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Category Archives: Uncategorized

PRA and FCA launch consultation to boost D&I in financial services

25 September 2023 The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have launched a consultation proposing measures to boost diversity and inclusion to support healthy work cultures, … Find out more…

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‘Out of control’ wage inflation weighs on (re)insurers and brokers

07 February 2022 Surging wage inflation is an increasingly pressing concern for insurance and broking executives in the London market, with competition to hire and retain top talent threatening to … Find out more…

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Lloyd’s market to grow by up to 13% in 2021: Neal

8th October 2020 Lloyd’s CEO John Neal has said he expects to sign off on business plans allowing the market to grow by between 12% and 13% in 2021 and … Find out more…

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Lloyd’s Neal: One-third of 2021 business plans ‘unrealistic’

10th September 2020 Around a third of 2021 business plans being submitted to Lloyd’s at this stage in the planning season are unrealistic in terms of growth or profitability expectations, … Find out more…

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Lloyd’s sets 35% female leadership target for market

30th July 2020 Lloyd’s has announced a target of 35% female representation in leadership positions as it seeks to fulfil its commitment to driving long-term culture change in the market. … Find out more…

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Lloyd’s will support price-driven growth after Covid-19

14th May 2020 Lloyd’s CEO John Neal has said repricing “has to happen” following the substantial industry losses from Covid-19, and pledged flexibility in permitting additional growth to the market … Find out more…

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House of Lords calls for revamp of IR35

27th April 2020 Inquiry found rules to be “riddled with problems, unfairness and unintended consequences… the potential impact on the wider labour market has been overlooked by the government. A … Find out more…

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Government confirms IR35 extension into private sector

27 February 2020 The government has confirmed it will proceed with the planned extension of off-payroll rules into the private sector from April. The confirmation came in a report from … Find out more…

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Hancock’s departure is a blow to Lloyd’s

January 2020 Make no mistake, the sudden news that performance management director Jon Hancock is leaving Lloyd’s will send ripples across the London market. He’s the man who stopped the … Find out more…

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Lloyd’s 2020 stamp capacity grows 6% to £33bn

December 2019 Anticipation of a harder market and the creation of an unrestricted light-touch cohort of syndicates has resulted in an increase in the aggregate Lloyd’s market stamp capacity of … Find out more…

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Insider Briefing – Lloyd’s Merger Watch

December 2019 The number of Lloyd’s underwriting entities is steadily falling.  The closure of a sequence of syndicates – most recently Acappella, Vibe and Pioneer – has been the most … Find out more…

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Lloyd’s: Syndicates must earn the right to grow

December 2019 Lloyd’s premium growth in 2020 will be heavily skewed towards better-performing syndicates as the Corporation seeks to incentivise the bottom quartile to improve performance and push the whole market towards … Find out more…

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No real progress’ made on 2020 expenses: Lloyd’s

December 2019 Lloyd’s market expense ratio is expected to see a 0.4 percentage point improvement to 38.5 percent for 2020 as a decline in acquisition costs is partially offset by … Find out more…

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Is losing your contractors worth it for the long-term?

December 2019 Gradually throughout the year more and more companies have set the precedence for incoming IR35 reform by confirming that they will not be engaging with contractors regardless if … Find out more…

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Lloyd’s 2020 premium growth to exceed 5% expected rate rise

November 2019 Lloyd’s market planned premium growth for 2020 will be a few points higher than the market-average risk-adjusted rate increase of 5 percent, The Insurance Insider understands.   Sources … Find out more…

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Scale at Lloyd’s isn’t everything

November 2019 After the closure of three Lloyd’s syndicates since the start of the month – Vibe 5678, Pioneer 1980, and Acappella 2014 – there are plenty of reasons to … Find out more…

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Neal: ‘Rainmakers’ get no free pass on bad behaviour

November 2019 Market participants who refuse to amend inappropriate behaviour must be removed from their roles even if they bring in large profits, the Lloyd’s CEO has said. John Neal … Find out more…

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IASB delays IFRS 17 by one year

November 2018 The standard setter has deferred the effective date for International Financial Reporting Standard (IFRS) 17 – Insurance Contracts – to annual periods beginning on or after 1 January … Find out more…

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IFRS 17 to be more costly than Solvency II

May 2018 The overwhelming majority of UK insurers believe the incoming reporting standard IFRS 17 will be more costly than the Solvency II directive, new research has found. A survey of … Find out more…

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Lloyd’s market plunges to £2B loss on cat claims

March 2018  The Lloyd’s market made a £2bn ($2.8bn) pre-tax loss in 2017 as £4.5bn of major claims took their toll. The market made its first underwriting loss in six … Find out more…

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IUA calls for PRA slack for EU branches after Brexit

February 2018 The International Underwriting Association (IUA) is seeking regulatory leeway on a proposed threshold after which European carriers with consumer-facing operations would have to convert their UK branches to … Find out more…

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Lloyd’s gender pay gap stands at 27.7%

February 2018 Lloyd’s has estimated that male employees across the Corporation are paid 27.7 percent more on average than female staff. The Corporation published its gender pay gap figures today, … Find out more…

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Firms buy insurance ‘in mad panic’ as cyber-attacks soar

January 2018  Image copyrightGETTY IMAGESImage captionMany firms are panicking as cyber-attacks and regulatory fines threaten profits With cyber-attacks increasing in frequency and severity, many companies are turning to insurance to … Find out more…

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Whopping 92% of insurers unprepared for IFRS 17

January 2018  The vast majority of insurance companies worldwide are not prepared for the incoming accounting standard IFRS 17, despite recognising the significant risks it poses to their business Data … Find out more…

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Munich Re CFO calls for delay to IFRS 17: report

December 2017  The CFO of Munich Re has become the latest senior (re)insurance executive to criticise the incoming IFRS 17 global insurance accounting standard. IFRS 17, which will be mandatory … Find out more…

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P&C sector slides to $20bn US underwriting loss

November 2017  The US property and casualty sector slumped in the first nine months of the year to deliver a $20bn underwriting loss after a trio of hurricanes pushed the … Find out more…

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GDPR brings huge ‘silent data risk’ for liability insurers

November 2017 Liability insurers are facing a huge increase in potentially silent exposures as a result of the increased litigation and compensation claims expected following implementation of the EU General … Find out more…

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Lloyd’s applies for Brexit hub licence

October 2017 Lloyd’s has filed an application with the Belgian regulator to form an insurance company that will allow it to continue to write European Economic Area business after Brexit … Find out more…

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EC regulatory reforms to ‘level Solvency II playing field’

September 2017  UK carriers looking to establish EU subsidiaries for Brexit face less room for manoeuvre after the European Commission (EC) issued plans to bolster the bloc’s financial regulators at … Find out more…

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Irma industry insured loss estimated at $25bn: KCC

September 2017 Hurricane Irma generated about $25bn in insured losses, including $18bn in the US and $7bn in the Caribbean, Karen Clark & Company estimated today. Included in the totals … Find out more…

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Charles Taylor set to win delegated authority bid

August 2017  Charles Taylor InsureTech has emerged as the preferred partner in a project that will radically reshape the way cover holders pass data to London market carriers, The Insurance … Find out more…

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PRA reveals carrier worries on facilities

30th June 2017  The head of insurance supervision at UK regulator the Prudential Regulation Authority (PRA) has said the watchdog would probe deeper into the impact of facilities on carriers. … Find out more…

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General insurance: The wide-ranging implications of IFRS 17

13th June 2017  The new accounting standard for insurance contracts, IFRS 17, will have wide-ranging implications for (re)insurers, and many firms are preparing for significant changes to their business operations  … Find out more…

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EU watchdog warns against ‘letterbox entities’

6th June 2017 The EU securities and markets regulator has warned national watchdogs against companies hoping to set up thinly staffed “brass plaque” entities ahead of Brexit. In an advisory … Find out more…

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Hancock takes hard line on Lloyd’s market growth

5th June 2017 Lloyd’s performance management director Jon Hancock has said he expects the market to shrink for the next two years, as the Corporation takes a tough stance on … Find out more…

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AM Best shuns Solvency II model use in ratings

22 May 2017 AM Best has said it will not directly use Solvency II results in its rating assessments over concerns the regime does not provide an accurate picture of … Find out more…

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New IFRS model poses a major challenge, experts say

May 2017 Insurers implementing the International Accounting Standards Board (IASB)’s new IFRS 17 will find the process a major challenge due to the huge scale of the operation, according to … Find out more…

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Regulator reputation drove Lloyd’s to Brussels: Beale

March 2017 Lloyd’s decision to locate its post-Brexit EU subsidiary in Belgium reflected the market’s need for a regulator that had a high standing, as well as a location that … Find out more…

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Lloyd’s chooses Brussels for EU subsidiary

March 2017 Lloyd’s has made a surprise decision to locate its new EU subsidiary in Belgium’s capital city Brussels, The Insurance Insider can reveal. The Lloyd’s Franchise Board today decided … Find out more…

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Brexit threatens £7bn of London premium: IUA

October 2016 The potential end to passporting services for UK-based companies in the wake of Brexit puts £7.34bn ($8.96bn) of London premium at risk, according to the International Underwriting Association … Find out more…

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Brexit just ‘extra hassle’: Lloyd’s CEO

September 2016 Lloyd’s CEO Inga Beale played down the challenge to the market’s prospects posed by the pending Brexit, describing the outcome of the recent referendum as “extra hassle”. Speaking … Find out more…

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Nelson calls for post-Brexit deregulation

September 2016 Lloyd’s chairman John Nelson has called on the UK government to look carefully at the extent of regulatory oversight as it looks for ways to maintain competitiveness in … Find out more…

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Sterling crash brings M&A opportunities

July 2016 After sterling fell to 30-year lows against the US dollar a unique buying opportunity has presented itself to those looking to buy a piece of the London market. … Find out more…

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Brexit: a containable but poorly timed shock

July 2016 The UK’s momentous decision to leave the European Union has eclipsed everything else in the news agenda in the days since the verdict was delivered, and ushered in … Find out more…

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Lloyd’s says 4% of GWP put at risk by Brexit

June 2016 Lloyd’s has identified that 4 percent of its global gross written premium (GWP) is likely to be affected by the UK’s withdrawal from the EU single market. In … Find out more…

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Beale: London can preserve global status post-Brexit

June 2016 Lloyd’s CEO Inga Beale has assured London it can retain its status as the global heart of specialist insurance and reinsurance in the wake of a UK exit … Find out more…

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Soft market is driving changes to CFO role

June 2016 The role of the CFO has evolved from concerning financial management only to being an essential component of overall company strategy, delegates at The Insurance Insider‘s CFO forum … Find out more…

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Nelson: Lloyd’s equipped to operate in new environment

June 2016 Lloyd’s chairman John Nelson has issued a statement in the wake of the UK’s EU referendum result, with a clear message that business will carry on as usual. … Find out more…

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McGavick laments ‘burdensome’ Solvency II

May 2016 XL Catlin CEO Mike McGavick has criticised the complexity of the Solvency II regime, which came into effect almost six months ago. “The most complex and most burdensome … Find out more…

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Brexit could put thousands of insurance jobs at risk: Kennedys

May 2016 Up to 48,000 jobs would be put at risk if insurance companies chose to relocate in event of a Brexit, according to a report on the impact of … Find out more…

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Insurers won’t escape Brexit consequences: Hancock

May 2016 The insurance industry will not be immune to the tangible consequences of a UK vote to leave the European Union (EU), according to minister for the Cabinet Office … Find out more…

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Politicians’ Brexit claims ‘irresponsible’: Nelson

May 2016 Lloyd’s chairman John Nelson has labelled politicians campaigning for the UK to leave the European Union as “irresponsible” in a strongly worded statement issued earlier today (17 May). … Find out more…

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Brindle: Businesses will shun London headquarters post-Brexit

May 2016 Richard Brindle’s start-up Fidelis would probably not have been headquartered in London if it had been launched following a UK vote to leave the European Union. Speaking to … Find out more…

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PRA outlines SII bureaucracy cuts

May 2016 The Prudential Regulation Authority (PRA) has outlined plans to unburden itself from the administrative quagmire around approving internal models under Solvency II. In a consultation paper released last … Find out more…

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Brexit would be ‘disaster’ for Europe and Britain: Kessler

March 2016 Scor CEO Denis Kessler has warned that a UK exit from the European Union (EU) would be “a disaster” for (re)insurers in both London and Europe. Speaking at an … Find out more…

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Implications of Brexit for the London Insurance Market

March 2016 Lloyd’s Chief Risk Officer, Sean McGovern gave a speech to the Insurance Institute of London about the potential impact on the London insurance market of the United Kingdom … Find out more…

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SII won’t be used in Fitch ratings

January 2016 Fitch has said that it will not use Solvency II metrics in its ratings. The long-anticipated Solvency II regime came into effect on 1 January. However, this month Fitch … Find out more…

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Lloyd’s capacity grows despite across-the-board softening

January 2016 Lloyd’s stamp capacity has grown by almost 5 percent for the 2016 underwriting year to defy the mounting pressures of a persistent soft market in both insurance and reinsurance. … Find out more…

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UK regulator announces internal model approvals

December 2015 The UK’s Prudential Regulation Authority (PRA) has granted approval for 19 carriers’ internal models, effective from 1 January 2016. Among the P&C carriers to receive the green light … Find out more…

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Bermuda secures Solvency II equivalence

November 2015 The European Commission has awarded Bermuda and Japan full Solvency II equivalence, ensuring that the continent’s insurers will be able to trade easily in these jurisdictions when the … Find out more…

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Eiopa announces shift from regulatory to supervisory..

November 2015 Eiopa announces shift from regulatory to supervisory role.. Gabriel Bernardino has indicated that the European Insurance and Occupational Pensions Authority (Eiopa)’s governance will move from a regulatory role … Find out more…

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UK regulator to cut Solvency II red tape

October 2015 The Prudential Regulation Authority (PRA) will work with Lloyd’s to streamline some of the administration around Solvency II, the market’s chairman revealed at a gala dinner late last … Find out more…

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Demand soars for Lloyd’s capacity at first 2015 auction

October 2015 The first auction for 2015 capacity on Names-backed syndicates at Lloyd’s has seen the biggest price jump in five years, with average prices climbing almost 10p on the … Find out more…

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Eiopa seeks ‘level playing field’ with new capital requirements

September 2015 The European insurance watchdog has declared that carriers in countries with Solvency II equivalence must be subject to the highest capital requirements in order to create parity with … Find out more…

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Guy Carp: New solvency frameworks will challenge bottom line

September 2015 Guy Carpenter has claimed that upcoming regulations – including Solvency II and the Own Risk and Solvency Assessment in Europe – will have a profound effect on (re)insurers’ … Find out more…

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Firms continue to be challenged by pillar 3 of SII

August 2015 Insurers are extremely concerned with last minute requirements being made of them ahead of Solvency II implementation on 1 January, according to a survey from industry trade body … Find out more…

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Firms continue to be challenged by pillar 3 of SII

August 2015 Insurers are extremely concerned with last minute requirements being made of them ahead of Solvency II implementation on 1 January, according to a survey from industry trade body … Find out more…

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BoE sets out Solvency II penalties

June 2015 The Bank of England (BoE)’s Prudential Policy Directorate has set out penalties for firms that fail to meet the Solvency II capital standards. According to a report issued last … Find out more…

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UK insurers need more time for SII compliance: PRA

May 2015 Prudential Regulation Authority (PRA) CEO Andrew Bailey has said insurers in the UK require more time to comply fully with the new Solvency II capital rules, as the … Find out more…

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PRA warns of Solvency II work ahead

May 2015 The Prudential Regulation Authority (PRA) has warned that many UK insurance companies still have a “considerable amount of work” to do in preparation for the implementation of Solvency … Find out more…

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European Insurers Undergo New Solvency II Stress Test

7 May 2014 The European Insurance and Occupational Pensions Authority (Eiopa) has announced a new EU-wide stress test for the insurance sector aimed at assessing its overall resilience. The test … Find out more…

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UK regulator unveils tight Solvency II criteria

28 April 2014 The UK’s Prudential Regulation Authority (PRA) has unveiled strict criteria governing the way that general insurers will be required to calculate their technical provisions and internal models … Find out more…

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Almost 80% on course for Solvency II deadline: EY

16 April 2014 Nearly 80 percent of European insurers expect to meet Solvency II requirements by the implementation deadline of 1 January 2016, according to a survey conducted by EY. … Find out more…

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Solvency II approval shifts focus

17 March 2014 The European Parliament has approved a key part of the European Union’s Solvency II capital regime for (re)insurers, keeping the new rules on track to come into … Find out more…

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Draft Solvency II plans could harm insurers

12 March 2014 Sergio Balbinot, the president of industry lobby group Insurance Europe, has warned that draft measures aimed at implementing the European Union’s Solvency II capital regime will have … Find out more…

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Two years to get Solvency II right, says Bernardino

20 November 2013 Europe’s insurance and pensions regulator has stressed that the next two years will be ‘crucial’ for the success of Solvency II. In a speech today in Frankfurt, … Find out more…

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Europe reaches agreement on Solvency II rules

14 November 2013 European politicians have struck a provisional deal that could introduce new rules to the Solvency II framework. Last night’s agreement on the Omnibus II directive, the legislation … Find out more…

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EC formally extends Solvency II deadline ….

EC formally extends Solvency II deadline ‘one last time’ to 2016 2 October 2013 The European Commission (EC) has published a formal blueprint for a 1 January 2016 coming-into-force date … Find out more…

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Solvency II vote delayed to 2014

6 September 2013 The European Parliament has delayed the plenary sitting on Solvency II changes from October this year to 3 February 2014. In a widely anticipated move, the Parliament … Find out more…

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Solvency II held back once again by capital concerns

3 July 2013 It was the Germans who first coined the phrase Solvency 1.5 and developments last month suggest that it may well be the Germans that ensure that only … Find out more…

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Solvency II is still needed, says Standard & Poor’s

15 May 2013 New rules governing Europe’s insurance industry are still needed despite the damage to investor confidence being caused by delays to their introduction, Standard & Poor’s said today. … Find out more…

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Regulatory Reporting / Systems Accountant

  Principal Duties and Responsibilities  Regulatory Reporting Development of SII Regulatory Reporting Systems Development of new systems to comply with IFRS regime and any new regulatory requirements Responsible for completion/submission … Find out more…

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The Role of Executive Recruiters

The Role of Executive Recruiters March 2013 Many students entering the workforce today are unfamiliar with the role that executive recruiters play in filling open positions in the actuarial profession. … Find out more…

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Key Solvency II vote pushed back until October

Key Solvency II vote pushed back until October 21 February 2013   A key vote which is needed for the new rules governing Europe’s insurance industry, Solvency II, to be … Find out more…

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Eiopa releases first outline of ‘Solvency 1.5′

Eiopa releases first outline of ‘Solvency 1.5′ 20th December 2012 The European Insurance and Occupational Pensions Authority (Eiopa) has released its first legal opinion on “Solvency 1.5″, which briefly outlines … Find out more…

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Catastrophe losses will reach $65bn this year, says…

Catastrophe losses will reach $65bn this year, says Swiss Re 19 December 2012 Insured losses from natural catastrophes and man-made disasters are expected to reach approximately $65bn this year – … Find out more…

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Senior Insurance Internal Auditor

Multinational insurer with a renowned audit department is seeking to replace a technical accounting audit specialist, the audit team have a great reputation for internal progression through audit or to … Find out more…

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Senior Ratings & Solvency II Accountant – London Market

  This role has now been filled. For information regarding similar roles we are currently working on, please speak with one of our Consultants.   This role sits within the … Find out more…

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Head of Group Reporting – Life Insurance

  This role has now been filled. For information regarding similar roles we are currently working on, please speak with one of our Consultants.   The Head of Group Reporting … Find out more…

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BU Engagement Manager – Life Insurance

  This role has now been filled. For information regarding similar roles we are currently working on, please speak with one of our Consultants.   The BU Engagement Manager is responsible for … Find out more…

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