Europe
Former Marsh VP joins claims firm as complex loss boss
Munters MCS has named Simon Hurst as the UK’s major & complex loss director.
Germany drives European recovery
The recovery of the world economy continues, according to the latest quarterly ICC/IFO World Economic Survey.
QBE Europe H1 profits increase to $222m
QBE Europe reported a pre-tax insurance profit of $222m (H1 2009: $213M). Its gross written premium for the first half of 2010 was up 8% to US$2.412bn (2009 US$2.228bn).
Former McKinsey insurance leader made Zurich claims chief
Zurich Financial Services has appointed Thomas Sepp to the position of chief claims officer, effective 1 September.
L&G speculation triggers share price
Shares in Legal & General have risen to a 12-month high following speculation that Zurich is eying it as a potential takeover target.
Moody's affirms Aegon rating
Moody's Investors Service affirmed the A3 senior debt and Baa2 subordinated debt ratings of Aegon and the A1 insurance financial strength ratings of Aegon's US life insurance operating companies.
Willis ends pay freeze
Willis is set to reintroduce annual salary reviews following a two-year pay freeze that was implemented at the height of the credit crunch to cut back on costs.
European insurers resilient to stress tests
Fitch Ratings has published a report today that its stress-testing of European insurers based on their euro-zone sovereign exposures has resulted in no rating actions.
Aon Benfield launches ILS benchmarking tool
Aon Benfield Securities has launched an insurance-linked securities (ILS) benchmarking tool, the Aon Benfield ILS Indices, which provides a quantitative view of ILS returns since December 2000.
R&Q insurance profit hits £3.6m
Randall & Quilter’s income rose 52% to £16.1m in the first six months of the year (H1 2009: £10.6m).
First RSA, now Axa is linked with Aviva swoop
Aviva's share price has continued to rise today despite its rejection of RSA's £5bn bid amid speculation that others may be interested.
Danish insurer Tryg Vesta recovering from "extraordinary" claims
Danish insurance group Tryg Vesta has reported that the business is back on track after a first quarter "where extraordinary winter claims caused a loss on the insurance business".
Aegon Government bailout given EC approval
The European Commission has approved, under EU state aid rules applicable to the financial sector in the current crisis, the recapitalisation of the Dutch insurance company Aegon.
Marsh promotes Waterer to new risk leadership post
Marsh has promoted Richard Waterer to the newly created role of head of operational risk for Marsh Risk Consulting in the UK. He will report to Jeff Colburn, UK MRC Leader.
Eureko benefits from PZU settlement with H1 2010 profit leap
European insurance group Eureko this morning reported a net profit of €864m for the first six months of 2010.
Zurich recruits new investor relations head
Zurich Financial Services Group has today announced the appointment of Debra Broek, currently deputy head of investor relations and rating agency management, to the position of head of investor relations and rating agency management, effective 1…
RSA still "open" to Aviva talks claiming its £5bn offer is "fair value"
RSA has said it "remains open to discussions" with Aviva, despite the group's rebuttal of its £5bn offer.
S&P affirms AA rating for Allianz
Standard & Poor’s has affirmed the stand-alone AA (stable) financial strength rating on 12 August for Allianz Global Corporate & Specialty, the industrial arm of the Allianz Group.
RSA shareholders want to hear "convincing arguement" for Aviva GI swoop
RSA is widely reported to have lined up BNP Paribas, Deutsche Bank and HSBC to underwrite a £5bn rights issue to fund its proposed takeover of Aviva's UK, Irish and Canadian general insurance businesses.
Aviva shareholders annoyed by RSA rebuttal as "everything" has a price
Both Standard Life and Royal London Asset Management are reported to be annoyed that Aviva's management rejected RSA's £5bn offer for the business without consulting shareholders.
Aviva took days to reject RSA's "unacceptable" £5bn GI business offer
Aviva took ten days from receiving a £5bn offer from RSA to rejecting it, the insurance group admitted today.
Exclusive compliance content now available
In our latest article Aia Software’s Mike Davies tackles the tricky issue of document compliance for European insurers operating across multiple territories and languages.
Spanish companies lack environmental risk awareness
Spanish business have a significant lack of awareness of environmental legislation and risks, and a lack of knowledge about the insurance protection available to them according to recent research.
Allianz sees local GI premiums shrink by 3% in H1 2010
In the first half of 2010, Allianz Deutschland AG increased revenues 6 percent, to €15.2 bn (H1 2009: €14.3 bn).