Solvency II: The Big Push

Solvency II no longer seems so far away. The regulation which aims to strengthen the capital requirements and risk management practices of all insurance and reinsurance firms equates to an annual premium income exceeding €5m.

As insurance firms scramble to get their houses in order for the impending regulation, it appears knowledge of Solvency II is a very good thing to possess. A slow initial recruitment process from many insurance organisations is now being tackled head-on with the race to hire professionals and actuaries with this expertise in full-swing and contracts are getting longer.

At Lutine Bell, we have noticed Insurers are beginning to issue permanent mandates to support SII, this echoes the long term view at the tail end of the Sarbannes Oxley boom in 2005.

We have recently completed a number of search mandates for insurers requiring permanent SII leadership especially in support of Internal Model development / Quant Risk, there continues to be a positive move by the larger insurers to ramp up their financial risk capabilities covering ALM / Market Risk this year and next and we expect this will drip down into the smaller / specialist insurers and non UK Insurers in the next two years. At the same time the most senior appointments in the market are now requiring dual skills covering financial Risk and operational leadership qualities this has led to far higher salary levels for 1st line of defense appointments with a premium increase of up to 20%.

For more information and advice on this subject please contact Rebecca Foster on 0845 519 60 70.

What do you think?

Are insurers ready?

Have you experienced a bottleneck in resourcing for SII?

What are the long term resourcing implications to reaching SII compliance?

For up to date SII information, forums and networking opportunities please visit: Solvency II Interim resourcing group

Contact Us

Call us on 0845 519 60 70 or email info@lutinebell.com to see how we can help