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…

Scor posts €267m loss in Q3 on back of nat cats

Scor posts €267m loss in Q3 on back of nat cats

Scor posts €267m loss in Q3 on back of nat cats

Scor has recorded a net loss of €267m in the third quarter, following the recent spate of natural catastrophes, and a small €25m profit for the first nine months of this year. The reinsurer said Hurricanes Harvey, Irma and Maria, plus the earthquakes in Mexico, cost it €430m in the third quarter after retrocession and tax. Scor’s loss in this…

DWF launches French claims management service

DWF launches French claims management service

DWF launches French claims management service

Law firm DWF has launched a claims management service in France. DWF Claims France will provide insurers with claims managers who, in delegation, will open and process their files. These will be accessible through a dedicated extranet developed by ClaimsView. According to DWF, the service was developed to cover the entire claims chain including claims management, appointment of experts, application…

Beazley steps up European expansion plan through new Dublin base

Beazley steps up European expansion plan through new Dublin base

Beazley steps up European expansion plan through new Dublin base

Beazley, the Lloyd’s-based international specialty insurance and reinsurance group, has underwritten the first policy through its new Dublin-based insurance company as it forges ahead with European expansion. The company said its new Irish operation was not created solely in reaction to Brexit. The Dublin company is the launch pad for Beazley’s ambitious European expansion plans. Beazley Insurance dac was formed…

Scor estimates €430m cat costs amid $95bn market loss

Scor estimates €430m cat costs amid $95bn market loss

Scor estimates €430m cat costs amid $95bn market loss

The trio of hurricanes to hit the US and the Caribbean – Harvey, Irma and Maria – combined with the Mexico earthquakes, will cost Scor an estimated €430m for the third quarter of 2017, net of retrocession and subject to uncertainty as claims information remains limited. Scor estimates the insurance market’s total insured loss from the catastrophes, which all fall…

Kennedys opens new offices in Thailand and France

Kennedys opens new offices in Thailand and France

Kennedys opens new offices in Thailand and France

Law firm Kennedys has opened new offices in Bangkok and Paris. The Bangkok office will be headed up by Suraphon Rittipongchusit, who joins from DLA Piper (Thailand) where he was a senior partner in the insurance and litigation department. He is an insurance and commercial litigation specialist with experience in advising on some of the most recent high profile disputes…

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