Solvency II News

R&Q Acquires Captive Insurer from Fortune 500 Engine Manufacturer

Randall & Quilter Investment Holdings Ltd. (R&Q) announced the acquisition of ICDC Ltd., a captive insurer of an American Fortune 500 company, for an undisclosed sum. The name of the former parent of the captive was not released. The company, …

London Insurance Market Provides Brexit Negotiations’ Wish-List  

A Brexit trade deal needs to benefit both the UK and the EU – while protecting clients’ access to the London insurance market, according to the London Market Group (LMG), an association representing London’s re/insurance underwriters and brokers. The LMG …

EU Solvency II Rules Need ‘Tweaks,’ Not Overhaul: Bank of England

EU capital rules for insurers need some tweaks but are not a deterrent to investment in infrastructure as some insurers’ claim, the Bank of England said on Wednesday. Officials from Aviva and Legal & General, two of Britain’s biggest insurers …

Allianz Posts Higher than Expected Q4 Profit; Plans $3.2B Share Buyback

Allianz, Europe’s largest insurer, proposed spending 3 billion euros ($3.2 billion) on buying back its own shares on Thursday after the Munich-based firm posted higher than expected profits and said it was adjusting its policy on budgeting for possible takeovers. …

Solvency II Drives Demand for Reinsurance During 1/1 Renewals: Fitch

The January renewals period show that Solvency II will increase demand for reinsurance products as European insurers attempt to strengthen their capital position through risk transfers, Fitch Ratings said. The main beneficiaries are likely to be the financially strongest reinsurers …

RSA Insurance Disposes of £834M ($1B) of UK Legacy Liabilities with Enstar

RSA Insurance announced it has signed contracts, to dispose £834 million (US$1.04 billion) of UK employers’ liability legacy business to Enstar Group Ltd. The transaction initially takes the form of reinsurance (a 100 percent quota share policy) to be effective …

Brexit Cost Implications to Weigh on UK Re/Insurers: A.M. Best Report

The cost implications of the loss of passporting rights after the UK exits the European Union will weigh on re/insurers, as will any resultant economic downturn. However, A.M. Best does not anticipate taking any rating actions as a result of …

Randall & Quilter Acquires Captive Insurer Clariant Insurance AG

R&Q Insurance (Malta) Ltd. (R&Q) announced it has acquired the entire issued share capital of Clariant Insurance AG from its owners Clariant AG. Clariant Insurance, or CI, was formed in 2005 as the Liechtenstein registered captive insurer for the Swiss …

Europe’s Insurers, Pensions Seek Higher Yields via Infrastructure Investments

Europe’s pensions and insurers, seeking returns in infrastructure deals after asset purchases by the European Central Bank gutted yields on bonds, say they’re being crowded out again. Their frustration is directed at the European Investment Bank, a public lender tasked …

Advent Claims Launches Regulatory Compliant Platform for MGAs, Coverholders

Advent Claims, a division of Advent Insurance Management with claims operations in the US, UK, Canada and Australia, has launched a proprietary web-based claims management system for managing general agents (MGAs) and coverholders, called “Advantage.” Designed to capture all information …