Losses from storm Eleanor/Burglind up to €1.6bn: AIR

Losses from storm Eleanor/Burglind up to €1.6bn: AIR

Losses from storm Eleanor/Burglind up to €1.6bn: AIR

Insured losses from winter Storm Eleanor, also known as Storm Burglind, will range between €1.1bn and €1.6bn, according to estimates from catastrophe modelling company AIR Worldwide. The fifth named European storm of the winter season, which struck early this month, began in Ireland and the UK with winds of up to 100 mph. It then headed to mainland Europe, where…

Storm Burglind hits insurers for €300m, say reports

Storm Burglind hits insurers for €300m, say reports

Storm Burglind hits insurers for €300m, say reports

Storm Burglind is estimated to have cost insurers €300m in losses from heavy rain and wind that struck Germany hard this week, Aon Benfield told Reuters. The broker added that more properties are expected to experience flooding in the next few days. Further losses likely to come from damage to homes and properties, with winds of more than 75mph. The…

AXA accelerates Ambition 2020 as it strives to shift from ‘payer to partner’

AXA accelerates Ambition 2020 as it strives to shift from ‘payer to partner’

AXA accelerates Ambition 2020 as it strives to shift from ‘payer to partner’

Do not underestimate the scale of the transformation underway at France-based global insurance group AXA. Group CEO Thomas Buberl is pushing ahead with his ambitious transformation plan, which aims to harness the power of modern technology to revolutionise the way the insurer works, slash some €2.1bn of pre-tax costs by 2020 and significantly raise profitability at the same time. Mr…

AXA pulls insurance and investments from coal producers in climate change pledge

AXA pulls insurance and investments from coal producers in climate change pledge

AXA pulls insurance and investments from coal producers in climate change pledge

AXA has warned world leaders that the effects of global warming are not insurable, as it unveiled a raft of new corporate actions that commit it to the fight against climate change, including calling a halt to insuring or investing in new coal-based projects. The news follows similar moves by other insurers. As world leaders gathered in Paris for a…

Allianz plans to buy rest of Euler Hermes

Allianz plans to buy rest of Euler Hermes

Allianz plans to buy rest of Euler Hermes

Allianz has announced plans to buy the remaining shares of credit insurer Euler Hermes for about €1.85bn, after reaching an agreement to buy a further 11% of the French firm’s stock on Friday, taking its stake in the business to 74%. Allianz said it has entered into a share purchase agreement for the additional 11% of Euler Hermes stock at…

Axa announces shakeup to simplify company and target preferred segments

Axa announces shakeup to simplify company and target preferred segments

Axa announces shakeup to simplify company and target preferred segments

Axa has simplified its operating model to focus on five key geographies and target preferred segments, including commercial P&C business. As the shakeup was announced, the insurer explained that growth activity, including mergers and acquisitions (M&A), will focus on 16 core countries, with potential sales in 26 countries where it lacks scale. Axa also said it will press ahead with…

AGCS posts small Q3 loss

AGCS posts small Q3 loss

AGCS posts small Q3 loss

Allianz has reported a 17% drop in third-quarter operating profit to €2.5bn, as the German group’s large corporate unit – Allianz Global Corporate & Specialty (AGCS) – slid into the red after it bore the brunt of catastrophe losses. Allianz said despite the cat losses, the group is still on track to hit its full-year earnings and P&C combined ratio targets. AGCS saw its…

Motor vehicle recalls set for record year in Europe

Motor vehicle recalls set for record year in Europe

Motor vehicle recalls set for record year in Europe

Motor vehicle recalls in Europe increased by 11% in the third quarter of this year to 114, according to RAPEX figures, making it the second highest period in RAPEX history. Some 59% of the recalls were for passenger vehicles, the numbers highlighted in Stericycle Expert Solutions’ European Recall and Notification Index show. Motor recalls in the third quarter take the…

Beazley starts financial lines rollout in Spain

Beazley starts financial lines rollout in Spain

Beazley starts financial lines rollout in Spain

Beazley has launched a new set of financial lines insurance products in the Spanish market for its commercial and financial institution clients. Beazley said the new products will be rolled out to other European markets – including Germany, France and Italy – during the next few months as it seeks to grow specialty lines outside the US. The new suite…

Charles Taylor Adjusting appoints new director in France

Charles Taylor Adjusting appoints new director in France

Charles Taylor Adjusting appoints new director in France

Loss adjuster Charles Taylor Adjusting has appointed Glyn Symonds as director of operations in France. Based at the company’s new Marseille office, Mr Symonds will oversee Charles Taylor Adjusting’s French offices. He will identify new business opportunities in France and be responsible for claims in the country and French-speaking territories. Mr Symonds joins Charles Taylor Adjusting after a 40-year career…

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