March 2015

Talk Around the Bazaar

The financial services company SNS Reaal is to sell its Dutch insurance subsidiary to a Chinese group: Anbang. Vivat Verzekeringen is expected to pass into the new owner’s hands in the third quarter of this year. A good move for Anbang and one hopes that the fortunes of Vivat will improve with this deal which Intelligent Insurer discusses at http://www.intelligentinsurer.com/news/sns-reaal-sells-dutch-insurance-arm-to-anbang-4895

Changes are afoot in the UK pensions legislation. It is rather complicated with acronyms like QROPS ( Qualified Recognised Overseas Pensions Schemes) and QNUPS (Qualifying Non-UK Pensions Schemes). TMF can help explain these and for starters, readers should read their article at http://www.tmf-group.com/en/media-centre/news-and-insights/february-2015/the-big-change-in-qrops

As we enter the third month of the year, it is interesting to compare predictions made at the end of last year with recent events. The London Stock Exchange issued its RiskMap 2015 on the 9th December 2014. Look at this at http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12178681.html and draw your own conclusions

Ernst & Young have done something similar with their 2015 Asia – Pacific Insurance Outlook. This is more specific and it thoughtfully written as our readers can see at http://www.ey.com/Publication/vwLUAssets/ey-2015-asia-pacific-insurance-outlook/$FILE/ey-2015-asia-pacific-insurance-outlook.pdf

Not to be outdone, DLA Piper has put their thoughts on paper and comparisons can be drawn at https://www.dlapiper.com/~/media/Files/Insights/Publications/2015/02/Insurance%20Sector%20Year%20End%20Review.pdf

Captive Review has produced an excellent Employee Benefits Report 2015 discussing the growth in businesses utilising captives to tackle rising employee benefit costs. We recommend our readers take a look at http://www.captivereview.com/features/employee-benefits-report-2015/

Few people foresaw the move by QBE to sell its Australian agency business to Steadfast, Australasia’s largest general insurance broker network comprising 306 brokerages with more than 500 offices across metropolitan and regional Australia and New Zealand – https://www.steadfast.com.au/ The Sydney Morning Herald discusses this and a possible development in Singapore at http://www.smh.com.au/business/steadfast-to-raise-300m-as-it-buys-qbe-businesses-20150216-13fnrj.html

The Cayman Islands, well known as a hedge fund domicile, is courting insurers with a new framework for insurance regulation. The domicile’s Insurance Regulations 2015 legislation is aimed at captives, by providing alternatives to risk management by enabling insurers incorporated as segregated portfolio companies (SPCs) more flexibility. IMAC’s press release is clear and concise and can be accessed at http://www.imac.ky/news/cayman-enacts-pic-regulations.aspx

The Standard Club Asia, part of a mutual insurance association The Standard Club, has launched a new Singapore War Risks Mutual (SWRM) Class, the first Singapore-based national mutual war risks insurance, fully supported by the Singapore Shipping Association (SSA).

The Singapore War Risks Mutual will operate as a class of Standard Asia, with its own class committee and will act with a high degree of autonomy. This is welcome news for ship-owners and Asia Insurance Review has the details at http://www.asiainsurancereview.com/News/View-NewsLetter-Article/id/32154/type/eDaily/Singapore-The-Standard-Club-Asia-launches-Republic-s-first-War-Risks-Mutual

Insured catastrophe losses in 2014 fell to the lowest level since 2009, according to a recent report. Aon Benfield discusses this at http://thoughtleadership.aonbenfield.com/Documents/20150113_ab_if_annual_climate_catastrophe_report.pdf and readers can see Guy Carpenter’s tuppenny-worth at http://www.gccapitalideas.com/2015/02/24/2014-insured-losses-hit-lowest-level-in-five-years/

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Some Animal Cries

  • Apes………….gibber
  • Beetles………drone
  • Bears…………growl

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