Willis Re, the reinsurance arm of Willis Group Holdings, the global insurance broker, will this week host the International Cooperative and Mutual Insurance Federation (ICMIF) Solvency II seminar at the Willis Building in London.
ICMIF, a global trade association representing cooperative and mutual insurers from around the world, is holding the one day seminar to discuss aspects of the Solvency II regulatory requirements which particularly impact mutual and cooperative insurers.
James Vickers, Chairman of Willis Re International said: "The burden of Solvency II falls harder on many ICMIF members: they may not get the same level of capital savings from diversification that larger rivals enjoy; being generally smaller, may find the cost of compliance is relatively higher. Also they may not have the internal resources to get the Solvency Capital and broader business benefits of an approved internal capital model.
Thursday’s conference is one of the ways in which the Federation and its supporting members aim to help mutual and cooperative insurers not only prepare for the implementation of these regulations but also gain real business benefits for their organisation and their members."
Willis Re, sole reinsurance broking partner to the Federation, is one of seven firms, including Partner Re and AM Best, who are supporting members of ICMIF. Each supporting member will be represented by industry experts who are to participate in panel discussions and deliver presentations covering such topics as ‘optimising internal risk management practices’, ‘managing insurance risk for profit’, and ‘rating agency and political perspectives on transparency and reporting’. Also joining panels will be Peter Skinner, MEP and Rapporteur for the European Parliament for Solvency II and EIOPA, and
Jonathan Evans MP, Chairman of the influential all-party Parliamentary Group on Insurance and Financial Services to discuss the opportunities and challenges that Solvency II presents from both a national and European viewpoint.
David Simmons, head of ERM at Willis Re and one of the experts due to deliver a presentation at Thursday’s seminar, emphasised that solutions to the issues raised by Solvency II for ICMIF members were at hand.
"Reinsurance is a very effective way to manage the capital demands of Solvency II," he said. "By adapting the fundamental ideals of better risk management encouraged by Solvency II, ICMIF members can emerge stronger and better able to exploit the opportunities that the mutual sector should enjoy in this time of great economic uncertainty."
Robert Rogers, head of UK business at Willis Re agreed. "We have worked with a number of our clients to help them use Solvency II as a catalyst to review their business operations and risk management practices. Solvency II demands a holistic review of the business, including reinsurance purchase. By breaking down the silos and identifying the key issues, we have helped clients to design reinsurances that are clearly aligned to their stated risk appetite, minimising cost whilst maximising efficiency. Education is a key aspect of our role and we encourage ICMIF members to take advantage of the opportunities and support the Federation and supporting members are able to offer."
The ICMIF Solvency II Solutions One Day Seminar hosted by ICMIF Supporting Members will be held at the Willis Building, London, on Thursday May 24, 2012. Click here for the full agenda.