New report examines insurers’ readiness for IFRS 17

New report examines insurers’ readiness for IFRS 17

New report examines insurers’ readiness for IFRS 17

A Global IFRS 17 Readiness Assessment (GIRA) report has been published by Aptitude Software to assist chief financial officers (CFOs) and their finance teams in addressing IFRS 17. Aptitude’s GIRA report includes data from 240 insurance companies of all sizes from around the world, including those with gross written premiums of more than $50bn and life and non-life insurance companies.…

UK regulator aims to reduce Solvency II reporting burden

UK regulator aims to reduce Solvency II reporting burden

UK regulator aims to reduce Solvency II reporting burden

The UK’s Prudential Regulation Authority (PRA) has published a consultation paper (CP) proposing a number of regulatory changes it says are designed to reduce the reporting burden for Solvency II firms and mutuals, while maintaining the PRA’s ability to meet its statutory objectives and to supervise firms. The PRA says the CP is relevant to all UK Solvency II firms,…

The Hartford announces $850m write-down due to new US tax law

The Hartford announces $850m write-down due to new US tax law

The Hartford announces $850m write-down due to new US tax law

US insurance group The Hartford has announced that its fourth-quarter 2017 financial results will be reduced by about $850m due to the impact of the new US tax law and $117m, after tax, for catastrophe losses. The Hartford said the $850m charge from the new tax law, brought in by the Trump administration and effective 1 January 2018, is primarily…

Captives harder to justify but future remains bright, finds CRE survey

Captives harder to justify but future remains bright, finds CRE survey

Captives harder to justify but future remains bright, finds CRE survey

Half of respondents to a new survey by Commercial Risk Europe said it is getting harder to justify the use of captives, but this has not stopped owners using the vehicles to help manage a growing range of risks and those polled remain optimist about the future of the market. More than half a century after the term ‘captive insurance…

US tax bill carries nasty surprise for risk managers with global programmes

US tax bill carries nasty surprise for risk managers with global programmes

US tax bill carries nasty surprise for risk managers with global programmes

Risk managers that include US risks within their global programmes can expect higher prices and less capacity going forward because of the US reform bill that was passed by the House and Senate this week, according to a senior source in Germany. The availability and cost of reinsurance for US companies will also be directly hit by the bill, which…

US tax reform takes the shine off Bermuda’s Christmas

US tax reform takes the shine off Bermuda’s Christmas

US tax reform takes the shine off Bermuda’s Christmas

Bermuda has been dealt a blow by Republican tax reforms due to be signed into law this week. The latest version of the Tax Cuts and Jobs Act, derived from different bills passed by the House of Representatives and by the Senate, gives US corporations a big cut in the headline corporate tax rate from 35% to 21%, reducing Bermuda…

Travelers goes for Dublin subsidiary to ‘seamlessly’ serve customers post Brexit

Travelers goes for Dublin subsidiary to ‘seamlessly’ serve customers post Brexit

Travelers goes for Dublin subsidiary to ‘seamlessly’ serve customers post Brexit

Travelers Europe, the European arm of the huge US-based insurance group, will apply to the Central Bank of Ireland for authorisation of a new, wholly owned insurance subsidiary incorporated in its country. The news comes as no surprise because Travelers has been active in the Irish market for some time and already has an office in Dublin. The company said…

AM Best gives Navigators Brexit inspired Belgian expansion seal of approval

AM Best gives Navigators Brexit inspired Belgian expansion seal of approval

AM Best gives Navigators Brexit inspired Belgian expansion seal of approval

AM Best’s ratings of US-based international specialty insurer Navigators and its subsidiaries remain unchanged following the group’s recently announced agreement to buy Antwerp, Belgium-based Assurances Continentales – Continentale Verzekeringen (ASCO) and Bracht, Deckers & Mackelbert (BDM). ASCO is a specialty insurance company underwriting marine and P&C insurance. BDM is an insurance underwriting agency that offers risk coverages in niche markets on…

Navigators makes Antwerp its EU hub with ASCO/BDM acquisition

Navigators makes Antwerp its EU hub with ASCO/BDM acquisition

Navigators makes Antwerp its EU hub with ASCO/BDM acquisition

The Navigators Group is to bolster its post-Brexit presence with the acquisition of Antwerp-based Belgian carriers Assurances Continentales – Continentale Verzekeringen (ASCO) and BDM. ASCO is a specialty insurer offering marine and property and casualty insurance. BDM is an insurance underwriting agency that underwrites risk coverage in niche markets across the Benelux region on behalf of ASCO and a number…

LMA supports ‘urgent’ Brexit transition deal amid fears of lost business

LMA supports ‘urgent’ Brexit transition deal amid fears of lost business

LMA supports ‘urgent’ Brexit transition deal amid fears of lost business

The Lloyd’s Market Association (LMA) has backed a cross-party UK member of parliament report that calls on its government to deliver an “urgent” Brexit transition deal with the European Union. Responding to the conclusions of a Treasury Committee report, the LMA said the insurance and reinsurance markets would lose business during 2018 without certainty about transitional arrangements post-March 2019. David…

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