Europe
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.
Lloyd’s named UK’s strongest insurance brand
Specialist insurance market Lloyd’s has been named as the UK’s top insurance brand.
Barrie & Hibbert seal Dexia Insurance ESG deal
Belgian company Dexia Insurance has appointed Barrie & Hibbert to provide an Economic Scenario Generator to assist in its Solvency II compliance and MCEV calculations.
HSBC insurance boss to step down
Clive Bannister will be replaced by Asia boss David Fried, according to Reuters.
AM Best "positive" on global non-life reinsurance sector
The current outlook implies that the majority of 2010 reinsurer rating actions are likely to be affirmations, with only a modest number of anticipated rating or outlook changes.
Energy insurance costs expected to fall by up to 20%
Despite an increase in the size and scale of new energy infrastructure projects, national oil companies and other energy and chemical concerns are experiencing fewer and less-severe major losses than in previous years, according to Marsh.
Deutsche Bank to take on £3bn BMW longevity risks
Deutsche Bank is to take over the longevity risks of nearly £3bn of pension liabilities from BMW’s UK scheme in what will be the largest deal ever done in corporate longevity insurance in the UK.
Madeira floods cause extensive damage
Violent flooding on Portuguese holiday island kills at least 42 with reports of major damage to buildings and transport infrastructure
Torus receives $185m capital injection
$150m of the additional financing to be provided by private equity firm Corsair Capital
Allianz will not renew business in Iran
Hannover Re also says that it conducts reinsurance treaty business in the region but will only continue to do so if it complies strictly with United Nations and European Union sanctions
Q&A - Ralf Geck of Ecclesia Group
In the first of a regular focus on managers of European insurance companies and brokers, Insurance Insight talks to Ralf Geck of German-based broker Ecclesia Group.
Allianz in Dublin recruitment drive
Allianz Worldwide Care adds 30 new jobs at its headquarters in Park West Business Campus, Nangor Road, Dublin 12.
Italian insurer sees 7.5% jump in motor business
Vittoria Assicurazioni reported that it wrote € 671.3m (+6.4%) of premiums in 2009, of which €541.5m (+5.0%) was non life.
Aviva sells GI stake to French bank
French bank Societe Generale has agreed terms with Aviva to buy the UK insurer's 35% stake in non-life insurer Sogessur.
Aviva France recruits new director
Laurence Mitrovic becomes director of legal affairs and compliance.
European bancassurance remains viable claims Fitch
However, in its latest study is added there is limited benefit in running a conglomerate bank-insurance organization, where there are typically few operational links between a bank and an insurer.
Allianz claims industry first in partnership with Air France
The online safe deposit service for travellers combines secure storage of documents with assistance services.
Troubled Belgium financial services giant linked with train crash payout
Belgium banking and insurance group Ethias is understood to be the lead liability insurer of the state owned railway company NMBS SNCB involved in Monday's tragic train accident.
Ace raids RBSI for travel boss
Ace European Group has appointed Chris Price to its newly created role of regional director of travel for Europe, Middle East and Africa from RBS Insurance.
Axa UK GI earnings dip 63% after £157m fire and weather losses.
Globally, Axa Group reported underlying earnings down 6% to €3854m versus 2008, adjusted earnings down 8% to €3468m and net income up 283% to €3606m (on a comparable basis).
Swiss Re says capital position "fully restored"
Swiss Re said that it has excess capital of 9bn CHF at 'AA' ratings level, and added that its capital position is 'fully restored'.