From ReactionsNet.com’s Rendez-vous Reporter: “Insurers have been advised by Regulators not to wait until the last minute before understanding their capital requirements and securing capital”, says Oliver Tattan, CEO of Insurance Regulatory Capital.
From ReactionsNet.com’s Rendez-vous Reporter: “As Solvency II takes effect, we believe our collateralised reinsurance offering will provide cedants with greater capital credit.”, says Pat Haveron, President of Maiden Reinsurance.
From ReactionsNet.com’s Rendez-vous Reporter: “The trend for industry consolidation may benefit Maiden Re as it allows the reinsurer to be more nimble than its competitors”, says Art Raschbaum, Maiden Re’s CEO.
“A long-awaited overhaul of financial safety standards is within sight, with far-reaching implications for the €8.4tn industry.”
“There are more investors interested in this kind of product [subordinated debt], providing capital to insurance companies,” said Oliver Tattan, CEO of Insurance Regulatory Capital.
Specialist insurers such as captives are ‘not well-catered for’ by Solvency II’s standard formula which is adding to the need for European captives to change the way they are managed, according to a new report by AM Best.
“With Solvency II just around the corner, the market is addressing a number of issues, not least whether the US, Bermuda and other jurisdictions will be granted reinsurance equivalence status in time, according to Martin Membery, one of London’s leading insurance regulatory, corporate restructuring and M&A lawyers.”
UK watchdog the Prudential Regulation Authority (PRA) has published its final version of the Senior Insurance Managers Regime (SIMR), which will introduce what experts have described as a far more complex set of rules for insurers.
The drivers for the new regime include the need to bring the UK in line with Solvency II, which comes into effect on 1 January 2016.
The User Manual contains the steps on how to carry out the calculations through the published RFR coding. Using the manual, the aim of the exercise is to collect input from stakeholders that would help improve the coding and spot possible errors.
“Achtergestelde schulden komen in aanmerking als reglementair kapitaal onder Solvency II”
[Note: article is in Dutch]
EIOPA recently published a note (found here) on the need for high quality public disclosures by insurers of their financial health parameters, particularly their SCR coverage.
To read the article in Deutsch: klicken Sie bitte hier
IRC’s CEO Oliver Tattan: Smaller European insurers should consider the option of subordinated debt as the date of Solvency II implementation looms.
BoE’s Executive Director for Insurance Supervision, Sam Woods, made a speech to the Association of British Insurers intended to clarify the Bank’s views on the adoption of Solvency II.
The U.K. insurance sector is likely to be pleased by the latest step toward the acceptance of the Insurance Distribution Directive by the European Union, according to Alexis Roberts, a partner in the London office of international lawfirm Pinsent Masons.
EIOPA has published the second set of draft Implementing Technical Standards (ITS) and Guidelines for Solvency II. The set covers different areas from all three of the Solvency II pillars.
Insurance has been elevated to new heights in the international financial arena; no longer playing second fiddle to the mighty banking and derivatives industries.
Stable financial markets have prompted European insurers to tap the capital markets in their efforts to lower the cost of capital and optimise levels of risk-adjusted capitalisation.
Subordinated debt is a prudent approach for mutual insurance companies seeking to ensure judicious capital management and maintenance. It is a structural and long term solution for a mutual’s capital requirements.
The Bank of England’s Prudential Policy Directorate has set out penalties for firms that fail to meet the Solvency II capital standards. BoE said that the 2 capital requirements introduced by Solvency II would act as trigger points in the regime’s ‘supervisory ladder of intervention’.
Report: “Europe’s Mutual Insurers Have Gained Market Share Since Global Crisis”
“Insurance Regulatory Capital, the debt capital provider established by Irish entrepreneur Oliver Tattan, is gearing up for a rapid expansion of its business.”