Munich Re Underwriting Ltd. http://www.munichre.com, one of the largest marine insurance underwriters at Lloyd’s, has become the latest insurer to select Finsbury Solutions http://www.finsburysolutions.com Spreadsheet Workbench software to help meet its Solvency II http://www.fsa.gov.uk/solvency2 and wider enterprise spreadsheet management requirements.
Solvency II calls for a common set of solvency regulations across Europe, Finsbury says, including the enactment of new rules regarding the level of capital that EU insurers must set aside to cover their combined risks on assets and liabilities. By the proposed Solvency II implementation date of January 2014, insurers will have to make significant changes to their finance and risk management systems, and prepare for greater public disclosure of financial statements, modeling and capital calculations.
Finsbury says it is working with many of the United Kingdom’s underwriting and general insurance firms on their Solvency II and wider enterprise spreadsheet control projects.
