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Solvency II review impact; Aegon coal strategy; MS Amlin startup; R&Q succession


Insurance Underwriting Transformed How Insurers Can Harness Probability of Default Models for Smarter Credit Decisions


The World's Largest P&C Insurers, 2023


The Worlds Largest Life Insurers, 2023


Essential IR Insights Newsletter Fall - 2023

Solvency II review impact; Aegon coal strategy; MS Amlin startup; R&Q succession

The 2020 review of Europe's Solvency II capital regime could slash some life insurers' solvency ratios by more than 100 percentage points, according to S&P Global Ratings. The rating agency estimated that the average reduction per country would be between 30 and 70 percentage points. Life insurers with long-term guaranteed liabilities stand to be the most affected.

Dutch insurer Aegon NV will gradually reduce its coal investments over the course of this decade. Aegon introduced a declining revenue threshold, set to begin this year, which will be lowered in steps to 5% or below in 2029.

Swiss Re Capital Markets facilitated what it says is the first catastrophe bond issued under Rule 144A featuring a parametric trigger covering mortgage default risk caused by earthquakes in California, Oregon, Washington and South Carolina.

MS Amlin Ltd. launched David Ashby Underwriting Ltd., a specialist equine managing general agency formed following the buyout of MS Amlin's equine book of business and renewal rights by David Ashby, former managing director and principal underwriter for equine at MS Amlin. Ashby will serve as CEO and chief underwriting officer of the MGA, which began underwriting Jan. 1.

Axa XL merged AXA Corporate Solutions and AXA ART into XL Insurance Co. SE, effective Dec. 31, 2019.

Private equity veteran William Spiegel will be succeeding Randall & Quilter Investment Holdings Ltd.'s co-founder, Ken Randall, having been named executive director and deputy group chairman. Spiegel will become executive group chairman when Randall steps down in about a year, after 29 years at the helm.

Shane Doyle, CEO of Beach & Associates Ltd.'s specialty business, is leaving to pursue opportunities in the underwriting and managing general agency sector, Insurance Insider reported, citing an email.

Arthur J. Gallagher & Co. increased its interest in Capsicum Reinsurance Brokers LLP to 100% from 33%.

Global Risk Partners Ltd. has acquired the Birrell Group, which consists of Kingsway Insurance Services and Bausor Hall Associates.

Qatar Insurance Co. QSPC appointed Salem Khalaf al-Mannai group CEO, the Gulf Times reported.

Youi Pty Ltd (Australia)'s estimated gross losses, excluding potential reinsurance recoveries, from bushfires in Australia ranges between A$25 million and A$40 million. Youi's excess of loss reinsurance cover for catastrophes is expected to cover part of the losses.

China's Yiren Digital Ltd.'s wealth management platform signed a strategic partnership deal with a subsidiary of Principal Financial Group Inc. to expand into China's retirement financial service industry.

Flipkart Online Services Pvt. Ltd. co-founder Sachin Bansal has acquired DHFL General Insurance Ltd. for 1 billion Indian rupees, The Economic Times reported, citing people in the know of the deal.

Now featured on S&P Global Market Intelligence

Reinsurers, P&C slide in 1st full week of 2020; AIG poised for growth: The first full week of the new year brought bad tidings for property and casualty companies and reinsurers, the majority of which ended in the red.

Insurers, reinsurers were choosy about their partners at Jan. 1, says Aon: Both insurers and reinsurers were more selective about with whom they conducted business at the latest reinsurance renewal period, according to a new report from Aon.

In other parts of the world

Asia-Pacific: Yes Bank OKs 100B-rupee issue; China Everbright Bank's new consumer finance unit

Europe: BoE rate cut backed; HSBC kicks off French unit sale; Wirecard chair resigns

Middle East & Africa: Lebanese central bank seeks more powers; Tunisian parliament rejects government

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng increased 1.11% to 28,954.94.

In Europe, around midday, the FTSE 100 was up 0.23% to 7,605.06, and the Euronext 100 was down 0.04% to 1,156.90.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

On the macro front

The Treasury budget is due out today.

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