Europe
Munich Re's Ergo buys 40% stake in Thailand insurer
Munich Re-owned insurer Ergo has agreed to buy a 40.3% stake in Thailand-based Thaisri Insurance for an undisclosed sum.
Gable sale on the table as full Solvency II compliance deemed ‘not possible’
Unrated insurer Gable Holdings will launch a full strategic review following an assessment of its Solvency II capacity, a move likely to result in a “fundamental restructuring”, according to a statement to the stock exchange.
Europe: Unclear skies for drones
Civil drones are taking off in a big way, with high-flying commercial potential, but machines invading airspace and pointing cameras at the homes of celebrities have prompted calls to clip their wings
Motor Insurance World 2016: Biba expects EU decision to mitigate Vnuk
Graeme Trudgill, the executive director of the British Insurance Brokers' Association, says he expects the European Union to soon come up with a new definition of "vehicle" that will close the Pandora's box opened by the Vnuk ruling.
IBIS 2016: Caliber Collision leaves door open for possible European entry
Caliber Collision has refused to rule out an emergence into the European collision repair market as it continues to ramp up acquisitions in the US, delegates were told at the IBIS Global Summit 2016.
Vienna Insurance Group reports 97.8% COR but profits down
A low interest rate environment put pressure on the financials at Vienna Insurance Group, with profit before tax in Q1 2016 down 22.5% to €101.5m (£77.6m 3M 2015: €130.9m).
Chubb reveals new proposal for European brokers in SME space
Brokers can access a quicker service for SME clients through Chubb’s new easy solutions offering, with quotes issued within 24 to 48 hours following a request.
US consultancy Imaginatik to target UK and European insurers with Ingenin deal
US-based innovation consulting and software provider Imaginatik is to target the UK and European insurance sector after striking a partnership with Ingenin.
Axa quits investing in tobacco
Axa has announced it will stop investing in the tobacco industry where it invests more than €1.7bn (£1.3bn).
Beale, Tulloch appointed to UN and World Bank Group-backed steering committee
Lloyd's CEO Inga Beale and Aviva global chairman Maurice Tulloch have been added to a committee guiding the United Nations and World Bank Group-backed Insurance Development Forum.
C-Suite Europe: Ageas' Bart De Smet on mergers and alliances
Recent consolidation moves must not overshadow the business opportunities offered by joint ventures: the acronym M&A could be redefined as mergers and alliances.
Moreau to leave Axa in June
Nicolas Moreau, chairman and CEO of Axa France, is to leave the insurer on 30 June after 25 years.
Rapid rise of urban populations driving climate change risk, says World Bank
Assets worth $158 trillion (£109 trillion) could be at risk from river and coastal flooding by 2050 unless more is spent on disaster mitigation according to the World Bank.
Generali sees adverse market conditions impact results but COR improves
Market conditions hit Generali’s bottom line via its investments for the first quarter, with net profit down 13.8% (or €588m), but combined operating ratio improved to 92% from the previous quarter.
Geo-blocking changes in Europe could have ‘substantial impact’ on insurers
The Actuarial Association of Europe has called on the European Commission to consider the definition of justifiable geo-blocking, especially in the context of insurance.
Zurich returns to profit in Q1
Swiss-headquartered Zurich's after tax global profits fell 28% from $1.22bn (£845m) in the first quarter of 2015 to $875m (£607m) in Q1 2016.
Allianz sees global profits and revenue fall in Q1
Global insurer Allianz's revenues and profits fell by 6.4% and 3.5% respectively in the first quarter of 2016.
Europe: Competition law - all over for Iber?
The Insurance Block Exemption Regulation is set to lapse on 31 March 2017, and the European Commission is not looking for a replacement. What will this mean for cooperation and competition?
Norway loses top spot to Switzerland in FM Global’s 2016 annual resilience index
Insurer FM Global’s 2016 survey into business supply chain resilience saw Norway drop to second behind Switzerland, making the central European nation most resilient to disruption according to the index.
Brexit would ‘significantly damage’ London Market, says IUA
Underwriters have raised concerns Brexit would limit access to markets and “significantly damage” London Market companies, according to the International Underwriting Association.
Insurance Europe calls for changes to UFR to wait until Solvency II review
Europe’s peak insurance body Insurance Europe says there is some misunderstanding around how Solvency II liabilities are calculated, particularly its relationship to the ultimate forward rate.
RPC Consulting opens Paris office
RPC Consulting, the consulting arm of law firm RPC, has appointed former founding partner of EMB France Stéphane Chappellier to head up its new Paris office.
Europe: Building success for construction firms
The improving Spanish infrastructure sector offers an opportunity for local insurers.
JLT expects £34m in ‘total exceptional costs’ for 2016
Global (re)insurance broker Jardine Lloyd Thompson anticipates £34m in “total exceptional costs” for 2016, but remains on target to achieve its objectives for the coming year.