Solvency II transition measures won’t prevent consolidation in UK insurance market
The UK insurance industry is facing a period of rapid consolidation among small and medium-sized firms, but this is due to changing market dynamics, rather than the impact of Solvency II, according to a senior UK insurance executive.
The announcement of the possibility of transition measures for Solvency II, with the recent Omnibus II directive, led rating agency Moody's to issue a report titled, Solvency II - Allowance For Transition Is Positive, Particularly for Smaller Insurers.
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