Länsförsäkringar selects model partner
Swedish insurer Länsförsäkringar has selected Barrie & Hibbert’s economic scenario generator to be used within its Solvency II internal model.
Barrie & Hibbert's ESG will be used in the Solvency II internal model of Länsförsäkringar Life and Länsförsäkringar Non-life.
The group includes 23 local mutual non-life insurance companies across Sweden, a life insurance company, a bank and a real estate agent company. Länsförsäkringar said it provides products and services to more than 3.3 million customers.
Jakob Carlsson, chief financial officer of Länsförsäkringar Life, said: "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, EMEA regional manager at Barrie & Hibbert, added: "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."
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