Europe
Wuerttembergische Versicherungen agrees software deal
Insurer Wuerttembergische Versicherungen will optimise the scheduling of about 120 employees working in customer service at its Stuttgart site using workforce management solution In Vision Enterprise WFM.
BoA Merrill Lynch responds to Solvency II advice
Bank of America Merrill Lynch has published a report on the latest Committee of European Insurance and Occupational Pensions Supervisors advice on the implementation of Solvency II.
Allianz boasts of record investment performance
Allianz Global Investors achieved record profitability in 2009 with operating profits of 1362m euros compared to 904m euros in 2008.
ING could delay insurance sale with IPO
Reports claim that as long as it kicks off the process with a stockmarket listing it could meet an EU requirement.
AIR estimates winter storm will cost up to €3bn
Winter storm Xynthia, which hammered mainland Europe over the weekend, will cost up to €3bn, modelling agency AIR has said.
Scor in earnings surge
French reinsurer Scor reported a surge in earnings in the fourth quarter of the year.
Fitch: French windstorm losses material, but managable
Fitch does not expect losses from the catastrophe to result in a material capital erosion for the French insurance market. The agency expects that the rating actions due to the storm are likely to be limited.
Ukraine ruling coalition collapses
Ukraine's coalition has collapsed as newly elected President Viktor Yanukovich moved to oust Prime Minister Yulia Tymoshenko and consolidate power.
Aon in acquisition talks in Italy
Italian paper reports that Aon are looking to expand its business in the region through acquisitions.
Admiral's international arm contributes £47m as profit jumps 7%
It added its customer numbers were up 19% to 2.08 million (2008: 1.75m), profit from UK car insurance was up 15% to £207m (2008: £180m).
JLT restructures UK business to capitalise on new MGA unit
News comes as broker reported a 14% rise in fees and commissions to £612.9m (2008: £536.1m) and a 28% jump in underlying profit excluding exceptional items to £97.1m (2008: £76.2m).
40 killed in Europe windstorm
Northern and western France and parts of Germany have been battered by a severe windstorm in the last 48 hours that has caused at least 40 deaths.
Xchanging grows revenue by 35%
Xchanging has reported a 35% increase year-on-year in revenue to £750.4m in 2009 (2008: £557.8m) while underlying operating profit also grew 35% to £63.9m (£47.3m).
Strong London market performance helps Hiscox treble profits
Hiscox has reported gross premiums written £1.44bn (2008: £1.15bn) and pre-tax profit of £320.6m (£105.2m).
Amlin results show record profit
Profits at Amlin up by over £370m from 2008. However, group results padded by £174.1m reserve releases.
Lloyd’s welcomes Geneva Association findings
Specialist insurance market Lloyd’s has backed the findings of the Geneva Association’s Systemic Risk in Insurance report.
Generali GI premiums down in 2009
During 2009, performance slipped in motor policies (-2.4%), affected by the trend in policy rates, particularly in the first nine months, Generali added, and the decrease in new vehicle registrations.
QBE Europe profits dip on back of increased claims
The business reported a rise in incurred claims to A$2.01bn (2008: A$1.76bn), whilst its expenses reduced to A$426m (2008: A$483m).
Geneva Association: Insurers not a systemic risk
Insurers and reinsurers do not carry the systemic risks of other financial intuitions, insurance think tank Geneva Association has claimed in its latest report.
Markel appoints new Swedish boss
Anne-Sofia Hedin has been appointed general manager of Markel Sweden, which is based in Stockholm and provides insurance products across Nordic countries, the Baltic states and Russia.
Towers Watson warns against Solvency II recruitment reliance
Professional services company Towers Watson has warned insurers against on an over-reliance on recruitment if they are to convince the Financial Services Authority they are making progress towards Solvency II compliance.
Allianz GI arm reports a drop in 28% drop in operating profit
The two biggest drivers were a decline of 0.6bn euros in operating investment income and an underwriting result which was down 0.7 bn euros.
RSA bullish despite 10% fall in operating profit
CEO Andy Haste hails progress in emerging markets and international arms.
Spanish insurance industry suffers under weight of recession
Spanish insurers will continue to see their profitability squeezed as a result of the tough economic environment, according to Moody’s.