Länsförsäkringar Appoints Barrie & Hibbert To Supply Its ESG For Solvency II Modelling
Last updated 3rd January 2012 - Länsförsäkringar, which is the largest non-life insurance and fourth largest life insurance group in Sweden, has selected Barrie & Hibbert’s Economic Scenario Generator (ESG) to be used within Länsförsäkringar’s Solvency II Internal Model.
Länsförsäkringar, which is the largest non-life insurance and fourth largest life insurance group in Sweden, has selected Barrie & Hibbert’s Economic Scenario Generator (ESG) to be used within Länsförsäkringar’s Solvency II Internal Model. The Länsförsäkringar group includes 23 local mutual non-life insurance companies which cover all parts of Sweden, a life insurance company, a bank and a real estate agent company. Länsförsäkringar provides products and services to more than 3.3 million customers. Barrie & Hibbert’s ESG will be used in the Solvency II internal model of Länsförsäkringar Life and Länsförsäkringar Non-life.
Jakob Carlsson, Chief Financial Officer of Länsförsäkringar Life: “Länsförsäkringar Life has high ambitions for its Solvency II Internal Model which will be at the centre of our business decision making process. We believe our model will give us a competitive advantage since it strengthens risk management and enables more efficient use of capital. The Barrie & Hibbert ESG provides best practice models for financial markets, and will help us achieve our goal.”
Viktor Knava, Regional Manager – EMEA of Barrie & Hibbert, adds: ‘This partnership further demonstrates the commitment of our team to the Nordic market. We will be working very closely with Länsförsäkringar to ensure they meet their business objectives through the implementation of Solvency II.’
Editor's Notes:
- The Länsförsäkringar Alliance is unique in the Swedish bank and insurance market. The 23 customer-owned regional insurance companies cooperate, thereby combining the ability of a small company to adapt to its customers with the strength of a large company.
- The company’s task is to offer total solutions based on different combinations of non-life insurance, accident and medical insurance, life assurance, pension saving plans, fund savings and various banking services.
