Europe

EU D&O market primed for growth: Advisen

Tue, 10 Nov 2009 00:00:00 GMT

Directors’ and officers’ liability (D&O) insurance is one of the fastest growing insurance products in Europe according to an Advisen report.

Fondiaria-Sai loses Eu23.9m as claims rise

Tue, 10 Nov 2009 00:00:00 GMT

Florence-based Fondiaria-Sai has reported a third-quarter net loss because of higher claims from natural disasters hurt revenue.

Willis appoints Dutch CEO

Tue, 10 Nov 2009 00:00:00 GMT

Willis Europe, a division of Willis Group, has appointed Niek Post as CEO of its Dutch operations, effective immediately.

“Exceptional” life result lifts Allianz

Mon, 09 Nov 2009 00:00:00 GMT

Allianz, Europe’s largest insurer, said Monday that third-quarter profits more than doubled because of improved performance in its financial services and life and health units.

Axa raises Eu2bn for Asian push

Mon, 09 Nov 2009 00:00:00 GMT

Axa Group has launched a Eu2bn ($3bn) rights issue to fund its expansion into Asia, the Paris-based insurer said Monday.

Marine underwriter joins Chaucer from Maersk

Mon, 09 Nov 2009 00:00:00 GMT

Chaucer Underwriting, based in Copenhagen, Denmark and part of Chaucer Holdings, has appointed Johnny Bøgelund as marine underwriter.

Geneva Association tells G-20 of concerns

Fri, 06 Nov 2009 00:00:00 GMT

Insurance economic think-tank, The Geneva Association, has expressed concerns about the potential effects of regulatory and supervisory action on the insurance industry as a result of the financial crisis.

Dutch Delta eyes ING, ASR assets

Fri, 06 Nov 2009 00:00:00 GMT

Dutch insurer, Delta Lloyd, may purchase the insurance assets of ING Group and ASR Verzekeringen, CEO Niek Hoek said Thursday at an analyst meeting, The Wall Street Journal reports.

Hannover Re raises profit target

Fri, 06 Nov 2009 00:00:00 GMT

Hannover Re, Germany’s second-largest reinsurer, has raised its profit target for the year after profits surged to record a better-than expected results.

Munich Re posts Eu6511m leap in profit

Thu, 05 Nov 2009 00:00:00 GMT

Munich Re, the world’s largest reinsurer, said Thursday that profit leapt during the third quarter, boosted by fewer storm claims and greater investment returns.

Q3 underpins Munich Re’s “rock solid” status

Thu, 05 Nov 2009 00:00:00 GMT

Munich Re, the world’s largest reinsurer, posted a leap in third-quarter profits, yet failed to meet analysts average expectation after putting aside money for a future tax burden.

Zurich in “good shape” as profits surge

Thu, 05 Nov 2009 00:00:00 GMT

Zurich Financial Services, Switzerland’s largest insurer, said Thursday that third-quarter profits surged on fewer catastrophe claims and increased life insurance sales.

Scor reports stable 9M result

Wed, 04 Nov 2009 00:00:00 GMT

Scor, France’s largest-reinsurer, reported virtually unchanged profits for the first nine months of the year.

Swiss Re capital recovery not just “luck”

Tue, 03 Nov 2009 00:00:00 GMT

Shares in Swiss Re, the world’s second-largest reinsurer, were boosted today after it reported forecast-beating profits for the third quarter and strengthened its capital base, improving its chances of repaying Warren Buffett’s costly capital injection.

Swiss Re returns to profit in third quarter

Tue, 03 Nov 2009 00:00:00 GMT

Swiss Re, the world’s second-largest reinsurer, Tuesday exceeded analyst expectation by posting profit of SFr334m ($326m) for the third-quarter of the year.

Ceiops elects new chairman

Mon, 02 Nov 2009 00:00:00 GMT

European insurance watchdog the Committee of European Insurance and Occupational Pensions Supervisors has appointed Gabriel Bernardino as chairman.

XL and Aon launch Irish solicitors’ PI cover

Mon, 02 Nov 2009 00:00:00 GMT

XL Insurance and Aon have entered into an exclusive partnership to bring new capacity to the solicitors' professional indemnity (PI) market in Ireland.

Aegon to repay Eu1bn Dutch aid

Fri, 30 Oct 2009 00:00:00 GMT

Aegon is planning to repay Eu1bn ($1.48bn) of state funds out of a total of Eu3bn, it received in October last year.

PZU to launch IPO In July 2010

Fri, 30 Oct 2009 00:00:00 GMT

Polish insurer, PZU, could hold an initial public offering (IPO) in July 2010 after the end of an eight-year dispute between shareholders, Bloomberg reports.

Axa’s performance “bodes well” for 2009 results

Thu, 29 Oct 2009 00:00:00 GMT

Axa, Europe’s largest insurer, said Thursday that its revenue fell 2% in the first nine months of the year after suffering a slump in sales in its US and UK life and savings business.

ING appoints 19 banks for rights issue

Thu, 29 Oct 2009 00:00:00 GMT

ING Group has hired 19 banks to manage its Eu7.5bn ($11bn) rights offering, Bloomberg reports.

Robbie Klaus quits as Glacier CEO

Thu, 29 Oct 2009 00:00:00 GMT

Robbie Klaus, CEO of Swiss insurer and reinsurer Glacier Group, has resigned. He has been replaced by Todd Hart with immediate effect.

Ace posts rise in 3Q profits

Wed, 28 Oct 2009 00:00:00 GMT

Zurich-based insurer Ace Limited said late Tuesday it recorded a rise in third-quarter profit driven by improved underwriting results and a decline in losses related to catastrophes.

Swiss Re “building on strengths”

Wed, 28 Oct 2009 00:00:00 GMT

Swiss Re has bounced back from the problems it experienced at the start of this year, thanks to new CEO Stefan Lippe’s approach of building on the company’s strengths, Patrick Mailloux, managing director of client markets for Swiss Re, told the PCI Reporter.

Affiliated FM opens office in Amsterdam

Tue, 27 Oct 2009 00:00:00 GMT

Middle-market commercial property insurer Affiliated FM has opened an office in Amsterdam, The Netherlands, the company announced Tuesday.

East beats West reinsurer says, for now

Tue, 27 Oct 2009 00:00:00 GMT

Mark Meyerhoff, general manager of Mapfre Re’s Munich branch, says his company is playing the long game in Germany and expects to increase its market share but only in the medium to long-term.

German motor market runs out of road

Tue, 27 Oct 2009 00:00:00 GMT

The German primary insurance market is one of the most difficult in Europe for reinsurers to operate in, with problems over rating, terms and conditions evident across a number of private and commercial lines.

Risk models move up the agenda, says AIR

Mon, 26 Oct 2009 18:09:19 GMT

Catastrophe model companies have taken a lot of criticism from the industry for under estimating the cost of major loss events. Yet the use of cat models is more widespread and insurers and reinsurers increasingly depend on their modelled scenarios for pricing business and developing strategies.

Aon Benfield adds Benelux trio

Mon, 26 Oct 2009 00:00:00 GMT

Aon Benfield has expanded its Benelux division with three appointments, the reinsurance broker announced Friday.

Gen Re CEO bites back at brokers

Mon, 26 Oct 2009 00:00:00 GMT

Gen Re chairman and CEO Tad Montross has countered comments from brokers that the direct reinsurance model is under increased pressure in Europe, as well as in the US.