Europe
Trade Voice: Flooding: the rules of engagement
The recent industry chief executive roundtable with ministers served as a reminder of how critical the role of insurance is to government and society in dealing with the problems caused by the ongoing flooding.
Axa’s global P&C revenues up 2%
Axa has seen group-wide revenues for its property and casualty business increase 2% in figures for 2013.
Generali Spain appoints Villa as CEO
Generali’s Spanish unit has named former Generali Seguros director general comercial Santiago Villa as its new chief executive.
Europe: The run-off legacy
The run-off market looks set to consolidate its position in Europe, a trend borne out by a Clyde & Co survey which found 60% of insurer respondents expect to complete a deal in Europe in the next 12 months.
Ace adds two to Nordic property teams
Ace has bolstered its Nordic property operations with an appointment in Norway and a promotion in Stockholm.
Willis recruits Copenhagen based political risk boss
Willis has bolstered its financial solutions unit with the appointment of a new leader for its Copenhagen based new political risk, terrorism and trade credit head.
C-Suite: Databases are key to increased profitability in Asia
Peter Orlay explains how contributory databases can play a key role in increasing profitability across the insurance chain in Asia.
Gibraltar aims to become ILS hub within EU
The government of Gibraltar has unveiled plans to make the territory an insurance linked securities destination within the European Union.
Zurich sees operating profit up 15% and premiums fall 4%
Zurich's global operating profit climbed 15% in 2013 helped by a significant improvement in its general insurance combined operating ratio.
Admiral extends reinsurance deals to 2016
Admiral has added an additional year to reinsurance partnerships with Hannover Re, Mapfre Re, New Re and Swiss Re, extending contracts to 2016.
Suisscourtage handed Lloyd’s broker approval
French insurance broker Suisscourtage has been given registration to serve as a registered Lloyd’s broker.
European CFOs optimistic on profitability growth
European insurance chief financial officers are optimistic about increasing profitability, with a Moody’s survey finding nearly half of CFOs predicting their operating profit would grow between five and 10% in the next year.
Pre-tax profits at Catlin climb 27% in 2013
Catlin's pre-tax profits reached $432m in 2013 - up 27% from $339m the previous year.
ABI kick-starts Flood Re CEO recruitment process with job ad
The Association of British Insurers has started its search for the chief executive of Flood Re and will be advertising the position in this week's Sunday Times.
Three EU states fail to meet gender directive deadline
Three European states failed to meet the December 2012 deadline to implement legislation prohibiting the use of gender-based pricing, according to the EU insurance supervisor.
Fitch affirms Generali at A- with negative outlook
Fitch has confirmed the ratings of Italian insurance giant Generali, locking the insurer and its core subsidiaries’ Insurer Financial Strength score at A- with a negative outlook.
Europe: Clearing up confusion
A mid-January decision to amend the European Union's Insurance Mediation Directive - set to come into force in 2016 - through a revised Markets in Financial Instruments Directive has generated much confusion.
Munich Re's reinsurance division operating profits down 19%
In 2013, according to Munich Re's preliminary results, operating profits at its reinsurance arm reduced from €4.3bn in 2012 to €3.5bn last year (a reduction from €3.1bn to €2.8bn in its consolidated result).
GSII capital requirements must strike right balance, says Insurance Europe
Basic capital requirements devised by the International Association of Insurance Supervisor for global systemically important insurers need to strike a balance between risk-sensitivity and complexity, Insurance Europe has said.
International: The key to protecting property
With economies recovering across Europe, the property market is beginning to show signs of movement again. But with the credit crunch still fresh in people’s memories, insurers are seeking to reassure those feeling cautious about property transactions.
Lloyd’s vs Asia: Is London losing its crown?
Could factors including economic growth in the East and increasingly burdensome UK regulation see Lloyd’s Asian hub in Singapore oust its London counterpart as the global centre of insurance?
Vienna Insurance acquires Moldovan insurer
Vienna Insurance Group has inked a deal to acquire a 94% stake of Moldovan insurer Donaris Group.
European appetite for run-off deals set to grow, survey finds
France and Germany have been tipped as the most likely European countries to see run-off deals completed, according to insurance industry respondents to a Clyde & Co survey.
Ukrainian market shows signs of strong recovery
Profitability in the Ukrainian non-life insurance sector has recovered strongly in recent years but standards of regulation and financial reporting continue to act as a drag on ratings, according to Fitch’s market update.