Zurich – Russia

Zurich to sell Russian business to local team and exit market


Zurich has become the latest western insurer to exit Russia after confirming today that it is transferring its business to local management.


AerCap to “vigorously pursue” recoveries following $3.5bn Russia-Ukraine claim


Dublin-based AerCap Holdings said this morning it will “vigorously pursue all available remedies” to recover its losses related to the Russia-Ukraine conflict. 

Matthew Sims and Will Taylor – Dale Underwriting Partners

Dale enters marine treaty market with MS Amlin duo Sims and Taylor


Dale Underwriting Partners has announced that Matthew Sims and William Taylor will be joining the Lloyd’s carrier as it looks to expand into the marine treaty class, which it said has reached an “inflection point” after Russia’s invasion of Ukraine.

UK Russia sanctions

UK sanctions Putin’s financial network including Sogaz executive


The UK has imposed a fresh wave of sanctions against a dozen members of Russian president Vladimir Putin’s family and inner circle, including Mikhail Putin, the deputy chairman at Russian insurer Sogaz.

Allianz Russia Ukraine

AGCS expects limited Russia-Ukraine impacts with no aviation exposure


Allianz Global Corporate & Specialty (AGCS) improved its combined ratio by 3.3 percentage points during the first quarter of 2022 amid continued rate increases, a reduction in catastrophe losses and lower expenses.

Giulio Terzariol Russia Ukraine

Allianz’s Terzariol: “Very high likelihood” of Russia exit as says conflict exposure “limited”


German insurer Allianz is “very likely” to exit all of its operations in Russia, CFO Giulio Terzariol has said, with the move expected to result in a €400mn-€500mn ($416mn-$520mn) hit for the carrier.

Zurich Q1 results

Zurich says Russia-Ukraine losses not significant as P&C GWP rises 8% in Q1


Zurich Insurance Group has reported 8 percent gross written premium (GWP) growth across its global P&C portfolio during the first quarter of 2022, on the back of average rate rises of 6 percent during the three-month period.

GFIA Russia

GFIA terminates All-Russian Insurance Association’s membership


The Global Federation of Insurance Associations (GFIA) has terminated the membership of the All-Russian Insurance Association (ARIA).

Trevor Carvey – Conduit

Conduit expects aviation to total up to half of $15mn-$30mn Russia-Ukraine losses


Aviation losses are expected to account for between one third and one half of Conduit Re’s expected ultimate net Russia-Ukraine impact of $15mn to $30mn, the Bermudian reinsurer revealed during its first-quarter earnings call.

Debevoise & Plimpton

UK, EU & US Russian sanctions considerations for insurers


Over the past two months, there has been an unprecedented rise in the scope and scale of UK, EU and US restrictive measures targeting Russia in response to the war in Ukraine.

Munich Re

Munich Re confident on €3.3bn profit guidance despite Russia-Ukraine uncertainty


Munich Re has reiterated that its ultimate claims burden from the Russia-Ukraine conflict will remain “very manageable” for the group after booking reserves of just over €100mn ($105mn) for the event during the opening three months of the year.

Aon and Dubai Aerospace Enterprise

Aon-placed Dubai Aerospace Enterprise files $1bn claim for jets in Russia


Aon acted as the placing broker for aircraft leasing firm Dubai Aerospace Enterprise (DAE), which has filed a $1bn claim for 19 jets in Russia, The Insurer can reveal.

Axa Russia Ukraine

Analysts voice concern over Axa’s lack of Russia-Ukraine clarity


Axa’s failure to quantify its expected claims impact from the Russia-Ukraine conflict in its Q1 disclosures has drawn criticism from analysts.

Russia and Ukraine

Ukraine-related loss reserves booked in Q1 total just over $1bn


(Re)insurers have booked more than $1bn of reserves related to the Russia-Ukraine conflict during the first quarter earnings season to date, amid continued uncertainty over the ultimate extent of the loss.

Axa XL Ukraine

Russia-Ukraine “is a hit” for Axa XL as expects losses “akin to a mid-sized nat cat”


Axa XL will contribute to Axa’s earnings growth in 2022 despite taking a “hit” from the Russia-Ukraine conflict, according to the group’s CFO.

Beazley Q1 results – Adrian Cox

Beazley GWP up 27% in Q1 as reserves $50mn for Russia-Ukraine


Beazley has pegged its initial estimate of its exposure to the Russia-Ukraine conflict – excluding potential aviation losses – at approximately $50mn net of reinsurance.

Scor Q1 results

Scor posts €80mn Q1 net loss as CR rises to 103.7%


An €85mn ($89mn) provision related to the conflict in Ukraine and above-budget natural catastrophe losses pushed Paris-based reinsurer Scor to a net loss of €80mn during the first quarter of 2022.

Andrew Horton QBE

QBE estimates Russia-Ukraine net impact at $75mn


QBE has estimated its potential net impact from the Russia-Ukraine conflict at $75mn, with the Australian carrier expecting to have exposure across lines including political violence, political risk and aviation.

Swiss Re Ukraine

Swiss Re estimates industry Russia-Ukraine loss at close to $10bn


Swiss Re has estimated industry losses from the Russia-Ukraine conflict will be at the bottom end of its previous guidance of $10bn to $20bn, with the reinsurer stating that it believes it is underweight in several of the most impacted classes.

Hannover Re

Hannover Re warns ultimate Russia-Ukraine losses won’t be clear until war is over


Hannover Re became the first of Europe’s big four reinsurers to post first-quarter results yesterday, with a combination of larger-than-expected major losses and reserving for Russia-Ukraine causing non-life earnings to miss consensus.