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EU Insurance Regulator Warns Relocating UK Insurers Against Using ‘Empty Shell’ Subsidiaries

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EU Insurance Regulator Warns Relocating UK Insurers Against Using ‘Empty Shell’ Subsidiaries MARKET NEWS, DATA AND INSIGHT ALL DAY, EVERY DAY THURSDAY 1 JUNE 2017 ISSUE 4,859 EU insurance regulator warns relocating UK insurers against using ‘empty shell’ subsidiaries p3 London Market Awards: Celebrating Hamilton the market’s triumphs Re’s Lefebvre: Digital investment crucial to maintaining relevance p6-7 p2 Insurance Day is transforming to meet your needs The new Insurance Day website has been designed around our readers’ Just some of the features the preferences and usage – so it’s fast, new Insurance Day optimised for mobile, with smart website delivers navigation and personalisation. Personalised content Improved discoverability Fully mobile ID-Client Feedback-Ad-260x70.indd 1 12/05/2017 09:39 2 www.insuranceday.com | Thursday 1 June 2017 NEWS Hamilton Re’s Lefebvre: Market news, data and insight all day, every day Insurance Day is the world’s only daily newspaper for the international insurance and reinsurance and risk industries. Digital investment crucial Its primary focus is on the London market and what affects it, concentrating on the key areas of catastrophe, property and marine, aviation and transportation. It is available in print, PDF, mobile and online versions and is read by more than 10,000 people in more than 70 countries worldwide. to maintaining relevance First published in 1995, Insurance Day has become the favourite publication for the London market, which relies on its mix of news, analysis and data to keep in touch with this fast-moving and vitally important sector. Its experienced and highly skilled insurance writers are well known and respected in the market and their insight is both compelling and valuable. Chief underwriting officer on using technology to gain a competitive advantage Insurance Day also produces a number of must-attend annual events to complement its daily output, including the Insurance Day London Market Awards, which recognise and celebrate the very best in the industry. Rebecca Hancock Reporter ‘To be successful For more detail on Insurance Day and how to subscribe or you have to be attend its events, go to subscribe.insuranceday.com a new kind of Insurance Day, Christchurch Court, 10-15 Newgate Street, London EC1A 7HD company in the he decisions re/insurers make digital age... when it comes to technology in- vestments will play a decisive It’s trickier Editor: Michael Faulkner role in which carriers remain for larger +44(0)20 7017 7084 Trelevant in the current soft market. [email protected] companies – Speaking to Insurance Day, Claude smaller firms can Editor, news services: Scott Vincent Lefebvre, chief underwriting officer +44 (0)20 7017 4131 for casualty and specialty at Hamil- be nimbler and [email protected] ton Re, warned that in response to in- more flexible’ creasingly difficult market conditions Reporter: Rebecca Hancock +44 (0)20 7017 5570 insurance companies must adapt their Claude Lefebvre [email protected] business models. Hamilton Re “To be successful you have to be a Global markets editor: Graham Village new kind of company in the digital age,” +44 (0)20 7017 4020 he said. [email protected] Lefebvre said it was crucial for re/ Global markets editor: Rasaad Jamie insurers to change with the times and relation to IT and how the business op- tools, Lefebvre said Hamilton Re was +44 (0)20 7017 4103 embrace technology to “create a com- erates, he added. better able to manage both risk selec- [email protected] petitive edge”. “It’s trickier for larger companies – tion and the pricing of risks as a result. But the executive acknowledged smaller firms can be nimbler and more “Both capturing and the harmonisa- Head of subscriptions: Carl Josey +44(0)20 7017 7952 adapting business model to navigate flexible,” Lefebvre said. tion of data is key – it’s at the heart of Key account manager: Abby Straker +44(0)20 7017 7299 the changing digital landscape is easier Lefebvre said central to Hamilton the company,” he said. Account manager: Matthew Smith +44(0)20 7017 7894 Business development manager: Toby Nunn +44(0)20 7017 4997 for some market players than others. Re’s digital strategy had been the cre- Lefebvre said through investment Advertising/events: Jefferson Emesibe +44(0)20 7017 4061 “We’ve learnt from the big re/insurers ation of a proprietary risk manage- in technology Hamilton Re was able Head of production: Liz Lewis +44 (0)20 7017 7389 what not to do,” Lefebvre said. ment platform, Hamilton Analytics to differentiate itself from its competi- Production editor: Toby Huntington +44 (0)20 7017 5705 Smaller companies were better and Risk Platform (Harp), which is tors in the market and access new rev- Subeditor: Jessica Sewell +44 (0)20 7017 5161 placed than their larger counterparts to a collection of software tools use to enue streams. Events manager: Natalia Kay +44 (0)20 7017 5173 undertake the necessary digital trans- build, optimise and analyse Hamilton “It’s getting more difficult to find re- formation programmes, he argued. Re’s risk portfolio. ally attractive new business, but we do Editorial fax: +44 (0)20 7017 4554 Being agile was crucial, especially in Alongside some third-party modelling find it,” Lefebvre added. Display/classified advertising fax: +44 (0)20 7017 4554 Subscriptions fax: +44 (0)20 7017 4097 All staff email: [email protected] TSR increases forecast for 2017 Insurance Day is an editorially independent newspaper and opinions expressed are not necessarily those of Informa UK Ltd. Informa UK Ltd does not guarantee the accuracy of the Atlantic hurricane season information contained in Insurance Day, nor does it accept responsibility for errors or omissions or their consequences. ISSN 1461-5541. Registered as a newspaper at the Post Office. Tropical Storm Risk (TSR) has become TSR has forecast a 33% probability Published in London by Informa UK Ltd, 5 Howick Place, the latest forecasting unit to increase its the 2017 Atlantic hurricane season will London, SW1P 1WG. forecast for the 2017 Atlantic hurricane 14 see above-average activity. Printed by Stroma, Unit 17, 142 Johnson Street, Southall, season, writes Scott Vincent. Named storms Last week, the official Nation- Middlesex UB2 5FD TSR said it now expects 14 named al Oceanographic and Atmospher- storms, six hurricanes and three major Tropicak Storm Risk ic Administration (NOAA) forecast © Informa UK Ltd 2017. hurricanes to form this year, including now expects for the suggested a 45% probability of an April’s tropical storm Arlene. above-average season, with a 70% like- No part of this publication may be reproduced, stored in a This represents a slight increase on the 2017 Atlantic season lihood of 11 to 17 named storms form- retrieval system, or transmitted in any form or by any previous forecast, primarily driven by ing during the course of the season, of means electronic, mechanical, photographic, recorded or the expectation for weaker trade winds which five to nine could become hur- otherwise without the written permission of the publisher of Insurance Day. following a reduction in the expectation ricanes and two to four could become for El Niño conditions this summer. major hurricanes. www.insuranceday.com | Thursday 1 June 2017 3 NEWS EU insurance regulator warns relocating UK insurers against using ‘empty shell’ subsidiaries Eiopa will closely monitor national supervisors to Eiopa: the regulator warned ensure ‘proper supervision’ insurers looking to set up ‘empty shells or letter boxes’ to do business in the EU this Michael Faulkner practice will not be tolerated Editor ‘Sound supervision demands appropriate location of management and key he head of the EU’s in­ functions, including sound surance super­regulator outsourcing and reinsurance has sounded a warning that “empty shell” com­ policies. Empty shells or letter Tpanies cannot be used by UK in­ surers in a bid to maintain access boxes are not acceptable’ to EU business. Gabriel Bernardino Gabriel Bernardino, chairman Eiopa of the European Insurance and Occupational Pensions Authority Bernardino’s comments came likely to encourage others to fol­ (Eiopa), said European subsidiar­ as many insurers are weighing up low or, at the very least, give the ies of UK insurers needed to be where to set up a subsidiary to ac­ state greater consideration. subject to proper supervision. cess European business if the UK Bernardino said Eiopa’s over­ “Sound supervision demands loses access to the single market sight team was visiting national appropriate location of man­ after Brexit. supervisory authorities engaged agement and key functions, in­ Luxembourg has been vying in discussion with UK companies. cluding sound outsourcing and with Ireland as the front­runner Eiopa is to publish guidance for reinsurance policies,” Bernardi­ location for restructuring UK car­ national supervisory authorities no told Insurance Asset Manage- riers, with Malta, Belgium and the on “sound principles for authori­ ment Europe. Netherlands also being considered. sation and supervision”. Ber­ “Empty shells or letter boxes The decision of Lloyd’s to set up nardino said Eiopa will “closely are not acceptable,” he added. its European base in Brussels is monitor their implementation”. European regulatory bodies are keen to avoid regulatory arbitrage FM Global receives arising from competition between national supervisory authorities. They are also concerned about Luxembourg licence European subsidiaries of restruc­ turing insurers outsourcing or for European hub delegating a substantial degree of their functions
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