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Intelligent Insurer EDITORIAL The market moves fast


INTELLIGENT INSURER IS PUBLISHED BY NEWTON MEDIA LIMITED. 15-17 Newton Way


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The views expressed in Intelligent Insurer are not necessarily those shared by the publisher, Newton Media Limited. Wishing to refl ect the true nature of the market, the editor has included articles from a number of sources, and the views expressed are those of the individual contributors. No responsibility or liability is accepted by Newton Media Limited for any loss to


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Intelligent Insurer—ISSN 2041-9929 Cover image: © istockphoto.com/Mlenny/ syagci Meanwhile, it seems that with the leading three international brokers concentrating on big ticket


deals, there are rising opportunities for mid-size brokers to develop their niche. In Lions leaving the plains, we discuss this shift and its potential implications for mid-size brokers operating in the US.


Finally, excess capital and its impact upon pricing continue to be fi ercely debated, and record


fi rst half-year catastrophe losses have done little to dampen the discourse. In Does excess reinsurer capital lead to price cuts? leading reinsurers, brokers and accounting fi rms give their opinions on the link—if any—between over-capitalisation and soft pricing.


In the words of one of our guests at a US Regulation Roundtable, ‘This is all a grand experiment


and we will look back in 10 years time and fi gure out what happened.’ We hope that reading Intelligent Insurer will allow you to look back on a much more profi table decade, 10 years from now.


November 2010 | INTELLIGENT INSURER | 3 R


egulation is a game of leapfrog. When the US introduced risk-based capital, it wasn’t long before the European Union began to think of introducing its own. More than a decade later, Solvency II is coming to fruition.


Now in the US, there is a drive to introduce a system of Solvency models, equivalence and


even convergence in common with the IAIS’s long-term objectives. It will all seem very abstract to most people in the insurance industry, but what it means on


the ground is that companies need to prepare and watch developments closely so they can respond to the challenge (and the opportunity) and budget ahead for the changes in personnel, processes and capital requirements.


It seems regulatory change is set to remain a hot topic, with Solvency II and its equivalence,


the Neal Bill, the Dodd-Frank Act and Florida’s easing of collateral limits for foreign reinsurers all generating considerable interest within the industry.


In our US Regulation Roundtable we bring together seven leading experts within the fi elds


of US and international insurance regulation, law and supervision to discuss present and ongoing regulatory developments in the States and beyond, and ask what kind of impact they will likely have upon the industry.


Zeroing in on the Neal Bill and the potential impact its passage will have upon re/insurers


in the States and internationally, we asked The Coalition for Competitive Insurance Rates and The Coalition for a Domestic Insurance Industry to present either side of the Neal Bill debate. The Neal Bill—is it a protectionist measure or a move that would level the playing fi eld? provides an insightful and detailed look at the position taken by both coalitions and likely implications should the bill be passed.


Our US awards take centre-stage once again. In America’s best: the market leaders we asked


more than 6,000 people either within the US market, or serving it, who they thought were the best. It’s a perception study rather than being informed by sales fi gures or econometrics. But these perceptions, ‘emotimetrics’ if you will, arguably give a more advanced perspective, a look into how perceptions of popularity today might infl uence market sentiment in the long-term.


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