AIR pegs Ciara-Sabine at $1.2bn-$2.1bnCatastrophe risk modelling firm AIR Worldwide has pegged insured losses due to wind from Winter Storm Ciara-Sabine at between Eur1.1bn and Eur 1.9bn ($1.2bn-$2.1bn).
Zurich posts “in line” 2019 earnings with P&C combined ratio 96.4 percentEurope’s fifth largest insurance company Zurich said 2019 business operating profits climbed 16 percent with CEO Mario Greco praising the company’s “amazing journey” as it met its 2016-2019 financial targets.
Axa’s Eur1bn CEE unit sale to Uniqa in line with strategy, says S&PAxa’s sale of its Central and Eastern Europe operations is in line with a strategy that is moving it closer that of global multiline insurer peers.
Mapfre profits from life but cats dent P&C reinsuranceMadrid-headquartered (re)insurer Mapfre saw its group net profit climb 15.2 percent in 2019 to beat analysts’ expectations despite deteriorating results in its core reinsurance and special risks division.
Insured losses from Turkey’s January earthquake could cost $4.25bn: reportA 6.8 magnitude earthquake that shook the Elzaiğ and Malatya regions of Turkey last month could result in a maximum claims payout of 25.44bn Turkish lira ($4.25bn), if the full limit loss on 106,000 insured properties is reached.
Axa eyes $1.1bn CEE unit sale as talks progress: reportAxa has entered advanced talks to offload its central and eastern European units to Austria’s Uniqa Insurance Group, after rumours of a sale began circulating back in October.
Lester continues build out of Aon’s European M&A practice with senior hiresAon’s CEO of M&A and transaction solutions for EMEA, Alistair Lester, has made a clutch of high-level appointments to its EMEA M&A and transaction solutions practice as the broker seeks to capitalise on the booming transactional liability market.
Brexit transition threatens European insurers with UK exposure: Moody’sEuropean insurers are unlikely to be disrupted during the 11-month transition period as the UK leaves the trading bloc, although continental carriers with the highest UK exposure could see their underwriting profit dented come year end.
FCA warns on temporary permissions deadline as Brexit loomsThe Financial Conduct Authority has sort to remind European firms that they have until the end of today (30 January) to apply for use of the temporary permissions regime (TPR) which will come into force if the UK and EU fail to sign a trade agreement by 31 December 2020.
Gefion’s solvency slumps as Danish regulator refuses to accept reinsurance dealThe Danish Financial Supervisory Authority (DFSA) has ordered the unrated carrier Gefion to unwind the effect of a reinsurance contract from its 2018 accounts which sees its solvency ratio slump yet again, this time from 72 percent to a mere 49 percent.
CCR Re adds Petras as MENA life & pensions headCCR Re, the open market reinsurance arm of French state-backed CCR, has named Bertrand Petras vice president of life and pensions, covering the Middle East and North Africa (MENA) region.
European stocks rebound following coronavirus confidence hitEuropean and London Market (re)insurance stocks rebounded on Tuesday after global equity markets slid earlier in the week under pressure from the rising death toll in China from a rapidly spreading virus denting investor confidence.
Swiss Re CorSo names Willauer EMEA head of property and specialtySwiss Re Corporate Solutions has appointed Bianca Willauer head of property and specialty lines for EMEA, in its latest hire from rival Allianz Global Corporate & Specialty (AGCS).
Saga takes £4mn profit hit after Thomas Cook collapseUK insurance intermediary Saga said this morning that the 2019 failure of tour operator Thomas Cook will result in £4mn ($5.2mn) of “one-off costs”.
Aston Lark acquires Isca BarumGoldman Sachs-backed broker Aston Lark has acquired Isca Barum Insurance Brokers in its first deal of 2020.
(Re)insurers’ shares dip as Coronavirus fears drive wider sell-offUS (re)insurance stocks followed their European counterparts in trading down on Monday, continuing a slide witnessed across global equity markets last week as concerns rise about the spread of coronavirus and the disease’s potential impact on the world’s economy.
Caser acquisition marks latest in Helvetia’s European expansionExpansive Swiss insurer Helvetia has begun the year with another acquisition in the form of Spanish Caser, signaling its intent to expand further into Europe.
Neon’s Coleman to head financial lines at Barents ReLondon market veteran Andy Coleman is joining Barents Re to head its financial lines portfolio, The Insurer can reveal.
Helvetia snaps up 70% of Spain’s Caser for Eur780mnSwiss specialty carrier Helvetia has acquired a 70 percent stake in Spanish insurer Caser for Eur780mn ($861mn).
FCA warns market to be ready for no-deal BrexitBritain’s financial firms – including all UK-regulated (re)insurers – must continue to prepare for a no-deal Brexit in case the United Kingdom and European Union fail to reach a favorable trade agreement by December, the Financial Conduct Authority (FCA) warned on Thursday.