ACE Group recognized for customer care
The property and speciality division of the ACE Group has been recognized as “best for customer care in fronting” by the annual US Captive Service Awards. It’s the third consecutive year that the insurer has won the award which was in recognition of the firm’s because of the variety of solutions offered to US-based captive clients around the world, including full- or partial risk transfer programs, fully-fronted programs, captive management and rent-a-captive services.
European insurers prepare for new legislation
Insurers are concerned at the last minute regulatory requirements of a new framework being implemented across the EU according to a new survey. The Solvency II directive affecting insurers operating in the European Union comes into force at the start of 2016 bringing consistency to regulation of the industry across all 28 member states; currently nations operate their own regulatory framework. A survey by industry body Insurance Europe reveals that although insurers are making good progress in preparing for the new rules including the strengthening of risk management and governance. However one of the pillars of the legislation, on quantative reporting, will only be adopted by the European Commission next month, allowing just four months for insurers to fully comply.
Sun Life in talks with Assurant unit
Canadian insurer Sun Life Financial is reportedly in talks with Assurant Inc. over a potential acquisition of the US firm’s employee benefits unit. The Globe and Mail reports that a deal would value the business at as much as $900 million (US) and follows Assurant saying in April that it was seeking a buyer for the unit. Neither company has confirmed the talks.
Business organization calls for insurance industry action on Uber
A Canadian business organization has called for the insurance industry to be part of a range of moves to handle the sharing economy amid the growth of firms like Uber and Airbnb. The Ontario Chamber of Commerce says that “innovative thinking” is needed to tackle sketchy insurance coverage and other matters. The Chamber’s newly released report on priorities for the provincial economy it calls for the insurance industry to create products that plug gaps in coverage for homes and autos. "While those gaps exist, while those loopholes exist, there are risks for all users of the sharing economy, both users and contractors of the sharing economy," Karl Baldauf, vice-president of policy and government relations for the chamber of commerce told CBC News.
