Europe
Uncertainty over Solvency II start date affects firms' preparations
Over 75% of insurance companies believe Solvency II implementation will be delayed beyond the intended start date of 1 January 2014, according to research by UK firm Barnett Waddingham.
Swiss Re secures nat-cat buffer of $400m via bond market
Swiss Re has obtained an extra $400m in natural-catastrophe protection via a catastrophe bond through newly formed issuer Mythen Ltd.
Iran sanctions may force India and Greece to find alternative oil suppliers
The repercussions from US and EU sanctions on Iranian crude oil are being felt far beyond the Islamic Republic, according to a report by Exclusive Analysis.
Q&A: Vienna Insurance Group CEO Gunter Geyer
While the economic turmoil of the Eurozone crisis and heavy catastrophe losses eroded the bottom line of many European insurers in 2011, Vienna Insurance Group enjoyed the most profitable year in the group’s history, and avoided having its A+ credit…
MMA posts £12.1m profit in final results before merger
MMA Insurance recorded pre-tax operating profit of £12.1m in its 2011 annual results, up from £0.3m in the prior year period.
AMICE report charts rise of European mutuals
Mutual and cooperative insurers now have a 26% share of the European insurance market, according to a report by the Association of Mutual Insurers and Insurance Cooperatives in Europe.
Allianz Global Assistance posts record turnover for 2011
Allianz Global Assistance, of which Mondial Assistance UK is a member, achieved global turnover in excess of €2bn for the first time (€2.05bn) representing an increase of 8.5% over 2010.
Allianz sticking to targets for P&C profit plans
Allianz's attempt to more than double operating profit at its German property and casualty unit in the next three years is "on plan", according to Markus Riess.
Liberty Mutual names Martella senior VP for commercial markets
Liberty Mutual Insurance, the commercial lines division of Liberty Mutual Insurance Europe, has named Anthony Martella as senior vice president of its commercial markets unit.
Aviva shareholders reject executive pay package at AGM
Insurer Aviva has lost the vote on executive pay at its annual shareholders meeting.
Fitch affirms Coface's 'AA-' IFS rating
Credit insurer Coface's major group insurance entities have had their 'AA-' IFS rating and 'A+' IDR ratings affirmed by Fitch.
Argo recruits space risks specialist from AGCS
Argo International has appointed Antoine Bavandi as space risks underwriter for Argo Assurances, the group's Paris-based underwriting platform for speciality products including aviation and space.
Zurich's 'A+' IFS rating affirmed
Zurich Insurance Company's 'A+' insurer financial strength rating and 'A' long-term issuer default rating have been affirmed by Fitch, which cited the insurer's strong capital position and "resilience in the challenging operating environment".
Bank of Georgia swoops for country's third largest health insurer
The holding company of JSC Bank of Georgia announced today that JSC Insurance Company Aldagi BCI, a wholly-owned insurance subsidiary of the bank, has acquired Meta Limited, the holding company which owns 51% of Imedi L, the third largest insurance and…
Marsh & McLennan revenue grows 6% in Q1
Marsh & McLennan Group outstripped analyst estimates to make consolidated revenue of $3.1 bn in the first quarter, a 6% increase on the first quarter of 2011.
Willis Re appoints Welsch as executive director
Willis Re has named Andrea Welsch as executive director effective from 28 May.
Insurance Insight – top 10 stories
The top 10 most popular articles published on insuranceinsight.com over the past seven days.
US Solvency II equivalence suffers setback
The US National Association of Insurance Commissioners has been vocal in its opinion of the EU's aim to make the country a Solvency II equivalent.
Reinsurers weakened financially by 2011 catastrophes
Reinsurers are exposed to further major catastrophe losses during 2012, according to Fitch.
Non-life premiums to stay suppressed until 2015
Non-life premiums will not rebound to 2003 levels until after 2015, according to Ernst & Young's economic forecast.
EU law takes a hold on the UK motor insurance market
The conflict between EU law and individual country laws can be confusing for companies that operate in member states. David Holt discusses the increasing influence of EU law on the UK motor insurance market and the Directives that seek to clarify the…
Slim-line Talanx looking to shed 730 jobs by 2015
German insurance group Talanx plans to save €245m annually by cutting 730 jobs in a reorganisation of retail operations in its home market.
Terrorism - All peaceful in the eurozone?
With economically motivated protests bringing violence to Europe's door, Andrew Stuart advises risk managers on how to find the terrorism and violence policy that offers the greatest protection against civil disturbance.
Payment defaults increasing across European firms
The level of payment defaults is improving in Japan and the US, but eurozone risk is on the rise, according to credit insurer Coface.