Europe

Ageas set to sell French life, savings and pension business

Belgian insurance group Ageas has entered exclusive negotiations with La Mutuelle Epargne Retraite Prévoyance Carac regarding the sale of its French life insurance, savings and pension business.

Lloyd’s names Bob James chief operations officer

Bob James has been named chief operations officer at Lloyd’s with a remit to align the Blueprint Two modernisation programme with the wider Corporation operations function.

Beazley and Scor lead declines as European (re)insurance shares dip

Beazley closed ~6 percent lower on Monday amid a general downward trend for industry shares following the failure of Silicon Valley Bank.

LSM bolsters European offering with Chubb’s Reiz as France insurance manager

Liberty Specialty Markets, part of Liberty Mutual Insurance, has appointed Olivier Reiz as general manager of insurance for France.

Aon announces geographic expansion for European windstorm and SCS models

Aon has expanded the geographic coverage of the European windstorm and severe convective storm models provided by its Impact Forecasting unit to incorporate several new countries.

Scor downgrades continue as AM Best revises FSR to A from A+

AM Best has downgraded Scor’s financial strength rating to A (Excellent) from A+ (Superior), citing the deterioration in the Paris-based reinsurer’s operating performance.

Admiral exploring “options” for US operations

UK personal lines giant Admiral plc is considering “options” for its US business units, with CEO Milena Mondini de Focatiis telling analysts on Wednesday that “nothing is off the table” as the London-listed insurer looks to return to profitability in 2023.

UK insurers lobby Chancellor to pause on OECD tax deal

A coalition of UK insurers and industry trade bodies are urging the Chancellor Jeremy Hunt to pause plans to introduce the controversial OECD global minimum tax measures ahead of next week’s Budget, The Insurer can reveal.

Jefferies lifts Scor target price despite dividend cut

Jefferies has raised its price target for Paris-headquartered reinsurer Scor by more than 34 percent despite analysts expressing surprise at the carrier’s decision to slash its dividend for the full year 2022.

AerCap CEO confirms talks with Russian airlines over potential settlements

AerCap CEO Aengus Kelly has confirmed the aircraft lessor has received approaches from some of the Russian airlines and their insurers over potential settlements for the group’s aircraft currently stranded in Russia.

Inflation and downbeat growth dominate CFO concerns in 2023: Moody’s

High inflation has been highlighted as the leading concern among CFOs at European insurers in a new survey by Moody’s, which also raised fears around the uncertain macroeconomic environment.

Chubb Tempest Re names Ashley new international president as Roberts retires

Chubb Tempest Re has named Wayne Ashley division president of its international business, with the 17-year company veteran succeeding Stephen Roberts, who will retire from the company at the end of April.

Arch International CEO bullish carrier can “outpace pedestrian growth” amid dislocation opportunities

Arch Insurance International CEO Hugh Sturgess is confident in the group’s ability to “outpace pedestrian growth” as he looks at opportunities presented by market dislocation including contingency, terrorism and casualty lines.

Howden builds sports and entertainment practice with Germany’s Franz Gossler Insurance Group

Expansive broker Howden has acquired Franz Gossler Insurance Group, one of the leading brokers focusing on film and entertainment insurance in Germany.

Aviation insurers hit with 20 new high court claims as lessor settlement talks continue

Aircraft lessors – including subsidiaries of the world’s largest leasing company AerCap – have launched multiple legal claims against insurers in London’s High Court in what is understood to be the latest wave of legal action related to planes trapped as a result of the Russia-Ukraine war.

Mapfre leads gains in mixed February for European P&C stocks

Spanish insurer leads gains in sideways market as investors in European insurance equity pause to catch breath after an outstanding January.

Vandendael departs Everest Global Markets role

Vincent Vandendael is to depart his role as CEO of Everest Global Markets around five years after joining the carrier from Lloyd’s, The Insurer understands.

Acrisure launches DACH operations with WTW’s Pahl

Acrisure has formed a new subsidiary covering the German, Austrian and Swiss markets – Acrisure Deutschland GmbH – led by Mathias Pahl as president of the new entity and head of the DACH region.

Axa sells stake in Italian bank as international restructure continues

European insurer Axa has completed a €233mn sale of its shares in Banca Monte dei Paschi di Siena S.p.A. in a book-built offering reserved to institutional investors, marking the latest disposal for the French carrier.

Allianz pushes back against theatre group’s £10mn BI dispute

The UK arm of insurer Allianz has argued it does not need to pay out more than £10mn to a West End theatre owner over pandemic-related business interruption claims, arguing that the insurance policies were not triggered by the government’s national lockdown measures.

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