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News

UK High Court blocks Prudential-Rothesay Life £12bn annuity transfer

The deal had been part of Prudential’s plans to separate its UK and European business

Fitch: Bermuda treatment of tier 3 capital for re/insurers raises questions

Fitch Ratings warns of “conflicting language” in how the BMA treats tier 3 capital

Aspen loses $37m in H1 as underwriting expenses rise

The loss follows a net income of $16.1m in H1 2018

Travelers names Yafit Cohn its first chief sustainability officer

Cohn’s appointment continues the growing trend of insurers employing chief sustainability officers

Credit spread movement hits Aegon's Dutch Solvency II ratio

Ratio drops from 190% to 152% year-on-year

Lower claims and strong investment return boosts QBE

The Australian insurer’s investment portfolio delivered an annual net return of 6.8% in H1 2019

Nat cats cost insurers $15bn in H1

Insured losses for nat cats in H1 were half of the 10-year average

Typhoon Lekima: insured losses in China to exceed $850m

Predicted total economic losses from Lekima are reportedly as high as $7.4bn

AIG names Richard Olsen chief actuary, general insurance

Olsen was previously CFO of Munich Re’s US P&C reinsurance subsidiary

Share risk management best practice at InsuranceERM's Americas conference

The annual Insurance ERM Americas conference will take place in New York on 16 September.

Prudential to complete demerger by Q4

The UK insurer's chief executive has also dodged giving a view on the Hong Kong protests

Legal & General completes Hitachi Data Systems bulk annuity deal

This is the third buy-in deal between Legal & General and the Hitachi plan

Apra imposes additional A$250m capital requirement on Allianz Australia

The amount is being imposed "due to heightened operational risk"

Admiral bemoans Ogden impact in H1

The UK motor and home insurer expects to be hit between £50m -£60m from the Ogden rate change

Canada considers revising insurance capital guidance for IFRS 17

Regulator will also consult on IFRS 17 accounting policy choices this autumn

Get your free entry in InsuranceERM's 2019-2020 Technology Guide

Basic entry is free of charge and the deadline for entries is Thursday 15 August

Sun Life becomes first life insurer to offer a sustainability bond

Canadian insurer to use 10-year debenture notes to finance investments in green and social assets

Insurtech roundup: Arturo; Trov; Greenlight Re; Canopius

InsuranceERM rounds up the latest developments in the fast-moving world of insurtech

"Manageable" catastrophe losses boost Latin American reinsurers' profits

Long-term relationships with ceding firms drive stable renewals

Lloyd's syndicates exceed electronic placement target

The syndicates placed over half of their in scope risks electronically

NN's Lard Friese to become Aegon's CEO

David Knibbe will succeed Friese as chief executive of NN Group

Townsville Australia flood losses continue to rise

Property insurance losses from the flooding have hit the $800m mark

Jebi loss creep takes its toll on Talanx

The German re/insurer experienced losses of €54m from typhoon Jebi

Property catastrophe reinsurance rates up 15-25% after 2018 losses

Reinsurance sector remains resilient, says S&P

Atlantic hurricane season set to ramp up

The National Oceanic and Atmospheric Administration has forecast increased hurricane activity

Rothesay Life seals £520m buy-in with Cadbury Mondelēz Pension Fund

It is the second tranche of de-risking undertaken by the pension scheme

FTI Consulting hires from EY, Oliver Wyman, Mazars to build EMEA insurance consultancy

London-based team seeks to offer “cross service” independent expertise

Zurich commits to insure controversial Trans Mountain pipeline

Activists urge insurers to drop the Canadian oil sands pipeline project

S&P calls for greater 'silent cyber' focus

Reinsurers could capitalise on the potential of the cyber-insurance market but must be proactive

Hannover Re's Viridium investment boosts H1 life and health profit

Reinsurer gained one-off income of Є100m from the run-off specialist

Analysis

How to avert the big data threat

Big data analytics promises to revolutionise risk selection for insurers, but threatens to marginalise higher-risk groups. Paul Walsh investigates how the “solidarity monitor” devised by the Dutch insurance association can help avoid exclusion

Mortality reserving windfalls: a reversal of fortune?

UK life insurers have enjoyed several years of unexpected profits thanks to the slowdown of mortality improvements, but recent statistics hint this trend may be about to reverse. Cintia Cheong reports

Solvency II's biggest unintended consequences

In part two of a Q&A to accompany the launch of his book on Solvency II, Karel Van Hulle discusses the impact of the directive, and how the insurance sector should prepare for sustainability, Brexit and new technologies

Liquidity risk management for life insurers

Managing liquidity requires a different approach from managing capital and must often be considered over different, typically much shorter, time periods – as consultants at Milliman explain

Karel Van Hulle: “I want the objectives of Solvency II to be remembered”

As a former head of insurance and pensions at the European Commission, Karel Van Hulle was central to the development of Solvency II. To coincide with the launch of his book on the directive, he talks to Christopher Cundy about its gestation, flaws and future development

Implementing IFRS 17 discount curves: theoretical and practical challenges

Insurers will have to develop their own assumptions around discount rates under IFRS 17, which will re-open some old debates around incorporating the illiquidity premium. Steven Morrison explains.

Canopius: looking east and west for growth

This year's deals involving AmTrust and Samsung have given the 16-year-old Lloyd's operation a fresh impetus, as chairman Michael Watson explains to David Walker

Dive In 2019: catching up on diversity and inclusion

The insurance industry was heavily criticised during last year's Dive In festival for its poor approach to diversity and inclusion. Nearly twelve months on, Paul Walsh finds the sector is beginning to listen.

In the Spotlight: Gefion Insurance

The Danish motor insurer is latest to require remedial action by regulator Finanstilsynet after deficiencies were identified in its capital and risk management practices. David Walker reports

Climate risk in the US: time to stand up

Trenchant politics, vested interests, short-term thinking ... tackling climate change in the US is an uphill battle. Washington insurance commissioner Mike Kreidler tells Sarfraz Thind about the difficulties of standing up to the status quo