Europe
Towers Watson issues Solvency II insurer warning
Risk management consultancy Towers Watson has warned that insurers may be “cutting corners” in their approach to the Solvency II’s QIS5 exercise.
Swiss Re: Insurers should not ignore 'the elephant in the room'
Against the backdrop of the upcoming regulatory framework in Europe – Solvency II – Swiss Re has outlined how it believes insurance risk managers can shape their companies’ risk management culture in the post-crisis world.
Risk presentation key, claims international broker survey
According to new research commissioned by Bowring Marsh, the quality of the presentation of risk information is crucial to insureds obtaining the most competitive terms from insurers.
Portugese FS group "weighed down" by "stagnant non-life market"
Portugese financial services group Espírito Santo Financial Group has reported a 29.6% year on year decline in net income to Euro 21m (Euro 29.8m).
Allianz CEO bemoans commercial rate inactivity as profits dip 10.7%
Allianz reported gross written premium was up 4.4% to £411.3m (2009 Q1: £393.8m) over same period in 2009.
European GI CEO Annette Court out in Zurich reshuffle
Zurich Financial Services today announced a streamlined management structure and related senior management appointments. The changes come into effect on 1 July.
French insurance group sees international revenue soar
CNP Assurances recorded €9.4 bn in premium income, of which €1.9 bn came from operations outside France, in the first quarter of 2010.
German insurer unveils new board members
German insurance group ERGO has appointed a new supervisory board at its AGM.
Cypriot deal finalised
Eureko has closed the sale of 98.9% of shares in Interlife Insurance and 100% of the shares in Interamerican Assistance to Rodardo.
Quinn administrator pulls plug on UK PI business
Quinn Insurance will not reopen its professional indemnity business in the UK despite the likelihood it will recommence underwriting other commercial lines.
Amlin benefits from ACI acquisition with 32.1% hike in GWP
Amlin this morning reported gross written premium (before deduction of brokerage) was up 32.1% for the four months ended 30 April 2010 at £964.0m (30 April 2009: £729.7m).
XL remains in S&P 500 index
XL Capital will remain in Standard and Poor’s 500 index following redomestication of the parent holding company from the Cayman Islands to Ireland.
Generali sees GI profit reduced by 25.4% in Q1
Italian insurance giant has recorded a non-life combined ratio of 98% in quarter one 2010 (96.3% 1Q09; 99.5% 4Q09) after an increase in catastrophic events.
Ageas records loss in quarter one
Ageas today reported a 20% increase in premium over the first quarter of 2010 to EUR 5bn when compared with Q1 2009.
Aviva signs three year deal with trade union
Aviva France has signed a three-year agreement on the employment of older people.
PZU share prices soar on first day’s trading
The share prices in Polish insurer PZU rose 13% on their first day of trading in Warsaw, Bloomberg has reported.
FSB welcomes Con-Lib pact plans on CGT and personal tax
Business leaders have welcomed the agreement between the Conservative and Liberal Democrat parties to form the next Government.
Allianz hit by high cat losses
Allianz Group has reported that its property & casualty business wrote gross premiums written of €14.0bn (Q1 2009: €13.9bn) in the first quarter of 2010.
Hiscox to enter aviation as it reports £10m Deepwater hit
Hiscox’s gross written premiums grew year on year by 6.4% in local currencies to £504.1m in quarter one 2010(2009 Q1: £486.5 m).
Harrison to lead European business
Combined Insurance has appointed Chris Harrison as executive vice president and general manager, Europe, assuming overall leadership responsibility for Combined Insurance’s European business – sales and operations.
Fitch more positive about German GI sector
Fitch Rating has today revised the outlook for the German non-life insurance sector to stable from negative due what it described as "increased investment income in 2009 and an increase in motor insurance premium rates in early 2010".
Aviva sees "potential signs" of return to UK GI growth
Aviva today said it is "seeing signs of a return to volume growth" in its UK general insurance book.
Mondial reports €56m profit for 2009
Mondial Assistance has reported €1.673bn turnover in 2009 (+4.8% or +5.4% at a constant exchange rate) and a return of €56m. Its combined ratio was 95.9 %.
Quinn administrators pushing for UK commercial return
The administrators for Quinn Insurance are applying to the Financial Regulator this week to re-open some commercial lines of business in the UK, according to reports.