All News articles – Page 153
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NewsE+S Rück expects rising prices and improved conditions in 2021 for P&C reinsurance in Germany
E+S Rückversicherung AG – the Hannover Re subsidiary responsible for the Group’s German business – expects rising prices and improved conditions overall for the coming year in property and casualty reinsurance on the German market. Demand for reinsurance coverage from financially robust providers will continue to grow against the backdrop ...
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NewsDARAG announces the sale of non-legacy Italian business to NOBIS
DARAG has announced that it has reached an agreement with NOBIS Compagnia di Assicurazioni (“NOBIS”) for the sale of the Going Concern business from DARAG Italia S.p.A. The transaction is subject to regulatory approval. The sale of the active underwriting business will streamline DARAG’s operations and enable the Group to ...
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NewsMunich Re expects further hardening of markets
Following years of eroding rates caused by excess capacities and low major-loss expenditure, particularly in European markets, low interest rates – likely to remain even lower for even longer due to the coronavirus pandemic – are impacting the profitability of reinsurers. Insurance covers are therefore likely to become more expensive, ...
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NewsFCA proposes new measures for vulnerable customers in wake of Covid-19
The FCA has published new guidance on how insurers and brokers should be helping customers facing financial difficulties in the wake of the Covid-19 pandemic.
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NewsMoody’s affirms Hyperion debt rating in wake of A-Plan deal
Moody’s has also assigned B2 ratings to the new £475 million guaranteed senior secured term loan facility being issued by Hyperion Refinance, and the £125 million guaranteed senior secured revolving credit facility being extended to September 2024 by HIG. The outlooks on all issuers are stable.
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NewsRSA chairman Martin Scicluna to step down next year
RSA chairman Martin Scicluna is to step down next year, according to reports on Sky News.
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NewsJohn Lewis teams up with Munich Re’s Digital Partners, Sedgwick and ICE InsureTech for home insurance proposition
The high-end retail giant hopes to deliver a new home insurance product early next year targeted at a wider customer base as a result of the partnership
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NewsICO fines British Airways £20m for data breach
It is the Information Commissioner’s biggest data breach fine to date and falls under the GDPR regime
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NewsCherry-picking systemic risks is ‘a path to run-off’ for insurers
The insurance industry runs the risk of irrelevance if it chooses to take only the easy-to-manage parts of the systemic risks facing its customers, according to a panelist at a terrorism insurance conference.
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News‘Share pandemic risk coverage’, urges Marsh chief exec
Marsh boss calls for creative solutions to mitigate future pandemics and other shock events
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NewsAM Best removes From Under Review With Negative Implications and Affirms Credit Ratings of Al Ittihad Al Watani
AM Best has removed Al Ittihad from under review with negative implications and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Al Ittihad Al Watani (L’Union Nationale) Société Générale D’Assurances du Proche Orient, sal (Al Ittihad) (Lebanon). The outlook assigned to ...
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NewsAXA has completed the sale of its operations* in Central and Eastern Europe for Euro 1.0 billion
AXA announced today that it has completed the sale of its Life & Savings, Property & Casualty and Pension businesses in Poland, Czech Republic and Slovakia to UNIQA Insurance Group AG (“UNIQA”), for a total cash consideration of Euro 1.0 billion.
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NewsCovéa Insurance to transfer £35k of apprenticeship levy funding to local businesses
Businesses based in Halifax now have access to £35,000 of funding to deliver apprenticeship training, thanks to a levy-transfer scheme set up by Covéa Insurance and local further education provider, Calderdale College.
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People & OpinionAspen appoints Tony Rai as head of AIUK and AMAL claims
Tony will join Aspen in early 2021 from Hiscox, where he has been Head of London Market Claims since 2009 and responsible for the management and leadership of claims for three business units, Hiscox London Market Insurance (including Hiscox MGA), Hiscox Re, and Hiscox Special Risks.
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People & OpinionStefan Golling appointed to the Munich Re Board of Management as of 1 Jan 2020
The Supervisory Board of Munich Reinsurance Company has appointed Stefan Golling (44) to the Munich Re Board of Management as of 1 January 2021. Management of the Global Clients and North America Division will pass to Mr. Golling from Dr. Peter Röder, who has chosen to step down from the ...
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People & OpinionMetLife Announces Senior Leadership Changes
MetLife today announced a number of changes to its senior leadership team. All changes are effective on January 1, 2021, unless otherwise noted. Executive Vice President and President of the Latin America region Oscar Schmidt will retire after a distinguished 26-year career with the company. He will step away from ...
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NewsAM Best Downgrades Issuer Credit Rating of Saudi Arabian Insurance Company
AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” from “bbb+” and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Saudi Arabian Insurance Company B.S.C. (c) (Damana) (Bahrain). The outlook of the Long-Term ICR has been revised to stable from negative, whilst the outlook ...
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NewsRegulatory costs weigh on UK non-life insurers’ profitability – Fitch Ratings
In Insurance Times’s October 2020 issue, Fitch Ratings’s director of EMEA insurance Katia Ishchenko discusses how regulatory changes could affect personal lines insurers and brokers
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People & OpinionAXA UK and Ireland confirms new chief exec for UK retail arm
The new hire will replace Laurent Matras, who is moving to AXA Asia
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News‘SIRC 2020 Re-Mind’ - virtual event scheduled for 2 to 5 November 2020
‘SIRC 2020 Re-Mind’ – setting the standard for industry events in the future digital world! The COVID-19 outbreak has severely disrupted the global economy as well as livelihoods and provided an acid test on the resilience of businesses and people to adapt and respond positively to the changes and challenges ...
