in the bulk annuity process. The insurers that have joined the Charter as founding signatories include Legal and General, PIC, Rothesay Life, Aviva, Standard ... Read the full article
UK life insurance sector outlook remains strong: Moody’s
27th September 2023
Moody’s outlook for the UK life insurance sector remains strong, with a strong bulk annuity market and robust pension inflows supporting profitability, the credit rating agency has stated. This, according to analysts, will largely offset a decline in assets under management and a slowdown in retail life sales as inflation erodes ... Read the full article
UK Gov releases draft regulations for Solvency II reform to obtain feedback
23rd June 2023
Draft regulations to reform Solvency II, the prudential regulatory framework for insurers and reinsurers, have been made available by the UK Government for the purpose of early engagement. The Financial Services and Markets Bill was first introduced to Parliament in July 2022 and creates new powers for the Treasury by regulations ... Read the full article
UK insurance industry set for revamp: S&P
24th April 2023
Due to uncertain economic conditions, life and non-life insurance companies in the UK need to reconsider their capital allocation, product strategies, and business models, according to S&P Global Ratings. The U.K. insurance industry is set for a revamp. UK insurers need to reconsider their capital allocation strategy due to the current ... Read the full article
Convenience and climate priorities for insurance customers: Guidewire
16th December 2022
Insurance customers want convenience, are open to new services that mitigate risks and believe that insurers should be tackling climate change proactively. That is according to a recent report by Guidewire which also found that the issue of data collection - needed to deliver the above - will be tricky and ... Read the full article
Reform of Solvency II to support UK insurers’ business positions: S&P
21st November 2022
S&P Global Ratings suggest that the government's announcement of its proposed change to Solvency II is likely to be neutral for the creditworthiness of rated insurers in the UK as it expects them to broadly maintain their capital positions. This report comes following the UK Government receiving widespread approval from ... Read the full article
ESG factors to play a larger role in the future of underwriting
5th October 2022
Leading insurance broker Marsh has released data from a survey of 30 insurers representing a significant cross-section of the UK insurance market, exploring how ESG factors are being used to assess clients’ risk profiles and the extent to which this trend might accelerate. The survey found that all respondents confirmed that ... Read the full article
UK Gov proposes significant cut in risk margin as part of Solvency II reforms
28th April 2022
The UK Government has published its Solvency II consultation which includes a proposal to cut the risk margin for carriers, a move that would free up a lot of capital on company balance sheets. It was announced in February by the Economic Secretary that the government planned to reform Solvency ... Read the full article
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