Podcasts about solvency ii

Dieses Mal tauchen wir ein in die Welt der Cloud-Technologien und schauen ganz genau hin, welche Chancen und Herausforderungen sie für Versicherungsunternehmen mit sich bringen. Besonders im Fokus: die aktuellen regulatorischen Anforderungen wie DORA, Solvency II und der Cyber Resilience Act, die die digitale Widerstandsfähigkeit und das IT-Risikomanagement der Branche auf ein neues Level heben.Unsere Hosts Dominik Badarne und Herbert Jansky begrüßen zwei absolute Cloud-Urgesteine: Achim Heidebrecht, dessen jahrzehntelange Erfahrung und Pionierarbeit bei der Cloud-Einführung in der Versicherungsbranche besonders heraussticht, und Adrian Wnek, der seit 2012 Cloud-Projekte – insbesondere mit AWS – auf ein neues Level hebt und Unternehmen befähigt, selbstbewusst und sicher in die Cloud zu starten.Freut euch auf ehrliche Einblicke, persönliche Erfahrungen aus echten Transformationsprojekten, Anekdoten aus den frühen Tagen der Cloud-Migration bei Talangs, Learnings rund um Compliance und Regulatorik und einen Blick darauf, wie Unternehmen heute Cloud-Lösungen industriell und sicher umsetzen können. Außerdem werfen wir einen Blick über den Tellerrand, sprechen über Innovationen in anderen Branchen und klären, warum gerade die Cloud helfen kann, regulatorische Anforderungen besser zu erfüllen.Lehnt euch zurück und begleitet uns auf dieser spannenden Reise durch Vergangenheit, Gegenwart und Zukunft der Cloud im Versicherungssektor!Schreibt uns gerne eine Nachricht!Folge uns auf unserer LinkedIn Unternehmensseite für weitere spannende Updates.Unsere Website: https://www.insurancemondaypodcast.de/Du möchtest Gast beim Insurance Monday Podcast sein? Schreibe uns unter info@insurancemondaypodcast.de und wir melden uns umgehend bei Dir.Dieser Podcast wird von dean productions produziert.Vielen Dank, dass Du unseren Podcast hörst!

Die Themen im heutigen Versicherungsfunk Update sind: Check24: EuGH weist Klage der Huk-Coburg zurück Der Versicherer Huk-Coburg ist mit einer Klage gegen Check24 vor dem Europäischen Gerichtshof vorerst gescheitert. Die Bewertungsnoten auf dem Vergleichsportal seien keine unzulässige Werbung, so das Urteil. Das gilt zumindest, solange das Vergleichsportal nicht als direkter Wettbewerber der Versicherungsunternehmen auftritt. Mehr dazu hier >>> Talanx erhöht Dividende Die virtuelle Hauptversammlung der Talanx AG hat einer deutlichen Dividendenerhöhung zugestimmt: Aktionäre erhalten künftig zwei Euro siebzig je Aktie – ein Plus von fünfunddreißig Cent. Für das Jahr zwanzig vierundzwanzig verzeichnete der Konzern ein Ergebnisplus von fünfundzwanzig Prozent auf knapp zwei Milliarden Euro. Mit sechshundertvier Millionen Euro startet Talanx auch im ersten Quartal robust ins neue Geschäftsjahr. Bis zum Jahr zwanzig siebenundzwanzig soll die Dividende weiter auf vier Euro steigen. Solvenzquoten nach Neuberechnung rückläufig – Basiswerte bleiben stabil Die Bundesanstalt für Finanzdienstleistungsaufsicht veranlasste im Jahr zwanzig vierundzwanzig eine Neuberechnung der Übergangsmaßnahmen nach Solvency II. Das führte bei vielen Lebensversicherern zu teils drastisch gesunkenen SCR-Bedeckungsquoten – im Branchenschnitt von sechshundertdreiundsechzig auf rund dreihundertvierzig Prozent. Ohne Übergangshilfen blieben die Solvenzquoten mit dreihundertneun Prozent dagegen weitgehend stabil. Besonders stark aufgestellt: LV 1871, WGV und LVM. Drei Lebensversicherer verfehlten die Einhundert-Prozent-Marke ohne Hilfsmaßnahmen. MRH Trowe beteiligt sich an Debt Advisory Partners MRH Trowe erweitert mit der Beteiligung an der Debt Advisory Partners GmbH sein Geschäftsfeld Finance. Die strategische Partnerschaft bringt mittelständischen Unternehmen und Private-Equity-Investoren Zugang zu maßgeschneiderten Finanzierungslösungen – von Kapitalbeschaffung über Unternehmensübernahmen bis Restrukturierung. Kunden profitieren von einem integrierten Beratungsansatz für Finanzierung und Risikomanagement. DEVK-Umfrage: Mehrheit für beitragsabhängige Hundetarife nach Rasse Laut einer aktuellen Civey-Umfrage im Auftrag der DEVK sprechen sich zweiundfünfzig Prozent der Hundehalter für eine risikobasierte Beitragsgestaltung nach Hunderasse aus. Die DEVK führt dafür vier Risikoklassen ein – mit Schutz auch für schwer versicherbare Tiere. Ergänzt wird das Angebot um Auslandsschutz, Leistungen bei Entlaufen und psychologische Hilfe im Trauerfall. Wechsel in der Geschäftsführung bei Doktor Ihlas GmbH: Thomas Lindner rückt auf Die Doktor Ihlas GmbH hat mit Thomas Lindner einen erfahrenen Experten aus der Industrieversicherung in die Geschäftsleitung berufen. Der Rechtsanwalt und Spezialist für Financial Lines wird künftig als Co-Geschäftsführer neben Gründer Doktor Horst Ihlas agieren. Das Unternehmen gehört zur Summitas Gruppe.

In the fourth episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and associate James Pickstock explore the Cayman Islands' insurance regulatory landscape. As the second-largest jurisdiction for captives and a significant player in reinsurance markets, the Cayman Islands provides insurers with the ability to design a bespoke capital, investment and resourcing model that is right for individual companies' needs, making it an attractive market for insurers. Rob and James discuss the Cayman Islands' insurance history, regulatory classifications, solvency capital requirements and investment rules. They also examine how the jurisdiction aligns closer to the U.S. solvency regime as opposed to Solvency II standards.

In the third episode of Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Annabel Smethurst discuss Japan's insurance and regulatory landscape. As the world's fourth-largest insurance market, Japan has become increasingly attractive to foreign insurers due to its mature market, aging population and ongoing regulatory reforms. Rob and Annabel explore Japan's regulatory framework, its evolution from the "financial Big Bang" of the 1990s and the flourishing reinsurance sector that has emerged as the country aligns with international standards such as Solvency II and the Insurance Capital Standard (ICS).

In the second episode in Skadden's yearlong podcast series on global prudential solvency requirements, host Robert Chaplin and colleague Abraham Alheyali discuss the regulatory regime in Bermuda, a global center for insurance and reinsurance. More than 30 major firms underwrite from the country, and it is the largest supplier of catastrophe reinsurance to U.S. insurers. Rob and Abraham discuss the Bermuda Monetary Authority's (BMA's) regulatory approach toward different types of insurers and reinsurers, the four key concepts in Bermuda's prudential regime, various requirements for capital holdings and investments, and how the insurance industry's growth and increasing sophistication will likely lead to future regulatory changes.

Die Themen im heutigen Versicherungsfunk Update sind: Jungmakler Award geht in eine neue Runde Die bbg Betriebsberatungs GmbH sucht wieder junge Maklerinnen und Makler, die sich durch Innovation und Unternehmergeist auszeichnen. Wer nicht länger als fünf Jahre ein eigenes Maklerunternehmen führt, kann sich bewerben. Allianz Commercial ernennt neuen Chief Risk and Resilience Officer Allianz Commercial ernennt Aymeric Martin, derzeit CFO von Allianz Irland, zum Chief Risk and Resilience Officer (CRRO) der Allianz Global Corporate & Specialty SE (AGCS SE). Vorbehaltlich der behördlichen Genehmigung übernimmt er die neue Position zum 1. April 2025 und wird für Risikomanagement, Compliance, Underwriting Integrity & Solutions sowie Global Capital Management verantwortlich sein. Martin bringt über zehn Jahre Führungserfahrung aus den Bereichen Finanzen und Strategie bei der Allianz mit und verfügt über Abschlüsse in Europarecht, Rechnungswesen sowie Finanzen und Betriebswirtschaft. Ascore bewertet Rechtsschutzversicherungen Ascore Analyse hat im aktuellen Scoring für 2025 insgesamt 71 Rechtsschutz-Tarife von 29 Gesellschaften, darunter Assekuradeure, untersucht. Das Scoring wurde um 9 Anbieter und 22 Tarife erweitert sowie um 8 neue Bewertungskriterien ergänzt. Fünf Tarife erhielten die Höchstbewertung von sechs Kompassen: Allrecht Rechtsschutz für das Privatleben Premium, Arag Aktiv-Rechtsschutz - Premium, Deurag Free, Domcura Top-Schutz und Roland Premium. DLA Piper verstärkt Versicherungsrechtsteam Die Wirtschaftskanzlei DLA Piper baut ihre Beratung im Versicherungs- und Rückversicherungsrecht weiter aus. Seit Februar 2025 verstärkt Dr. Thomas Hellebrandt als Of Counsel das Düsseldorfer Büro. Hellebrandt verfügt über mehr als 30 Jahre Erfahrung aus leitenden Positionen bei der VöV Rückversicherung, der Deutschen Rückversicherung AG und dem Verband öffentlicher Versicherer. Seine Schwerpunkte liegen im Versicherungsunternehmens-, Kartell- und Aufsichtsrecht, insbesondere in der Umsetzung von Solvency II. Canada Life erweitert Flexiblen Kapitalplan um Basisvorsorgeoption Canada Life bietet den Flexiblen Kapitalplan ab sofort auch als Basisvorsorgeprodukt gegen Einmalbeitrag an. Mit der Fondspolice Flexibler Kapitalplan basic können Kunden ab 10.000 Euro investieren und steuerliche Vorteile der ersten Schicht nutzen. Die Verrentung ist flexibel zwischen dem 62. und 85. Lebensjahr wählbar, auch eine Teilverrentung ist möglich. Zur Auswahl stehen 26 Fonds, darunter die aktiv gemanagten SAMA-Mischfonds mit verschiedenen Risikoprofilen. Lockton etabliert Digital Office Der Versicherungsmakler Lockton richtet ein Digital Office ein, um Innovationen in den Bereichen Daten, Analysen und Technologie voranzutreiben. Ziel ist es, digitale und datengetriebene Fähigkeiten im Unternehmen zu stärken und transformative Lösungen für Kunden bereitzustellen. Claude Yoder, bisher Global Analytics Leader bei Lockton Re, übernimmt die Rolle des Chief Data, Analytics and Digital Officer.

Host Rob Chaplin and Skadden colleague Caroline Jaffer debut the first episode of a yearlong series on global prudential solvency requirements, which will form the basis of the forthcoming Encyclopaedia of Prudential Solvency publication. In this episode, they discuss the International Association of Insurance Supervisors' (IAIS') December 2024 adoption of the Insurance Capital Standard (ICS), which Rob notes is a “watershed moment” in global insurance regulation. Rob and Caroline outline key components of the IAIS and the ICS, as well as detail what supervisory authorities and internationally active insurance groups (IAIGs) can expect next regarding the ICS.

The regulatory landscape for captive insurance in the European Union is evolving, with Solvency II amendments bringing significant changes to capital requirements, proportionality, and reporting obligations. In this episode, Joel Appelbaum, chief content officer at IRMI and Captive.com, sits down with Alex Gedge, senior captive consultant at Hylant, to discuss what these updates mean for captives and how organizations can adapt. Solvency II, introduced over a decade ago, was designed to enhance the financial stability of insurers operating within the European Union. However, its one-size-fits-all approach has long been a challenge for captives, which operate with distinct risk profiles compared to traditional insurers. The latest amendments introduce a more proportional regulatory framework, reducing capital burden and simplifying governance requirements for small and noncomplex undertakings. Alex provides insights into how captives can leverage these changes, including the benefits of the reduced cost-of-capital rate in risk margin calculations, strategies for adapting to evolving environmental, social, and governance regulations, and how captives can position themselves for long-term success in a shifting regulatory environment.

As 2024 draws to a close, Rob Chaplin invites colleagues to review a year of change throughout the insurance industry. In keeping with the spirit of a traditional holiday countdown, the team presents 12 topics that spanned the year.For more Skadden insights about Solvency II, click here for their updated guide, The Standard Formula: A Guide to Solvency II.

In this installment of The Standard Formula's series on Solvency II, host Robert Chaplin and Chiara Iorizzo unpack the regime's public reporting element. As Rob explains, public reporting “bolsters transparency and market discipline across the insurance industry.”Rob and Chiara cover requirements of the Solvency and Financial Condition Report (SFCR) and discuss some proposed changes to these reporting requirements. They also explore external audit requirements and review the role of the European Insurance and Occupational Pensions Authority (EIOPA) in information disclosure.

Host Robert Chaplin and guest James Pickstock cover the Solvency II supervision framework, which is designed to protect policyholders and promote insurer soundness. They focus on the Regular Supervisory Report (RSR), a quantitative tool that is among four key areas that insurers must disclose to supervisors. Robert and James also look ahead to legislative reform effective at year's end.Watch for our next episode, which will focus on the Solvency and Financial Condition Report, another key area that must be reported to supervisors.

This week we talk to Robert Chaplin, a Partner and Head of the Financial Institutions Group in Europe at Skadden. Rob works in the insurance and asset management sectors and hosts his own podcast ‘The Standard Formula: A Guide to Solvency II'. We discuss: • Has Solvency II met its original objective? • Is there appetite in the market for legislators to change the regulation? • Are we going to see a greater globalisation of standards? • What else might we expect for Solvency UK?

When U.K. insurers observe they cannot comply with requirements under Solvency II, there are detailed steps that one must take.Feargal Ryan, European counsel in Skadden's Financial Institutions Group, and host Rob Chaplin, head of the firm's Financial Institutions Group in Europe, break down insurers' obligations. They explain differences between the Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR) and examine the Prudential Regulation Authority's (PRA's) requirements.

Because strategically allocating assets and managing investments are key to an insurer's business, valuing assets and liabilities is an important area of focus.In this episode of “The Standard Formula,” host Rob Chaplin, head of Skadden's Financial Institutions Group in Europe, is joined by associate Olivier Peeters for a conversation about Solvency II's requirements for asset and liability valuation. Rob and Oliver cover the general principles and specific rules for some balance sheet items and explore recent trends regarding investments into illiquid, or alternative, assets.

Solvency II imposes numerous governance requirements on insurers. In this episode of “The Standard Formula” podcast, Skadden partner Sebastian Barling and Rob Chaplin, host and head of Skadden's Europe Financial Institutions Group, guide insurers through these complex requirements.They spotlight the Own Risk and Solvency Assessment, or ORSA, a cornerstone component of Solvency II that insurers must use to assess their risks and solvency needs. Sebastian and Rob also detail the Senior Managers and Certification Regime, or SMCR, which applies to insurers in the United Kingdom. The SMCR complements and enhances the governance requirements under Solvency II. They close with an overview of operational resilience and outsourcing requirements.

“Insurers are expected to hold eligible owned funds in excess of the Solvency Capital Requirement. There are two main methods of calculating the SCR under Solvency II, the standard formula and internal model methods.”In this episode of “The Standard Formula” podcast, Rob Chaplin, host and head of Skadden's Europe Financial Institutions Group is joined by colleague George Belcher to discuss Solvency II's internal models (IM). Despite a higher cost of development, IMs offer numerous benefits, such as more accurate risk sensitivity, more flexibility and more available data. Rob and George also explore partial IMs, changes to existing models, the PRA approval process and implications of the U.K.'s move away from EU Solvency II standards.

“The Solvency Capital Requirement, or SCR, is designed to protect policyholders by helping to make sure that insurers can survive difficult periods and pay claims as they fall due.”In this episode of "The Standard Formula" podcast, Rob Chaplin, host and head of Skadden's Europe Financial Institutions Group, is joined by colleague Will Adams as they take an in-depth look at the Solvency Capital Requirement, one of Solvency II's most important and complex provisions. The discussion covers the SCR's key features, risk modules, how it's calculated and its relationship with the Minimum Capital Requirement (MCR). They also discuss the standard formula (for an in-depth discussion of technical provisions, listen to the previous episode).

“Technical provisions are crucial, as they form the fundamental basis for assessing the financial stability of insurance and reinsurance plans.”In this episode of “The Standard Formula” podcast, Rob Chaplin, host and head of Skadden's Europe Financial Institutions Group, is joined by colleague Mary Bonsu. Rob and Mary delve into the complexities of technical provisions under Solvency II, shedding light on crucial elements such as best estimate of liabilities and risk margins. They discuss factors influencing these elements, such as financial guarantees, future management actions and risk-free interest rate term structures.The conversation also touches on methods to mitigate short-term volatility, and contrasts Solvency II with IFRS 17.

The World Bank is considering providing a USD300 million loan to the Small and Medium Enterprises Agency, with the aim of enhancing the flexibility of small businesses in Egypt. Egypt's CDS rate rose during the past week, which witnessed an increase in geopolitical tensions in the Middle East, to 6.93% for 5 years at the close of trading on Friday, compared to 5.8% at the end of the previous week.The government aims to raise around USD1 billion through the privatization of state-owned companies and assets via stake sales to strategic investors or EGX listings this year, and USD1.5 billion next year.The next stage for Egypt is to “to accelerate the pace of reform” by achieving four goals, IMF Middle East and Central Asia head Jihad Azour said on the sidelines of the IMF and WB spring meetup in Washington. The goals are:  1. To reduce the risks to the Egyptian economy. “The flexibility of the exchange rate contributes to this matter”.2. Bringing down inflation. 3. Raising the level of social protection.4. Promote the private sector and job creation.The price of non-subsidized bread will start falling starting today until it reaches normal levels. Minister of Supply announced a decrease in oil prices by 14%, in addition to previous reductions, bringing the total reductions on oil to 36%.Finance Minister and Planning Minister will head to the House tomorrow to give statements on the draft state budget and socioeconomic development plan for FY2024-25. Egypt has inked 14 agreements with Chinese companies to set up projects alongside our local private sector.The government aims to extend the average maturity of its debt instruments to 4.5-5 years as it focuses on longer-term bonds.The Egyptian government received seven offers from international hotel chains to take advantage of old ministries' headquarters.Cabinet approved extending foreign operators' exemption from airport fees until November 2024 as part of the state's efforts to boost tourism.ADIB is in talks to purchase a 15% stake in Bank Syariah Indonesia, Indonesia's biggest Islamic bank, for USD1.1 billion.Mortgage finance firms could soon see their capital requirement doubled to EGP100 million local currency or its equivalent in FX, up from EGP50 million under new amendments. The FRA is working on developing a plan to implement Solvency II standards to enhance the financial and operational efficiency of insurance companies.PHDC (FV: EGP7.11, OW) confirmed that it is co-developing a 415 feddan project in Sidi Heneish on the North Coast and stated that expected revenue and revenue share are still to be determined. The project will be launched in 2Q24.According to local media, PHDC (FV: EGP7.11, OW) is preparing to take out a EGP1.7 billion loan.According to local media, natural gas production in Egypt declined to 4.286 bcf in February 2024 from 4.651 bcf in January 2024, the lowest since February 2018.Energean plc, an international hydrocarbon exploration and production company, expects to invest USD30-50 million in Egypt during 2024. SDX sold its 50% working interest in two blocks in the West Gharib concession in the Eastern Desert to Horizons LLC and NPC Petroleum Services for USD6.6 million. According to local media, in light of the decrease in price of locally produced cars, GBCO will compensate distributors for these price differences.

A decade ago, in the aftermath of the global financial crisis, anxiety around unknowns was still rippling through financial markets, including within secondaries. Similarly, there was a great deal of concern around the Volcker Rule that came into effect in 2014, which essentially prohibited banks from investing in private equity with their own funds. In 2013, secondaries volume sat at around $28 billion. The following year, volume leapt to $42 billion. While regulation should not be overplayed, the Volcker Rule and Solvency II – a regulation affecting insurance companies and the percentage of risky assets they can hold on their balance sheets – played a big role in this increase. In 2014, "There was suddenly... a lot more publicity being given to what people had been doing," Katherine Ashton, partner at Debevoise & Plimpton, explained. "With the increased publicity, with the increased knowledge of the market, that fed on itself and led to outdoing some of the predictions [for the growth of the market] because the more people realised that there were willing buyers and sellers, the more it allowed the market to develop." Welcome to the Decade of Secondaries Investing miniseries, where we celebrate 10 years of Secondaries Investor with reflections on key trends that have shaped the market, as well as a glimpse into what likely lies ahead. In this first episode, we sit down with Ashton as well as Michael Granoff, chief executive and founder at Pomona Capital. Each give insight into how the Volcker Rule and other post-GFC legislative frameworks spurred secondaries sales. For full coverage of our Decade of Secondaries Investing series, including all podcast episodes and an interactive timeline, click here.

The U.K.'s investment rules for insurers and reinsurers have become particularly interesting due to recent proposals for reform relating to U.K. sovereignty and the ESG movement. In this episode of “The Standard Formula” podcast, host and Skadden partner Rob Chaplin is joined by colleagues Ben Lyon and Verena Mengis. Tune in as Ben and Verena delve into a wealth of topics, including the prudent person principle (PPP) in the context of the U.K.'s Solvency II investment rules. Discover the key aspects of PPP and how it applies to insurers' and reinsurers' asset portfolios. Learn about investment rules specific to derivatives, securitizations and assets held to cover linked policies, along with related regulatory changes and their impact on the insurance sector. The episode concludes with a critical discussion on sustainability risks and the integration of ESG concerns into investment rules.

Thu, 07 Mar 2024 04:45:00 +0000 https://jungeanleger.podigee.io/1387-borsepeople-im-podcast-s11-21-bernhard-tollay b75086f6191942260c2a133bbd16df31 Bernhard Tollay ist Geschäftsführer der Merkur Tochter Metis Invest, grosser Corporate Bonds Fan und ehemaliger Trainingspartner von Tischtennis-Star Ding Yi. Wir reden über ein Studium der Wirtschaftsinformatik an der Uni Wien, einen Finance MBA in Krems sowie Early Stationen bei der Generali im IT Bereich und der heutigen Valida im Veranlagungsbereich. Im Jahr 2009 wechselte Bernhard zur Merkur Versicherung und ist seit 2015 GF der Tochter Metis Invest, spezialisiert auf Corporate Bonds mit Zusatzfacette Primärmarkt. Themen sind am 98. Geburtstag von Alan Greenspan auch Demut, Solvency II, Lehman, 2022, Fonds Kongress, EZB-Politik, Real-Money-Frage im Vorstellungsgespräch, Optionen, die Frage DAX oder ATX sowie Real Money Investments. Abgerundet wird die Folge durch Tischtennis, Marathon und noch einmal Demut. Fondsporträt Sirius 25 mit Bernhard: https://audio-cd.at/page/playlist/5584 Bernhard im Mensch, Merkur Podcast. https://mensch-merkur.podigee.io/10-new-episode Barbara Klammer, Metis, Börsepeople: https://audio-cd.at/page/podcast/5271 About: Die Serie Börsepeople findet im Rahmen von http://www.audio-cd.at und dem Podcast "Audio-CD.at Indie Podcasts" statt. Es handelt sich dabei um typische Personality- und Werdegang-Gespräche. Die Season 11 umfasst unter dem Motto „24 Börsepeople“ 24 Talks. Presenter der Season 11 ist Societe Generale Zertifikate, https://www.sg-zertifikate.de .Welcher der meistgehörte Börsepeople Podcast ist, sieht man unter http://www.audio-cd.at/people. Der Zwischenstand des laufenden Rankings ist tagesaktuell um 12 Uhr aktualisiert. Bewertungen bei Apple (oder auch Spotify) machen mir Freude: https://podcasts.apple.com/at/podcast/audio-cd-at-indie-podcasts-wiener-boerse-sport-musik-und-mehr/id1484919130 . 1387 full no Christian Drastil Comm.

The UK's announcement of the Edinburgh Reforms in 2022 made clear the government's intention to chart its own course in rulemaking for the UK financial services sector, and no longer prioritise equivalence with EU legislation. The UK is currently in the process of repealing and restating all retained EU legislation, which will result in divergence from the EU in several areas. Priority areas of reform have already seen significant progress, particularly those reflecting areas in which the government is keen to boost the UK's attractiveness as a place to do business, including the UK listing and prospectus regimes, MiFID II, the Securitisation Regulation, Solvency II, PRIIPs, and the Money Market Funds Regulation. In this episode of Connected with Latham, the latest in a 10-part series complementing Latham's “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2024” report, London partners Rob Moulton and Nicola Higgs and Frankfurt partner Markus Krüger discuss the pace and focus of UK/EU regulatory divergence seen to date and what firms can expect in 2024. They also explore areas of potential regulatory convergence between the EU and the UK, including in relation to retail market investor protection, ESG reforms, and implementation of the Basel III Endgame international capital standard.   This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York's Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York's Disciplinary Rules to Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020, Phone: 1.212.906.1200

In September 2023, the U.K.'s Prudential Regulation Authority (PRA) released its second consultation paper on reforms to the Solvency II regime for U.K. insurers. These reforms relate to the use of the Matching Adjustment, a mechanism that adjusts the discount rate that can be applied to the valuation of an insurer's insurance and reinsurance obligations. In this episode of the “The Standard Formula” podcast, host and Skadden partner Rob Chaplin is joined by colleague Theo Charalambous to discuss the intricacies of the U.K.'s Matching Adjustment regime for insurers, including the rationale behind it, which liabilities are eligible, existing conditions and how it's calculated. In case you missed it, be sure to listen to the last episode, which covered groups, and stay tuned as our next installment will focus on investment rules.

This episode of the “The Standard Formula” podcast is the fourth in the “Back to Basics” series focusing on developments in the Solvency II regime. Skadden partner Rob Chaplin is joined by colleague Feargal Ryan to explore the complexities of group supervision under Solvency II.Rob and Feargal begin with a discussion of the circumstances under which the U.K. Prudential Regulation Authority (PRA) rules on group supervision will apply to a group, followed by a look at methods for calculating group solvency. They also cover how own funds requirements operate at a group level, and conclude the discussion by considering the application of group supervision at group level under various scenarios.

In this episode of “The Standard Formula” podcast, which focuses on Solvency II developments, Skadden partner Rob Chaplin is joined by colleague Olivier Peeters to discuss the U.K.'s change in control regime for insurers and insurance brokers.Rob and Olivier delve into the concept of a “controller” as defined in the U.K. Financial Services and Markets Act 2000 and the obligations that the U.K. regime imposes on controllers looking to acquire a regulated firm. More specifically, they discuss the controller application process required for regulatory approval before closing a transaction, the assessment of applications to determine whether the incoming controllers are fit to control the business of a regulated firm and the obligations of controllers. They also discuss a recently released consultation paper by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) proposing that the existing European Union guidelines on changing control approvals be replaced by U.K.-specific rules and guidance.

This episode of “The Standard Formula” podcast is part three of the “Back to Basics” series, which takes a deep dive into the Solvency II regime. Skadden partner Rob Chaplin is joined by his colleague Meher Pahuja to discuss third-country branches and the cross-border provision of services. Rob and Meher explore the significance of third-country branches and the cross-border provision of services, shedding light on the regulatory landscape before and after Brexit. They emphasize the importance of these topics, discussing “passporting” and pre-Brexit regulations. They also provide insights into the post-Brexit environment, explaining the Temporary Permissions Regime (TPR) and the Financial Services Contracts Regime (FSCR) in the U.K., in addition to briefly covering the contingency arrangements implemented by the EU.Later in the episode, Rob and Meher analyze the Prudential Regulation Authority's (PRA's) proposals to remove capital requirements for third-country branches, and highlight the PRA's efforts to encourage competition and protect customers in the U.K. insurance market.

In this episode, Sam chats with Lorraine Harfitt, CEO at Asta, about her diverse career journey in the insurance industry. Lorraine shares her path from Lloyd's of London to becoming CEO at Asta, discussing her roles at Lloyd's, including insights into her involvement in the Solvency II work stream.Lorraine talks about the challenges of her career, the importance of adaptability, and the role of a supportive network. She also talks about succession planning, leadership development, and the responsibilities of a CEO.Tune in to hear Lorraine's journey through the insurance sector, providing lessons on career progression, leadership, and navigating the complexities of the industry.LinksLorraine's LinkedIn:https://www.linkedin.com/in/lorraine-harfitt-6ab60817/ Hosted on Acast. See acast.com/privacy for more information.

This episode of “The Standard Formula” podcast is a continuation of the Back to Basics series. Skadden partner Rob Chaplin and his colleague Imad Mohammed Nazar focus on reinsurance and risk transfer under Solvency II.Reinsurance is a crucial aspect of the insurance industry and plays a significant role in mitigating risk. Under the Solvency II regime, insurers are subject to specific rules and regulations governing risk mitigation techniques. Mr. Chaplin and Mr. Nazar discuss the wide array of risk mitigation techniques available under Solvency II, defined by the regime as “all techniques which enable insurance and insurers to transfer part or all of their risks to another party.” This episode also includes discussion about the implications of successful risk transfer, the standard formula for an insurer to calculate its solvency capital requirement (SCR) and the eligibility criteria that insurers must meet under Solvency II for risk mitigation techniques to be eligible.

This episode of “The Standard Formula” podcast launches the “Back to Basics” series, which will comprehensively cover the U.K.'s Solvency II regime. For the premiere episode, Skadden partner Rob Chaplin and associate David Wang delve into the intricacies of own funds, a core concept of Solvency II.Own funds constitute an insurer's regulatory capital, comprising both balance sheet and limited off-balance sheet items. This discussion covers the three classification categories for own funds: Tier 1 (highest quality), Tier 2 (middle) and Tier 3 (broader spectrum and flexibility). Mr. Chaplin and Mr. Wang outline the specific requirements for each tier. Two characteristics of own funds fundamental to understanding them, namely permanent availability and subordination, are explored in detail.The episode also includes a discussion of regulatory approvals and notifications and the implications of these concepts on the Lloyd's Insurance Market.

This episode of The Standard Formula podcast discusses three emergent insurance resolution regimes that deal with the failure, or potential failure, of insurers. Lamya Al-Yazdi, a member of Skadden's London insurance team, joins Skadden partner Rob Chaplin to discuss the U.K. HM Treasury consultation on the insurer-specific recovery and resolution regime (IRR), the EU Insurance Resolution and Recovery Directive (IRRD) and the proposals outlined in the consultation paper by the Bermuda Monetary Authority.Starting with the U.K., Rob and Lamya review the four resolution objectives for the IRR. They also discuss the EU's proposed set of rules for handling insurance company failures. The rules will apply to EU insurance and reinsurance companies covered by Solvency II, EU insurance holding companies and EU mixed financial holding companies.Finally, they review proposals from the Bermuda Monetary Authority (BMA). The first proposal involves the implementation of recovery planning regulations to aid insurers in proactively addressing adverse scenarios, enabling them to make informed decisions and develop credible survival strategies for severe stress situations. The second proposal suggests that the Bermuda Monetary Authority could mandate insurers to undertake recovery planning measures.

In this podcast, Kate McInerney and Louisa Innes-Wilkin discuss the key upcoming changes to Solvency II, and in particular, the reform proposals set out in the Consultation Paper published on 22 June 2023 (CP 12/23). 

Welcome to Insurance Covered, the podcast that covers everything insurance. In this episode Peter is joined by Alan Sheppard, senior advisor at the PRA, specialising in insurance regulation, which is what we will be discussing today.In this episode we cover:The role of the PRA.The distinction between the role the FCA and PRA have in regulating insurers.The day to day role of the PRA supervising insurers.The powers the PRA has in enforcing compliance.An overview of Solvency II.We hope you enjoyed this episode, if you did please subscribe to be notified when new episodes release. Hosted on Acast. See acast.com/privacy for more information.

Asta is the largest third-party manager of Lloyd's Syndicates by quite a long way. As such, today's guest Lorraine Harfitt CEO of Asta, almost certainly has a better view of what types of new business entrepreneurs and major insurers alike are looking to set up. She also has the best view of Lloyd's changing appetites around what type of businesses it is looking to allow into - and keep out of - the marketplace. So this podcast is a great temperature gauge on the Lloyd's and wider international insurance and reinsurance markets. I'm happy to report that I found Lorraine full of optimism and enthusiasm, with a long and diverse pipeline of business in prospect on many fronts, be it new Syndicates in boxes, Captive Syndicates, traditional syndicates, other alternative vehicles or MGAs. As Lorraine puts it, there is always a fear that the appeal of the Lloyd's and London Market may one day wane. On this showing there is no evidence of this happening any time soon. Lorraine is a an industry professional of vast experience who has worked her way from the Lloyd's Policy Signing Office in Chatham all the way up into the heart of the market. She knows this business inside and out, she's great company and this podcast is packed with lots of really nuanced observations. NOTES: Lorraine mentions a Julian. That is of course Julian Tighe, former CEO of Asta and now its Group Director and Chief Commercial Officer at Davies Insurance Services. ICAS, the UK forerunner of the Solvency II regime, stood for Individual Capital Adequacy Standards. LINKS: We thank our naming sponsor AdvantageGo: https://www.advantagego.com/

In this episode of “The Standard Formula” podcast, partner Rob Chaplin reviews the International Association of Insurance Supervisors (IAIS) with European counsel George Belcher and associate Feargal Ryan from our London insurance team.They discuss how the voluntary membership organization oversees the global standard for the implementation of principles, standards and guidance. Additionally, they discuss the current focus of the IAIS, future developments and the current issues at play. In addition to detailing the IAIS' three main areas of activity, they discussed how the IAIS fits in with other international bodies. They also discussed the IAIS' report on the progress of 10 regulatory regimes' implementation of the association's framework.

During the podcast, titled What regulators have in store for insurers and brokers, Sicsic said given the spat between the government and Prudential Regulation Authority on the risk of ditching the EU's Solvency II capital requirements, he wouldn't expect a massive overhaul of the rules. Hosted on Acast. See acast.com/privacy for more information.

In our latest installment of “The Standard Formula” podcast, partner Rob Chaplin and associate Ilianna Kotini discuss the proposals made in the Bermuda Monetary Authority's (BMA) latest consultation paper, which are focused on the BMA's plan to enhance the regulatory and supervisory regime for commercial insurers and insurance groups. The proposals cover four main areas: changes to the calculations of insurers' technical provisions, amendments to the computation of the Bermuda Solvency Capital Requirement (BSCR), enhancements to the prudential rules and reporting forms set out in the BMA's section 6(d) framework and revisions to the fees charged to life insurers regulated by the BMA. The BMA's proposals aim to bring the Bermuda regime closer to Solvency II, and are of interest to the entire insurance market, given the amount of business that is reinsured into Bermuda.

In this episode of the Navigate Series, Tanya Beattie Head of Actuarial at Grant Thornton Bermuda describes GTs global network, their decision to move into the Bermuda market place and their top three objectives for 2023.   Tanya joined the firm as a Director in early 2022, leading the P&C Actuarial team in Grant Thornton Ireland and, as of the start of 2023, is the Head of Actuarial for Grant Thornton Bermuda. Tanya is a qualified actuary with significant expertise across the Insurance industry in areas such as Regulation, Risk Management, Actuarial Function and Solvency II. She brings both commercial and regulatory acumen, having assumed various roles to date across both the Insurance industry – where the bulk of her career was in key roles within the European headquarters of one of the world's largest P&C Insurers – and also in Insurance Supervision with a leading European insurance regulator.   Sponsor –  Grant Thornton Bermuda  www.grantthornton.bm/ ​ LinkedIn: www.linkedin.com/company/grant-thornton-bermuda/

In its simplest form, a prudential solvency regime is designed to ensure insurance policyholders are compensated while allowing insurers to remain competitive and not unnecessarily over-capitalized. The three most significant prudential solvency regulatory regimes globally are Solvency II in the EU and U.K., U.S. risk-based capital (RBC) and the Bermuda Solvency Capital Requirement (BSCR).There are commonalities among the regimes, and they all reflect three main elements: companies need to be conservative in their estimate of liabilities; calculations need to force insurers to invest in assets with an appropriate liquidity and risk profile; and companies must finance an excess of such assets with sufficient capital. Applying each of the requirements alongside real-world complexities often presents a challenge to insurers when looking at each company's individual business practices.New York-based Skadden partner Patrick Lewis and Neil Horner of ASW Law in Bermuda join host Robert Chaplin to review and compare the various regimes.

In this episode, Paolo will provide an overview of the key elements of effective ERM in the insurance industry, as well as practical tips and strategies to enable organizations to implement it in their operations. Learn how to develop an ERM strategy that can help you successfully manage financial risks, including identifying and assessing potential risks, developing risk response strategies, and monitoring and reporting on results. Paolo Laureti is an experienced financial engineer focusing on risk models for buy-side institutions. Formerly Econophysics researcher with a Ph.D. in theoretical physics. He is currently working as a product manager in SS&C Technologies. He is specialised in product management and consulting, Monte Carlo methods for financial risk, IFRS 17, Solvency II, ALM, ERM, SAA as well as Ranking and recommendation systems. If you want to be our guest, or you know some one who would be a great guest on our show, just send your email to info@globalriskconsult.com with a subject line “Global Risk Community Show” and give a brief explanation of what topic you would like to to talk about and we will be in touch with you asap.

As part of its departure from the European Union (Brexit), the United Kingdom is moving away from key EU insurance prudential regulatory standards, including by liberalizing the EU Solvency II regime. These reforms can be seen as political as well as regulatory — and if you're an insurance professional, it is important to understand what these changes mean and how they may impact you. The Solvency II regime came into force in the UK in 2016. The government announced a review of the regime in June 2020, followed by a range of proposed amendments this year.The reformed regime — which will be called Solvency UK — is meant to boost innovation in the sector and assist the government's drive for investment.This is the first episode of “The Standard Formula,” a podcast from Skadden covering subjects of interest for UK and European insurance professionals in the Solvency II world. Host Robert A. Chaplin — a partner at Skadden — is joined in this episode by Azad as they discuss the UK's recently announced post-Brexit Solvency II reforms.

The first significant post-Brexit changes to UK financial services regulation were announced on December 9 by Jeremy Hunt, Chancellor of the Exchequer. The so-called 'Edinburgh Reforms' represent an attempt to honour government election manifesto promises and include possible changes to the Senior Mangers Regime, short selling, Solvency II and research rules under MiFID 2, among others. In this episode of Compliance Clarified, Lindsey Rogerson and Rachel Wolcott, senior editors in London, join Alexander Robson, editor-in-chief in London, to discuss the reforms and their potential impact. Wholesale markets review https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1057897/Wholesale_Markets_Review_Consultation_Response.pdf Securitisation review https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1040038/Securitisation_Regulation_Review.pdf Hill Review https://www.gov.uk/government/publications/uk-listings-reviewShort selling https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1122840/SSR_CfE_-_Official_Publication.pdf National AI strategy https://www.gov.uk/government/publications/national-ai-strategy-ai-action-plan/national-ai-strategy-ai-action-planFCA board minutes mentioning Regulatory Decisions Committee annual report (section 6) https://www.fca.org.uk/publication/minutes/fca-board-minutes-28-october-2022.pdfAvailable only to subscribers of Regulatory Intelligence (behind a paywall) ANALYSIS: Edinburgh Reforms leave much for finance firms to engage with in Hunt's post-Brexit rules overhaul http://go-ri.tr.com/tAS9ij Senior managers regime sets accountability bar high, few are rejected or punished http://go-ri.tr.com/46kAH4 The Regulatory Intelligence podcast series "Compliance Clarified" covers the range of topics that affect compliance officers in financial services firms. The podcasts have been designed to help compliance officers make sense of the often-challenging world of financial services regulation which is now overlaid with expectations that are not in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk. Compliance Clarified covers the hot topics of the day and the challenges faced, and aims to offer up practical ideas for emerging good practice.

Hear from members of the UK's Climate Financial Risk Forum, as we dive into their brand-new publications on climate litigation and physical risk. Part 1 | Litigation Risk Underwriting Guide | 00:00:00–00:15:54 Part 2 | Physical Risk Underwriting Guide | 00:15.54–00:36:13 The Climate Financial Risk Forum (CFRF) was set up in 2019 by the UK's Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), to build capacity and share best practice across industry and the regulators to advance the sector's responses to the financial risks from climate change. In this special episode, we discuss the CFRF's Litigation Risk and Physical Risk Underwriting Guides, which are available from 9 December 2022. The guides focus on risks that are particularly pertinent to the insurance industry, but are highly relevant to many financial firms. The guests were all heavily involved in producing these publications, so they'll be sharing their thoughts and insights as a compliment to the papers themselves. For the litigation portion of this episode, we will discuss: Why climate litigation risk deserves special attention from insurers; How financial firms are reacting to the fast-changing litigation landscape; and Key recommendations for financial institutions trying to understand their exposure to this risk. And for the physical risk portion, we will discuss: The distribution of physical risks globally relative to the distribution of global insurance; The challenges of modelling complex hazards from climate change; and The capabilities that financial firms can build and the strategies they can adopt to deal with highly uncertain risks. Links from today's discussion: CFRF's Litigation Risk Underwriting Guide CFRF's Physical Risk Underwriting Guide Other CFRF 2022 publications Results of the 2021 Climate Biennial Exploratory Scenario (CBES) Nigel's previous appearances on the Climate Risk Podcast and the Climate Risk Webcast Grantham Institute's 2022 Global Climate Change Litigation Snapshot Geneva Association's 2021 Global Report on Climate Litigation UN's Net-Zero Insurance Alliance (NZIA) homepage Speaker's Bios Nigel Brook, Partner, Clyde & Co. Nigel has been a partner at Clyde & Co since 1985 and heads the firm's reinsurance team. An international insurance and reinsurance disputes specialist with over 30 years' experience, Nigel is considered by many to be one of the top insurance lawyers worldwide. He leads Clyde & Co's global campaign on Resilience and Climate Change Risk, building a body of know-how and raising awareness of climate-related legal duties and potential liabilities. He is a member of the Law, Regulation and Resilience Policies Working Group of the Insurance Development Forum – a public/private partnership seeking to optimise and extend the use of insurance and the industry's risk management capabilities to protect those most vulnerable to disasters. He co-authored the firm's 2018 Reports on Parametric Insurance and Inclusive Insurance – exploring the role of innovative risk transfer in closing the global protection gap – and has authored and edited Clyde & Co's 2018/19 series of reports on the rising tide of Climate Change liability and duties of care. Paul Barrett, Chief Risk Officer, AIG UK Paul is Chief Risk Officer for AIG UK. He is also the designated ‘Senior Manager' for Climate Change Risk. Paul reports jointly to the Board of AIG UK and Fabrice Brossart, CRO, GI International. Paul's team is responsible for the Risk Governance, ORSA, Stress Testing, Risk Register, Risk Appetite & Limits and Operational Risk processes. Paul also works closely with the Group in helping to develop AIG's Climate Strategy. Previously Paul was Assistant Director, Solvency II at the Association of British Insurers (ABI). Prior to that Paul worked in Policy at the Financial Services Authority. Shane Latchman, VP and Managing Director, Verisk As a vice president and the managing director of Verisk's Extreme Event Solutions team in London, Shane Latchman is involved in many of Verisk's extreme event models and Touchstone initiatives, such as the integration of third-party data and models, expanding Verisk's capabilities in marine and energy, climate change quantification, and the Next Generation Financial Module. He interacts frequently with rating agencies and regulators on topics such as stress tests, climate change, and the Solvency II directive on EU insurance regulation.  Shane joined Verisk after receiving his master's degree in 2008. Shane sits on and collaborates with various industry working groups, committees, and boards, including Bank of England, Open Data Standards, Insurance Development Forum, and Cass Business School. He writes and speaks frequently on topics related to catastrophe risk and climate change. Joss Matthewman, Senior Director of Climate Change Product Management & Strategy, RMS Joss rejoined RMS in 2020 as Senior Director of Climate Change Product Management. Prior to this Joss was Head of Catastrophe Exposure Management at Hiscox, responsible for natural catastrophe, war, terror and political violence exposure management and reporting across the group.  Before joining Hiscox, Joss spent seven years in model development at RMS where he worked on the North Atlantic Hurricane and Asia Typhoon models, before being appointed Head of Storm Surge Modelling. During this period Joss joined the PRA working group on climate change which he continues to engage with today. Prior to entering the insurance industry Joss obtained a PhD in Applied Mathematics from UCL and worked as a postdoctoral researcher in climate science at the University of California, Irvine. His published areas of research include stratospheric sudden warmings, and the impact of sea-ice on global atmospheric teleconnections.

Alcohol will not be sold at stadiums for this year's World Cup in Qatar. Ian King is joined by Sky News' Sports Correspondent Rob Harris to discuss the decision and its implications. Ian King looks at the impact of the Autumn statement, and talks to Imogen Bachra, Head of UK Rates Strategy at NatWest about it. The impact on tax, energy and so-called Solvency II rules are also looked at.While Hannah Seal, a Partner at Index Ventures talks about a call out for the next generation of entrepreneurs.

In episode 74 of the Global Captive Podcast, supported by legacy specialists R&Q, Richard is joined by Shadrack Kwasa and Sanjay Joshi for an eventful third quarter investments update. In a bumper episode, Shadrack and Sanjay focus on recent activity in the UK bond markets, interest rates and currency volatility and what the environment means for captives. There is also an extended interview with Jelto Borgmann and Dirk Schilling, of HDI Global, to discuss European captive trends concerning new formations, Solvency II, cyber and D&O. Senior Reporter Luke Harrison returns from the FERMA Forum in Copenhagen where the energy transition and role for the commercial market and captives was debated. In several short interviews, Luke is talks to: Professor Simon Grima, FERMA Board Member Dr. Ulrich Adamheit, Head of Business Risk at Vattenfall Marc Paasch, Global Head Strategic Risk Consulting and Global Head Alternative Risk Transfer, WTW Claude Weber, Managing Director, Marsh Captive Solutions Marine Charbonnier, Global Programs and Captives Regional Director Europe at AXA XL For more information on the upcoming European Captive Forum, which Richard and Luke will be attending: https://www.europeancaptiveforum.com/ For more information on the Cayman Captive Forum: https://web.cvent.com/event/770fc642-d36b-4e12-b98b-6e7862f8e6fe/summary You can subscribe to the Global Captive Podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. Contact Richard: richard@globalcaptivepodcast.com Visit the website: https://www.globalcaptivepodcast.com

Sina Thieme is joined by Kenny McIvor and Anthony Plotnek, who explore the proposed reforms to Solvency II in the UK, as set out by the HM Treasury and the Prudential Regulation Authority (PRA), and what the potential implications could be for insurers.

This week we welcome back Ed Harrison to discuss the UK government's plans for dismantling Solvency II. We discuss: • How repealing Solvency II rules might work in practice • Key issues relating to Solvency II equivalence • Impacts on insurers of the economic disruption triggered by the recent mini-budget

Anyone listening to this podcast over the past couple of years can't have failed to notice the way that Environmental, Social and Governance or ESG has moved quite quickly to the top of the industry agenda. Taking into consideration the Environmental Social and Governance impacts of all of our customers, all of our investments, all of our suppliers and all of our own activities is something that may be a little too much more many of us in the industry to get our heads around. Once regulators get involved, and it is only a matter of time before they do, ESG will become the biggest potentially existential threat to insurers since the implementation of Solvency II. That's why it is important to seek expert advice. And that's why I am delighted to introduced Miqdaad Versi, a principal at Oxbow Partners. Oxbow Partners is a management consultancy specialising in the insurance industry. And Miqdaad focuses on insurance, reinsurance and ESG and sustainability and has authored a first-of-its-kind report on ESG in conjunction with the Bermuda Business Development Agency (BDA). This podcast lays out his credentials as well as the scale of the problem. If you have been too scared even to start thinking about what to do about the enormous ESG challenge ahead, this is an excellent place to begin. Miqdaad is smart, eloquent and passionate on this topic. He's also very optimistic that the insurance sector has the skills to navigate ESG's threats as well as to be able to make the most of the huge opportunities that it is going to throw up. This podcast is also full to the brim of useful information and easy-to-follow advice. NOTES and LINKS Miqdaad Versi's email is mversi@oxbowpartners.com The report we mention is ESG in Bermuda: The Rising Tide – The maturity of ESG on the island and what it means for the (re)insurance industry You can access it here: https://oxbowpartners.com/blog/esg-in-bermuda-the-rising-tide/ Find out more about Oxbow Partners at: https://oxbowpartners.com/

Against the backdrop of the political turmoil affecting the UK, an interesting power dynamic is developing between the government, insurers and the central bank's prudential regulator. Solvency II, a key piece of legislation for the insurance industry, is being overhauled and there's a growing chasm between the government and the insurance industry on the one side, and regulators on the other. The stakes are high, with the government awarded powers to undermine anything the regulator does — powers that are prompting some soul-searching about regulatory independence. Also on today's podcast: Judges ponder the future of European sport, with EU courts weighing up whether UEFA should be allowed special leeway to nurture grass-roots sport or whether it falls under competition laws and should allow the emergence of a rival Super League.

Sina Thieme is joined by Miroslav Kotaska to discuss where we currently are with the EC Solvency II review process and what can EEA insurers expect in the coming years from the prudential requirements at a European level.

In this episode, we discuss the evolving prudential agenda in the insurance sector. Host Andrew Strange is joined by Sarah Watson, a Senior Manager in PwC's Insurance Regulatory practice, and Anirvan Choudhury, a Senior Manager in our Financial Services Regulatory Insights Team. We talk about the UK's Solvency II reform and what this will mean for insurers, their capital requirements, and their pricing. We also discuss the PRA's priorities as set out in its business plan, including operational resilience, climate risk and diversity and inclusion, and how these will impact insurers. You can contact our speakers if you'd like to discuss any of the topics covered at andrew.p.strange@pwc.com, sarah.w.watson@pwc.com, and anirvan.choudhury@pwc.com.

In this episode, we explore the hidden power of TPT data and how the tripartite template can help reduce capital consumption under Solvency II.

Podcast: The focus on defined contribution scheme offerings must “fundamentally shift” from costs to value for money in 2022 if better outcomes are to be achieved. Darren Philp, director of policy and communication at Smart Pension, and Mike Ambery, partner at Hymans Robertson, discuss the DC outlook, expanding auto-enrolment, and reforming Solvency II. See acast.com/privacy for privacy and opt-out information.

In this GCP Short, produced in collaboration with A.M. Best, Richard is joined by Mathilde Jakobsen, an Analytics Director within A.M. Best, Riccardo Ciccozzi, a Market Development Director for AM Best Europe's Rating Services, and Derek Bridgeman, Managing Director at Strategic Risk Solutions (Europe). The trio discuss the latest proposed changes to Solvency II, what impact they may have on captives and how that could effect ratings of captives in Europe. They also address ESG – a hot topic on the podcast and in the corporate world generally - and how captives and AM Best are thinking about ESG today. For more information on AM Best, visit their Friend of the Podcast page: https://www.globalcaptivepodcast.com/ambest For more information on the the Asian Captive Conference 2021, hosted by Labuan IBFC, visit here: https://www.labuanibfc.com/events/upcoming-events/labuan-ibfc-inc/the-asian-captive-conference-2021-virtual-conference Read the third edition of GCP Insights here: www.globalcaptivepodcast.com/gcp-insights You can subscribe to the Global Captive Podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. Contact Richard: richard@globalcaptivepodcast.com Visit the website: www.globalcaptivepodcast.com Follow us on LinkedIn: www.linkedin.com/company/global-captive-podcast/

This week we are talking to Cat Drummond, a Partner at LCP, about key trends in the general insurance market, drawing on insights from Cat's annual review of solvency disclosures of the top 100 firms in the UK and Ireland. We explore questions including: • Are insurers' balance sheets becoming stronger or weaker? • How well has the market coped with COVID-19? • Is the industry adequately prepared for cyber risk and climate change? • Post-Brexit, will the UK make changes to Solvency II?

In this weeks episode, we chat with Sarah Manning, a proud gay woman from Belfast, Northern Ireland. She is passionate about LGBTQ in STEM. Sarah Manning holds a BSc (Hons) in Actuarial Mathematics & Statistics from Heriot-Watt University. Sarah is a fully qualified actuarial Fellow and Chartered Enterprise Risk Actuary who specializes in Life Insurance product development, Solvency II regulation/reporting, capital modelling and risk management. She currently works for a large international insurance group who specialize in a range of products including wealth management/investment/savings, variable annuities and group risk. Her previous experience includes working in an audit/consulting role for one the world's largest professional services firms and working on the Risk Management Function of a large cross border insurance business consolidation group.

Podcast host Carlos Arocha, FSA, speaks with Professor Karel Van Hulle about his experience in the development of the Solvency II Directive. Van Hulle, served as head of insurance and pensions at the European Commission, where he was responsible for the development of Solvency II. In that capacity, he represented the European Commission within EIOPA (the European Insurance and Occupational Pensions Authority) and was a member of the technical committee of the International Association of Insurance Supervisors. He is the author of Solvency Requirements for EU Insurers: Solvency II is Good for You

Season three of the Global Captive Podcast, supported by legacy specialists R&Q, kicks off with Pete Kranz, Captive Practice Leader at Beecher Carlson, joining Richard Cutcher as guest co-host. Pete discusses the impact of the pandemic and hardening market on existing and new captive business over the past 12 months, as well as providing his views on the impact Washington State's new premium tax on captives may have. The captive owner interview sees a return for Carl Leeman, Chief Risk Officer of Katoen Natie, who reacts to the news several large European countries are considering introducing a new captive framework, the potential changes to Solvency II and how his own captive has responded to the hard market and pandemic. Steven Beeghly, a Seattle-based corporate and regulatory insurance attorney, helps us make sense of the developments and new legislation coming out of Washington State. You can subscribe to the Global Captive Podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. Read the first edition of GCP Insights here: www.globalcaptivepodcast.com/gcp-insights Contact Richard: richard@globalcaptivepodcast.com Visit the website: www.globalcaptivepodcast.com Follow us on LinkedIn: www.linkedin.com/company/global-captive-podcast/ Twitter & Instagram: @captivepodcast

Alessandro Zamboni, Founder & CEO, Supply@Me Capital (SYME.L) and Director specialised in the Financial Services Industry and related strategic and digital models. Alessandro has 18 years of experience on internal governance, regulatory and enterprise risk management systems (Basel IV, Solvency II, …) for Banks and Insurance Companies. Alessandro is the Co-founder of DevoLab: think tank group of SDA Bocconi (School of Management - Milan) focused on innovation and exponential technologies.Alessandro is the Founder of the AvantGarde Group: fintech hub, main shareholder of Supply@ME Capital plc. Co-founder of «Assofintech» (italian fintech association). Alessandro is a Specialist into digital – legal binding – technologies (distributed ledger, electronic signatures…).Alessandro Zamboni Interview focus:1. An introduction from you - background, overview, education... 2. Career highlights3. Can you tell us about Supply@Me Capital PLC your company / companies, organisations and focus?4. You went public in March 2020 in London. Can you tell us about that?5. How does Supply@Me Capital PLC work?6. What kind of technologies are you using?7. With Covid-19 what solutions can you highlight in the supply chain and related solutions, special as across supply chain challenges are becoming riskier and more highlight finance and logistics?8. Are you doing anything in the context of the EU and governments?9. Are you doing or creating solutions on bridging the gap between 10. What are your goals and how do you see the future of work and the main trends in tech and society?https://www.supplymecapital.comhttps://www.linkedin.com/in/alessandro-zamboni-2124412/https://www.bloomberg.com/profile/person/21821801https://bebeez.it/en/2020/03/18/italys-fintech-scaleup-supplyme-will-list-london-march-23-with-227-5-mln-pound-market-cap/ https://tools.morningstar.co.uk/uk/stockreport/default.aspx?SecurityToken=0P0001JILG%5D3%5D0%5DE0WWE%24%24ALLhttps://www.stockopedia.com/share-prices/supplyme-capital-LON:SYME/ https://www.proactiveinvestors.co.uk/upload/SponsorFile/File/2020_04/1587634192_2020_SYME_Investor-deck_Q1_Proactive_Investors-(2).pdf https://www.telegraph.co.uk/markets-hub/share/S273/ABAL/AbalGroup About Dinis Guarda profile and Channelshttps://www.openbusinesscouncil.orghttps://www.dinisguarda.com/https://www.intelligenthq.comhttps://www.hedgethink.com/About citiesabc.comhttps://www.citiesabc.com/https://twitter.com/citiesabc__Dinis Guarda's 4IR: AI, Blockchain, Fintech, IoT - Reinventing a Nation https://www.4irbook.com/Intelligenthq Academy for blockchain, AI courses on https://academy.intelligenthq.com/

In this episode, SVP of Business Development at CSS Ashley Smith sits down with two insurance and Solvency II experts from MBE Consulting to discuss the push for asset managers to attract more insurance investors, and what should asset managers be doing now, including focusing on data management and the quality of their Solvency Capital Requirement (SCR).

In this episode, we discuss the regulatory landscape for insurers, from the impact of climate change, to upcoming changes to the prudential rules. Regular host Andrew Strange is joined by Rod Bryn-Hussey, a Director in PwC’s Insurance Risk and Regulation practice, and Anirvan Choudhury, a Senior Manager in PwC’s Regulatory Insights team. We cover how the climate change agenda is impacting insurers, what the UK’s review of Solvency II means for firms, and how competing regulatory priorities fit together. Please contact our speakers if you’d like to discuss any of the topics covered, at andrew.p.strange@pwc.com, rod.bryn-hussey@pwc.com and anirvan.choudhury@pwc.com .

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests. This week we are joined by Anastasia Dokuchaeva, Head of Partnerships at ClauseMatch and we will be discussing their Lloyd's Lab journey. We start by looking at what ClauseMatch is, what they do, and how they came to work with the insurance industry. Anastasia explains initially the focus was entirely on financial services but experiences looking at Solvency II showed that the insurance industry also had a real need for regulatory technology, the opportunity to then be involved with the Lloyd's lab programme was too good to turn down. She then explains what it was like to be part of the cohort, the opportunity to work with mentor firms, including AXA, QBE and Argo, having unrestricted access to talk to and learn about the industry was invaluable when it came to develop ClauseMatch to be the perfect tool for the insurance industry.Anastasia goes on to explain since their graduation from the Lloyd's Lab in June 2019 they have had the opportunity to work with a number of big insurers and deploy their technology further in the market. We hope you enjoy this episode, and if you did, subscribe to be notified of future episodes. See acast.com/privacy for privacy and opt-out information.

Ogie Sheehy is the founder and CEO of regtech firm ViClarity. ViClarity is a very impressive business based in Kerry in Ireland. They help many Global Insurers to automate regulatory compliance, vendor management and Solvency II policy management.I really enjoyed this conversation. As you’ll hear, Ogie is a very engaging storyteller. He tells me about how he transitioned from corporate life at IBM to starting his own business in the middle of a recession. --- Ogie's full bio: Ogie Sheehy is the founder and CEO of ViClarity, a company that provide audit, risk and compliance solutions to Financial and Healthcare organisations. Ogie graduated with a primary Degree in Applied Physics and Electronics and embarked on a multinational career spanning over 15 years in companies such as HP, IBM and Dell. In 2008 Ogie resigned from corporate life as Director of IT at Dell and set up ViClarity. Ogie has led ViClarity for over twelve years and under his guidance the company has successfully implemented Compliance, Risk Management and audit solutions into some of the largest global organisations in both financial services and healthcare. ViClarity now work with over 50 Global Insurers helping them automate areas such as Regulatory Compliance, Risk Management, Vendor Management, Solvency II, Policy Management and many other areas.

In episode 36 of the Global Captive Podcast, supported by legacy specialists R&Q, Richard is joined by guest co-host Laurent Nihoul, Group Head of Insurance at steel and mining giant ArcelorMittal. Laurent is also FERMA board member and takes the lead on many of their captive projects. Laurent discusses ArcelorMittal's insurance and captive strategy, and FERMA's latest activities regarding Solvency II and the OECD's BESP initiatives. There is also a captive owner interview with Mary Ellen Moriarty, Vice President for Property & Casualty at EIIA in Chicago. EIIA owns an association captive and RRG in Vermont. In the second half of the episode Angus Rhodes, Global Product Manager, and David Thomas, Director at Ventiv Technology, discuss how analytics and data can increasingly be used to the insurance buyers advantage. You can subscribe to the Global Captive Podcast on iTunes, Apple Podcasts, Spotify or any other podcast app. Contact Richard: richard@globalcaptivepodcast.com Visit the website: www.globalcaptivepodcast.com Follow us on LinkedIn: www.linkedin.com/company/global-captive-podcast/ Twitter & Instagram: @captivepodcast

Podcast: Finance & Fury Podcast (LS 44 · TOP 1% what is this?)Episode: Global Infrastructure plans in the name of climate change - Why then are the recommendations focused on changing Government accounting practices and risk-measures, along with opening the floodgates for redistribution spending?Pub date: 2019-09-13Notes from Listening Post:ThoriumWelcome to Finance and Fury, The Furious Friday Edition   Today – SDG9 - How infrastructure spending helps an economy - Anyone who knows basic economic and GDP has learnt that Infrastructure spending leads to GDP growth – so the theory says – Very hard to measure benefits/gains – Direct through spending in GDP equation – flow on effects Go through Economic theory backing this – stimulus spending for GDP growth – First – estimates Research provided from McKinsey and UN – MK established the Global Infrastructure Initiative (GII) in 2012 MK Two reports – 2015 to 2016 – World spent $9.5trn (14% GDP) $9.6trn follow year Transport, power, water, telcom – $2.5trn, Social infrastructure, oil and gas, mining – $2.4trn, Real estate - $4.65trn Spending trajectory points to a shortfall of about $350 billion a year to what we are told we need – but triples when including funds needed to meet the UN Sustainable Development Goals Report states – meeting is critical for the future of undersupplied regions such as Africa – remember Africa Emerging economies account for some 60% of that need Projects – no idea – broken into categories – power, water, etc – but on what, who knows – Have programs going – but go to each and it is just another rabbit hole trying to find each individual thing This ep - Focus of policy and recommendations to provide grease to the wheels of bureaucracy: Helping Financial System out through Governments Talk about the theory as justification and also the   Governments hand in this - Regulations/Legislation - Basel III, Solvency II, pension fund allocation rules Basel III and Solvency II mandate classifying infrastructure as high-risk capital allocations Also - pension funds have allocation rules that specifically limit their exposure to asset classes and countries Recognizing infrastructure as an asset class with a lower risk profile – Infrastructure can be low or high risk Low upon completion and proof of profitability – In developing – high risk – many infrastructure projects don't meet forecasts – known as ‘white elephants' To avoid low return investments – governments need more oversight and analysis before a decision in made – More regulations for infrastructure works – Question: If there was a special equation to perfectly predict profitability – Gov wouldn't be ones who have it Sadly – no tool exists – only outcome from involvement in assessment is higher costs and more delays due to layers of legislation and checklists before approval   Governments will also take an active role beyond changing the laws – Want to make money back off it Road pricing and other fees toll roads, bridges, and tunnels are increasingly common around the world. Taxes and fees - Cities including London have introduced congestion pricing on urban roads. Property value capture - Governments acquire land around an infrastructure project - profit once the project is completed through lease or sale - using the resulting funds for new infrastructure investment - Spain added this to its constitution. Other methods – more traditional – increase general or specific property taxes and fees from owners/developers Changes in public accounting and budgeting frameworks Treating infrastructure as an asset on a public balance sheet and depreciating it over time rather than adding the entire cost of a project to the fiscal deficit up front mirrors corporate accounting practice - helpful to Gov – gets around limits on deficits and debt. Example – 3y $6bn project is being constructed and will take 6 years – one payment upfront now and one in 3 years Current – Adds $6bn onto deficit now - although the government is actually paying money only in years one and three, it books spending of $2 billion in each of the three years. However, the roads will be operational for the next 20 years. It would make just as much sense for the government to book an expense of $300 million every year for 20 years as the public asset is consumed. But many public assets, unlike private assets, do not have corresponding revenue streams attached to them – no accountability – as a new office block will have a life of who knows – 40, 50 y – hides real spending onto future books Socioeconomic rates of return on public investment is meant to exceed the government's cost of capital—and substantially increase the future tax base in a way that makes the project self-funding over the long run important caveat is that this accounting approach could undermine the productivity of public investment Report notes - risk that government leaders, freed from the responsibility of having projects appear in their fiscal expenses during their tenure, might decide to spend ineffectually – Very politically useful in the short term – spend away on your voting demographic — boosting particular constituencies such as construction workers and the unemployed—costs passed to future generations. Why they want to introduce a powerful oversight body – Issue is that a Government doesn't run itself like a company – if it did – transparency and getting willing transfer of cash rather than by force- fine – but if they keep GDP measurements the same – instant bonus compared to depreciation costs A great deal of infrastructure development fails at the outset – Corporate accepts risks – Gov just take and don't let you know Report states – Many issues - Land rights may need to be obtained from many owners, political support and funding may need to be secured from multiple jurisdictions, or business models may depend on a large number of co-investors for ancillary revenue generation What will it cost? – Just on economic – Transport, power, water, telco – the $2.5trn current spent criteria Will require $3.3 trillion annually through 2030 without SDG – but with well over $4 to $5trn Where will the money come from? Financial System – Hard to attract investors – barriers and lack of interest from most investors Recs to help - governments need to develop their project pipelines, remove regulatory and structural barriers, and build stronger markets for infrastructure spending Public-private partnerships have assumed a greater role in infrastructure, although there is continued controversy about whether they deliver higher efficiency and lower costs. Govs have eyes on financial system Funding - number of sources – combined have $120trn under management by institutional investors Banks and insurance – $66trn, Investment companies, private equity Special development banks – $40trn Super funds and pensions - $11trn Early 2019 – World Pensions council – had meetings with G20 – executives and board members confirmed they were in the process of adopting or developing SDG-informed investment processes, with more ambitious investment governance requirements – notably when it comes to Climate Action, Gender Equity and Social Fairness – okay? Capital stewardshipis expected to play a crucial part in the progressive advancement of the SDG agenda: "pension fundtrustees have started to exercise more forcefully their governance prerogatives across the boardrooms, coming together through the establishment of engaged pressure groups [...] to shift the [whole economic] system towards sustainable investment" - by using the SDG framework across all asset classes In the end – mostly comes from us – ep last week – robin hood Private and institutional investors (mostly your money) – have $120trn under management 60% or $73trn from America and EU – want to get down to 50% and use other nations 87% of funds in High income countries – demand in middle to low income countries Mostly come from us – Similar to last week with Comparative advantage Policy aims to match these investors with projects – but requires solid cross border investment principles   Financial - Standardization of terms and risk categories, risk-return reviews, development of indexes Project pooling. Another way to reduce transaction costs for investors is by pooling projects, including the development of respective funds, indexes, and securitization vehicles. Development of securities exchanges. Governments can significantly increase private investment in infrastructure assets by adding liquidity to securities exchanges. Gov issue equity and debt on government-owned infrastructure projects and infrastructure operators to encourage private investment. Governments should play the role of market maker and encourage multilateral development banks to sell their investments as individual or bundled assets to increase liquidity. Development banks – special financial pools to accept funding and lend out money for project financing Aus – Quote “The Asian Development Bank has signalled it will inject more cash into high-quality projects aimed at dealing with climate change and tourism and less on infrastructure "white elephants" as it battles pressure to counter the growing influence of China across the Pacific” China - Asian Infrastructure Investment Bank – US major supporter – last year $22 billion worth of loans and grants to projects across the region, with another $14 billion leveraged from the private sector Pushing framework for us to join - allow “Australia to lead the region in mobilising the trillions of dollars required to respond to specific strategic challenges that threaten to push vast numbers of people back into poverty, such as climate adaptation across the Asia Pacific”, Flow - estimated (in 2017) at up to $429 billion annually needed by 2050. Approach to climate finance is in keeping with the Australian Government's 2017 Foreign Policy White Paper, which has named climate diplomacy as an essential strand - Recommendation - allow Australia to leverage investment from multiple sources to achieve the SDGs – mostly pooling funds from super accounts and investment funds   Will it help? – Estimates – more spending could add about 0.6% to global GDP. infrastructure construction immediately creates jobs – Report estimate - one percentage point of GDP could generate an additional 3.4m potential jobs in India, 1.5m in the United States, 1.3m in Brazil, and 700,000 in Indonesia Forget that spending has to come from somewhere – expense of future growth in economy – stimulate now for the comedown later – In Australia – we are a large country – infrastructure lacking – why city planners like concentrations/urbanisation Create further urbanisation – cities grow while rural shrink (% of population) – Other side of Growth – Governmental policy population growth from immigration Also helping to fuel growth through marginal increases in consumption UNs publications talk about how manufacturing and industrialisation increases incomes, stimulates growth through increased production and consumption – greater supply, cheaper goods, more people spend – true – But only evidence of this working long term is with free market deciding – Every example of Gov trying mass reindustrialisation's in 20th century didn't end so well – Governments were responsible for the deaths of 250m in that time period through ‘miss management' – Uni of Hawaii – not including wars – Don't have a lot of faith in Gov ability to match plans – Especially if accounting methods change - Beyond this - Issue with current state of financial system – too much debt already – stimulus – like stimulant -less effective the more that it is used – Gives gov less bang for buck Obama's economic experiment of Keynesian economics on steroids was a failure - stimulus plan, bailouts, ObamaCare, tax hikes, minimum-wage hikes and regulations – doubled national debt in eight years In 2015, the Joint Economic Committee of Congress found that compared to the eight previous post-recession events, “the Obama recovery was the weakest on record.” Why? Too much debt already – doesn't continue to grow through stimulus once debts hit thresholds World indebted – then lower than forecasts growth very likely Been trying to get out of debt – govs have a lot Helping out developing nations is a noble thing to do – but access to infrastructure will increase CO2 emissions – even renewables – developing the 3rd worlds has opposite outcomes to CO2 reductions – consumption etc leads to more – especially in process – no way to get energy needed clean under current tech Also – Aus - we have one of highest emissions PP in world in Aus – Due to our lifestyles – cars, large houses, lighting and inability to adopt nuclear or thorium power– also export a lot of our LNG – rely on coal or renewables – which are costly to run compared to coal measured in Kw/pHr So if they really wanted to lower our emissions in the name of climate as one of the biggest culprits – Spend $30bn and put in 4 nuc plants to power the nation – Solution has been to get inflation out of the money flow increase - IMF needs spending though and not happening - needs inflation back – mass infrastructure spending is the next ditch effort to restart the economy – climate change is the reason to have people want it In short – don't expect to see a lot of thing money being spent to boost our struggling economy – Hard enough to get a Coal mine in QLD, let alone a dam or large scale infrastructure (E/W tunnel) Wont see our CO2 go down from the infrasturcutre spend – as it is in the name of climate but done for growth Thanks for listening, if you want to get in contact you can do so here.   Resources to check out: https://www.mckinsey.com/~/media/McKinsey/Industries/Capital%20Projects%20and%20Infrastructure/Our%20Insights/Bridging%20global%20infrastructure%20gaps/Bridging-Global-Infrastructure-Gaps-Full-report-June-2016.ashx https://www.mckinsey.com/~/media/mckinsey/industries/capital%20projects%20and%20infrastructure/our%20insights/improving%20the%20delivery%20of%20road%20infrastructure%20across%20the%20world/a-better-road-to-the-future-web-final.ashx https://www.mckinsey.com/~/media/mckinsey/industries/capital%20projects%20and%20infrastructure/our%20insights/bridging%20infrastructure%20gaps%20has%20the%20world%20made%20progress/bridging%20infrastructure%20gaps%20how%20has%20the%20world%20made%20progress%20v2/mgi-bridging-infrastructure-gaps-discussion-paper.ashx https://sustainabledevelopment.un.org/content/documents/2537IDR2018_FULL_REPORT_1.pdf      The podcast and artwork embedded on this page are from Finance & Fury, which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.

European insurers saw a smooth transition into the Solvency II regime. Hear why they hold a strong capital position — in this executive summary of the InsuranceFocus research.

In June 2019, the CRO (Chief Risk Officers) Forum, published the “Insurance and distributed ledger technology – a risk manager’s perspective” white paper as a practical tool for risk managers to accelerate the accomplishment of the productive phase of DLT. For this podcast we are joined by Dr. Sebastian Rath, Principal Risk Officer at NN Group, and with Gian Luca de Marchi, CRO at Unipol Group. Sebastian and Gian Luca aren’t here on behalf of the CRO Forum but are pleased to discuss their views on DLT while sharing some of the CRO Forum DLT paper content.   What is blockchain? A distributed ledger can be considered as a database that is distributed across several independent computing devices where changes to data are protected and manged by cryptography and consensus. This in turn provides guarantees that the data cannot be tampered with and that all parties have identical copies that can be considered as a reliable single source of truth. The functionality of a distributed ledger system can be enhanced by the use of smart contracts (i.e. computer programs deployed and executed on the ledger’s network) and oracles (i.e. data feeds that trigger specific conditions defined within smart contracts).   What is the CRO Forum? The CRO Forum was formed in 2004 to advance risk management practice in the insurance industry. CRO Forum member companies are large multi-national insurance companies whose members are headquartered across the world with a concentration in Europe. The CRO Forum has three core aims: Championing best practice in risk management to advance business, Aligning regulatory requirements with best practice in risk management, and Providing insights on emerging and long-term risks. The CRO Forum aims to share its views on topics related to these aims through publications and papers. In this context, the DLT paper was created by a working group of hands-on risk and technology experts from multiple member companies, including NN Group and Unipol Group.   What is a Chief Risk Officer and what are their responsibilities? Basically a Chief Risk Officer, the CRO, is an executive responsible for identifying, measuring and addressing any material risks that could have an impact on company objectives. Adverse events should be mitigated, while opportunities should be enhanced. According to the Solvency II regulation, when insurance companies calculate their own solvency position through internal models approved by supervisors, CROs are also responsible for the design, implementation and management of these models.   The CRO Forum’s white paper on DLT Hype has surrounded Distributed Ledger Technology and especially blockchain over the last few years since the birth of the Bitcoin cryptocurrency. Hype, and criticism too, have been fuelled by fervent visions as well as misconceptions. These technologies have not yet delivered on promises, but several experts believe that DLT has the potential to transform the financial services sector. CROs are well positioned to play a critical role and strengthen innovation initiatives; the CRO Forum paper is thus meant as a practical tool for risk managers to accelerate the accomplishment of the productive phase of DLT. Although traditional risk management frameworks remain valid, there are specific issues to consider when assessing the risk of a DLT-based application. Sebastian believes that the paper captures today’s status-quo for the insurance market’s use of larger DLT applications. More importantly, in his view this paper was an opportunity to formulate key considerations, key questions and advocacy opportunities where the insurance industry of the future may wish to dedicate time and resource to shape future DLT solutions. Eventually, the paper’s recommendations are designed such that they can inform DLT solutions, future standards for technology and IT aspects, or strengthen strategy and governance for DLT partners.

Welcome to Finance and Fury, The Furious Friday Edition   Today – SDG9 - How infrastructure spending helps an economy - Anyone who knows basic economic and GDP has learnt that Infrastructure spending leads to GDP growth – so the theory says – Very hard to measure benefits/gains – Direct through spending in GDP equation – flow on effects Go through Economic theory backing this – stimulus spending for GDP growth – First – estimates Research provided from McKinsey and UN – MK established the Global Infrastructure Initiative (GII) in 2012 MK Two reports – 2015 to 2016 – World spent $9.5trn (14% GDP) $9.6trn follow year Transport, power, water, telcom – $2.5trn, Social infrastructure, oil and gas, mining – $2.4trn, Real estate - $4.65trn Spending trajectory points to a shortfall of about $350 billion a year to what we are told we need – but triples when including funds needed to meet the UN Sustainable Development Goals Report states – meeting is critical for the future of undersupplied regions such as Africa – remember Africa Emerging economies account for some 60% of that need Projects – no idea – broken into categories – power, water, etc – but on what, who knows – Have programs going – but go to each and it is just another rabbit hole trying to find each individual thing This ep - Focus of policy and recommendations to provide grease to the wheels of bureaucracy: Helping Financial System out through Governments Talk about the theory as justification and also the   Governments hand in this - Regulations/Legislation - Basel III, Solvency II, pension fund allocation rules Basel III and Solvency II mandate classifying infrastructure as high-risk capital allocations Also - pension funds have allocation rules that specifically limit their exposure to asset classes and countries Recognizing infrastructure as an asset class with a lower risk profile – Infrastructure can be low or high risk Low upon completion and proof of profitability – In developing – high risk – many infrastructure projects don’t meet forecasts – known as ‘white elephants’ To avoid low return investments – governments need more oversight and analysis before a decision in made – More regulations for infrastructure works – Question: If there was a special equation to perfectly predict profitability – Gov wouldn’t be ones who have it Sadly – no tool exists – only outcome from involvement in assessment is higher costs and more delays due to layers of legislation and checklists before approval   Governments will also take an active role beyond changing the laws – Want to make money back off it Road pricing and other fees toll roads, bridges, and tunnels are increasingly common around the world. Taxes and fees - Cities including London have introduced congestion pricing on urban roads. Property value capture - Governments acquire land around an infrastructure project - profit once the project is completed through lease or sale - using the resulting funds for new infrastructure investment - Spain added this to its constitution. Other methods – more traditional – increase general or specific property taxes and fees from owners/developers Changes in public accounting and budgeting frameworks Treating infrastructure as an asset on a public balance sheet and depreciating it over time rather than adding the entire cost of a project to the fiscal deficit up front mirrors corporate accounting practice - helpful to Gov – gets around limits on deficits and debt. Example – 3y $6bn project is being constructed and will take 6 years – one payment upfront now and one in 3 years Current – Adds $6bn onto deficit now - although the government is actually paying money only in years one and three, it books spending of $2 billion in each of the three years. However, the roads will be operational for the next 20 years. It would make just as much sense for the government to book an expense of $300 million every year for 20 years as the public asset is consumed. But many public assets, unlike private assets, do not have corresponding revenue streams attached to them – no accountability – as a new office block will have a life of who knows – 40, 50 y – hides real spending onto future books Socioeconomic rates of return on public investment is meant to exceed the government’s cost of capital—and substantially increase the future tax base in a way that makes the project self-funding over the long run important caveat is that this accounting approach could undermine the productivity of public investment Report notes - risk that government leaders, freed from the responsibility of having projects appear in their fiscal expenses during their tenure, might decide to spend ineffectually – Very politically useful in the short term – spend away on your voting demographic — boosting particular constituencies such as construction workers and the unemployed—costs passed to future generations. Why they want to introduce a powerful oversight body – Issue is that a Government doesn’t run itself like a company – if it did – transparency and getting willing transfer of cash rather than by force- fine – but if they keep GDP measurements the same – instant bonus compared to depreciation costs A great deal of infrastructure development fails at the outset – Corporate accepts risks – Gov just take and don’t let you know Report states – Many issues - Land rights may need to be obtained from many owners, political support and funding may need to be secured from multiple jurisdictions, or business models may depend on a large number of co-investors for ancillary revenue generation What will it cost? – Just on economic – Transport, power, water, telco – the $2.5trn current spent criteria Will require $3.3 trillion annually through 2030 without SDG – but with well over $4 to $5trn Where will the money come from? Financial System – Hard to attract investors – barriers and lack of interest from most investors Recs to help - governments need to develop their project pipelines, remove regulatory and structural barriers, and build stronger markets for infrastructure spending Public-private partnerships have assumed a greater role in infrastructure, although there is continued controversy about whether they deliver higher efficiency and lower costs. Govs have eyes on financial system Funding - number of sources – combined have $120trn under management by institutional investors Banks and insurance – $66trn, Investment companies, private equity Special development banks – $40trn Super funds and pensions - $11trn Early 2019 – World Pensions council – had meetings with G20 – executives and board members confirmed they were in the process of adopting or developing SDG-informed investment processes, with more ambitious investment governance requirements – notably when it comes to Climate Action, Gender Equity and Social Fairness – okay? Capital stewardshipis expected to play a crucial part in the progressive advancement of the SDG agenda: "pension fundtrustees have started to exercise more forcefully their governance prerogatives across the boardrooms, coming together through the establishment of engaged pressure groups [...] to shift the [whole economic] system towards sustainable investment" - by using the SDG framework across all asset classes In the end – mostly comes from us – ep last week – robin hood Private and institutional investors (mostly your money) – have $120trn under management 60% or $73trn from America and EU – want to get down to 50% and use other nations 87% of funds in High income countries – demand in middle to low income countries Mostly come from us – Similar to last week with Comparative advantage Policy aims to match these investors with projects – but requires solid cross border investment principles   Financial - Standardization of terms and risk categories, risk-return reviews, development of indexes Project pooling. Another way to reduce transaction costs for investors is by pooling projects, including the development of respective funds, indexes, and securitization vehicles. Development of securities exchanges. Governments can significantly increase private investment in infrastructure assets by adding liquidity to securities exchanges. Gov issue equity and debt on government-owned infrastructure projects and infrastructure operators to encourage private investment. Governments should play the role of market maker and encourage multilateral development banks to sell their investments as individual or bundled assets to increase liquidity. Development banks – special financial pools to accept funding and lend out money for project financing Aus – Quote “The Asian Development Bank has signalled it will inject more cash into high-quality projects aimed at dealing with climate change and tourism and less on infrastructure "white elephants" as it battles pressure to counter the growing influence of China across the Pacific” China - Asian Infrastructure Investment Bank – US major supporter – last year $22 billion worth of loans and grants to projects across the region, with another $14 billion leveraged from the private sector Pushing framework for us to join - allow “Australia to lead the region in mobilising the trillions of dollars required to respond to specific strategic challenges that threaten to push vast numbers of people back into poverty, such as climate adaptation across the Asia Pacific”, Flow - estimated (in 2017) at up to $429 billion annually needed by 2050. Approach to climate finance is in keeping with the Australian Government’s 2017 Foreign Policy White Paper, which has named climate diplomacy as an essential strand - Recommendation - allow Australia to leverage investment from multiple sources to achieve the SDGs – mostly pooling funds from super accounts and investment funds   Will it help? – Estimates – more spending could add about 0.6% to global GDP. infrastructure construction immediately creates jobs – Report estimate - one percentage point of GDP could generate an additional 3.4m potential jobs in India, 1.5m in the United States, 1.3m in Brazil, and 700,000 in Indonesia Forget that spending has to come from somewhere – expense of future growth in economy – stimulate now for the comedown later – In Australia – we are a large country – infrastructure lacking – why city planners like concentrations/urbanisation Create further urbanisation – cities grow while rural shrink (% of population) – Other side of Growth – Governmental policy population growth from immigration Also helping to fuel growth through marginal increases in consumption UNs publications talk about how manufacturing and industrialisation increases incomes, stimulates growth through increased production and consumption – greater supply, cheaper goods, more people spend – true – But only evidence of this working long term is with free market deciding – Every example of Gov trying mass reindustrialisation’s in 20th century didn’t end so well – Governments were responsible for the deaths of 250m in that time period through ‘miss management’ – Uni of Hawaii – not including wars – Don’t have a lot of faith in Gov ability to match plans – Especially if accounting methods change - Beyond this - Issue with current state of financial system – too much debt already – stimulus – like stimulant -less effective the more that it is used – Gives gov less bang for buck Obama’s economic experiment of Keynesian economics on steroids was a failure - stimulus plan, bailouts, ObamaCare, tax hikes, minimum-wage hikes and regulations – doubled national debt in eight years In 2015, the Joint Economic Committee of Congress found that compared to the eight previous post-recession events, “the Obama recovery was the weakest on record.” Why? Too much debt already – doesn’t continue to grow through stimulus once debts hit thresholds World indebted – then lower than forecasts growth very likely Been trying to get out of debt – govs have a lot Helping out developing nations is a noble thing to do – but access to infrastructure will increase CO2 emissions – even renewables – developing the 3rd worlds has opposite outcomes to CO2 reductions – consumption etc leads to more – especially in process – no way to get energy needed clean under current tech Also – Aus - we have one of highest emissions PP in world in Aus – Due to our lifestyles – cars, large houses, lighting and inability to adopt nuclear or thorium power– also export a lot of our LNG – rely on coal or renewables – which are costly to run compared to coal measured in Kw/pHr So if they really wanted to lower our emissions in the name of climate as one of the biggest culprits – Spend $30bn and put in 4 nuc plants to power the nation – Solution has been to get inflation out of the money flow increase - IMF needs spending though and not happening - needs inflation back – mass infrastructure spending is the next ditch effort to restart the economy – climate change is the reason to have people want it In short – don’t expect to see a lot of thing money being spent to boost our struggling economy – Hard enough to get a Coal mine in QLD, let alone a dam or large scale infrastructure (E/W tunnel) Wont see our CO2 go down from the infrasturcutre spend – as it is in the name of climate but done for growth Thanks for listening, if you want to get in contact you can do so here.   Resources to check out: https://www.mckinsey.com/~/media/McKinsey/Industries/Capital%20Projects%20and%20Infrastructure/Our%20Insights/Bridging%20global%20infrastructure%20gaps/Bridging-Global-Infrastructure-Gaps-Full-report-June-2016.ashx https://www.mckinsey.com/~/media/mckinsey/industries/capital%20projects%20and%20infrastructure/our%20insights/improving%20the%20delivery%20of%20road%20infrastructure%20across%20the%20world/a-better-road-to-the-future-web-final.ashx https://www.mckinsey.com/~/media/mckinsey/industries/capital%20projects%20and%20infrastructure/our%20insights/bridging%20infrastructure%20gaps%20has%20the%20world%20made%20progress/bridging%20infrastructure%20gaps%20how%20has%20the%20world%20made%20progress%20v2/mgi-bridging-infrastructure-gaps-discussion-paper.ashx https://sustainabledevelopment.un.org/content/documents/2537IDR2018_FULL_REPORT_1.pdf      

The interview was conducted as part of our participation at the Benzinga Global Fintech Awards (bzawards.com). We are talking to Markus Wunsch (https://www.linkedin.com/in/markuswunsch/), CEO, Founder, and Chairman of the insurance startup MountWish (http://www.mountwish.org/). They made 2nd at the Benzinga Global Fintech Awards in New York in the category Forex Platform (https://benzingafintechawards.com/vote-2018/mount-wish/). The startup is in the process of relocating from Munich to New York as preparation of their planned 2019 IPO at the New York Stock Exchange. Learn more in the interview, e.g. how he came by an overdraft for his private account of 10 mn Euros and when he is planning to raise a pre-IPO venture capital round. During the conversation Markus and Joern talk about: Solvency II https://en.wikipedia.org/wiki/Solvency_II_Directive_2009 Forex is short for Foreign Exchange Market (the global currency market) https://en.wikipedia.org/wiki/Foreign_exchange_market Exposure: https://www.investopedia.com/terms/f/financial-exposure.asp Netting: https://www.investopedia.com/terms/n/netting.asp Hedging: https://www.investopedia.com/exam-guide/series-3/studyguide/chapter3/hedging.asp Derivatives (In general): https://en.wikipedia.org/wiki/Derivative_(finance) Forwards (Derivatives): https://en.wikipedia.org/wiki/Forward_contract Futures (Derivatives): https://en.wikipedia.org/wiki/Futures_contract SPV – Special Purpose Vehicle https://en.wikipedia.org/wiki/Special-purpose_entity For everybody who is curious, this is how Joern looks deep in stress and jetlag ☹ Find the original interview here: https://youtu.be/efXZYpsRl1A

Recording at the CICA International Conference in Tucson, Arizona, Richard Cutcher is joined by guest co-host Steve Kinion, Director of Delaware's Bureau of Captive and Financial Insurance Products, as they debate counting captives and compare international captive regulation. Richard also speaks to Fredrik Finnman, Head of Group Risk Management at Swedish multinational Sandvik and Spring Consulting's Karin Landry about workers' compensation, employee benefits and Solvency II, while Mikhail Raybshteyn, of EY, provides an update on tax matters in the United States. Dan Towle, President of the Captive Insurance Companies Association, also drops in to discuss the success of this year's CICA International Conference. The Global Captive Podcast is supported by R&Q, the award winning provider of finality solutions for run-off portfolios. For more information, visit their website: www.rqih.com You can read more about this week's guests at: www.globalcaptivepodcast.com You can follow the pod on LinkedIn, and on Twitter and Instagram: @captivepodcast

Richard Cutcher is joined by guest co-host Ciaran Healy, who started his new role at Aon at the start of February, while Carl Leeman, CRO at Belgian multinational Katoen Natie, explains why he views Solvency II as "useless". Richard also speaks to Zurich's Emma Sansom about the changing role of fronting insurers and why they are seeing increased interest in writing cyber risk through the corporate captive. The Global Captive Podcast is supported by R&Q, a leading provider of finality solutions for run-off portfolios. For more information, visit their website: http://www.rqih.com You can read more about Richard's first guests here: https://www.globalcaptivepodcast.com/guests For more information on the Global Captive Podcast, visit the website: https://www.globalcaptivepodcast.com You can follow the pod on LinkedIn, and on Twitter and Instagram: @captivepodcast

Episode #202: Chuck talks with former state regulator Jim Wrynn about his career developing national and international regulations and policies governing the insurance industry.

In this Progressive CFO series, Marco van Ackooij, partner at Deloitte Consulting, will be interviewing Ronald van Hees, finance director for CZ Health Insurance, on his company's Solvency II journey

ECB and BoE rate rises, Solvency II and M&As – what will be the major trends in the year ahead?

David Lightfoot, Head of GC Analytics – International Contact We kick off our series of GC Capital Ideas daily stories on Solvency II with a Podcast interview with David Lightfoot. He discusses the movement of the implementation date of the regime, potential benefits and drawbacks of Solvency II to the reinsurance market, impact of Solvency […] The post GC Podcast 16 – Succeeding Under Solvency II (David Lightfoot) appeared first on GC Capital Ideas.

IBM is uniquely positioned to help financial institutions dramatically reduce the costs and risks of compliance management and meet the compliance needs of regulations, such as Dodd-Frank, Basel III and Solvency II. Please watch the webcast titled: IBM helps financial services clients meet Compliance needs. AnnMarie Stenglein, speaker.