1. The Insurance Insider Legacy Roundtable 2015
18 June 2015
Dear friend,
Summer is upon us, which means many will be reaching for the
charcoal and last month's issue of The Insurance
Insider to get the barbecue fired up and begin eating
al fresco.
However, a winter chill will inevitably set in before last
summer's grease has even burned off the griddle, leaving us no
choice but to hang up the tongs for another year. And with the
first frost of winter will come the biting chill of Solvency
II.
2. Despite the best efforts of European regulators to light a fire
beneath (re)insurance executives, the full force of the legislative
juggernaut could still come as a shock for a lot of carriers.
Like a dog salivating at the foot of the barbecue, willing a
lamb chop to slide off the grill, legacy carriers have been
sniffing around for potential run-off acquisitions as things start
to heat up ahead of Solvency II's implementation on 1 January
2016.
The new legislation has long promised a feeding frenzy for
deal-hungry legacy acquirers. However, the promised banquet has
been a rather limited buffet with a number of legacy carriers still
left yearning for more.
At The Insurance Insider's annual roundtable at the
Insurance and Reinsurance Legacy Association Congress in Brighton,
some of the legacy sector's most senior executives told us that
Solvency II had been more bark than bite.
Despite the new regulation being tipped as a boon for legacy
carriers they may have been pipped to the post by the live players
themselves.
More and more of the large continentals are starting to see the
value in their own legacy books. They are taking advantage of the
breadth of experience within their own claims handling teams to run
those books off in-house.
So far, it may sound like the death knell for the starved legacy
carriers. But the winds of regulatory change are blowing hard
enough to stoke the fire. And on those white-hot coals, our legacy
3. executives are still expecting to cook up a feast.
It is thought that while the continent's largest players
already have a strategy cooked up, the smaller and medium-sized
players will have some tasty legacy morsels for sale as the full
effects of Solvency II start to bite.
However there may be rain clouds on the horizon. While the
run-off sector fans the flames, ready to scrap over those succulent
titbits, our panellists questioned whether private equity players
are waiting in the wings to swamp the legacy market with capital as
they have done in the live sphere.
To read this year's Legacy Roundtable please click
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here.
Enjoy the read!
Dan Ascher
Reporter, The Insurance Insider
http://www.insuranceinsider.com/the-insurance-insider-legacy-roundtable-2015
