Sima attended last Tuesday’s “Open Forum on Irish Issues in General Insurance” at the Staple Inn. The meeting was chaired by Karl Murphy from EMB.
Tony Jeffery of the Irish Financial Regulator spoke about Solvency II implementation and the need for maximum harmonisation. In the current climate there are constant calls for increased governance and with Solvency II, actuaries are ahead of the game.
Karl Murphy spoke about the total Irish risk market and its top players. Between them, Hiberian Aviva General and Quinn Insurance amount to almost 40% of the total Irish market in 2008 however the foreign risk market is not dominated by these companies. It appears that Ireland is still a really attractive location for companies looking to set up their European head offices.
Insurer Beazley said “its bottom line got a 14 million pound boost as a result of the company’s relocation to Ireland in March, which cut its tax rate for the year to 12 percent from 26 percent in 2008” (Reuters February 9 2010).
Other companies relocating their European Head Offices to Ireland include Willis Group Holdings, XL Capital, Zurich and Aviva.
There was also a mini-quiz for Signing Actuaries and one lucky actuary won a bottle of champagne.