Willis Re to host the ICMIF Solvency II
Seminar for Mutual and Cooperative Insurers
London, May 22, 2012 – Willis Re, the reinsurance arm of Willis
Group Holdings (NYSE:WSH), 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
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.
About Willis Re
One of the world's leading reinsurance brokers, Willis Re is
known for its world-class Analytics capabilities, which it combines with its
Capital Markets and Reinsurance expertise in a seamless, integrated offering
that helps clients increase the value of their businesses. Willis Re serves the
risk management and risk transfer needs of a diverse, global client base that
includes all of the world's top insurance and reinsurance carriers as well as
national catastrophe schemes in many countries around the world. The broker's
global team of experts offers services and advice that help clients make better
reinsurance decisions, access worldwide capital markets and negotiate optimum
terms. For more information, visit www.willisre.com.
Willis Group Holdings plc is a leading global insurance broker.
Through its subsidiaries, Willis develops and delivers professional insurance,
reinsurance, risk management, financial and human resource consulting and
actuarial services to corporations, public entities and institutions around the
world. Willis has more than 400 offices in nearly 120 countries, with a global
team of approximately 17,000 employees serving clients in virtually every part
of the world. Additional information on Willis may be found at www.willis.com.