PRA approves all UK solvency internal models

The Prudential Regulation Authority (PRA) has approved all UK solvency internal models.

The models will be used to calculate solvency capital requirements from 1 January, 2016.

Insurers which have received this approval include Markel, Amlin, Aspen UK, Pacific Life Re, RSA QBE Europe and the Society of Lloyd’s.

Also given approval are Aviva, British Gas Insurance, Just Retirement, Legal & General Group, MBIA, The National Farmers’ Union Mutual Insurance Society, Pension Insurance Phoenix Group and Prudential, as well as Scottish Widows, Standard Life and Unum Europe.

“We are delighted our model has been approved by the PRA,” said William Stovin, president of Markel International.

“It’s a real achievement and is a resounding endorsement of our management, our controls and our capitalisation.”