Mayor of Cologne in London to promote city as EU insurance hub

Mayor of Cologne in London to promote city as EU insurance hub

Mayor of Cologne in London to promote city as EU insurance hub

Henriette Reker, the Mayor of Cologne, was in London today to meet leading representatives of the London insurance and reinsurance market and explain why Cologne should be considered as a viable option for UK and international insurers seeking a base for their European Union (EU) operations. The bulk of premium generated by Lloyd’s still comes from the US, with increasing…

Allianz increases Euler Hermes ownership to more than 92%

Allianz increases Euler Hermes ownership to more than 92%

Allianz increases Euler Hermes ownership to more than 92%

Allianz Group has increased its shareholding in Euler Hermes to 92.43%. Allianz recently acquired an additional 29.43% of Euler Hermes share capital, including the purchase of shares prior to the launch of the recent tender offer, representing a total investment of approximately €1.5bn. Allianz said that the Euler Hermes investment “allows Allianz to deploy capital in a strategic business that…

AGCS results dented by nat cats but group performance solid

AGCS results dented by nat cats but group performance solid

AGCS results dented by nat cats but group performance solid

Allianz Global Corporate & Specialty (AGCS) saw operating profit more than halve to €156m in 2017 and its combined ratio climb 3.7 points to 105.2%, as heavy nat cat losses struck. While Allianz’s wider P&C operation also suffered last year, as operating profit fell by 7.5% and the combined ratio decreased by 0.9 points to 95.2%, the group’s overall numbers…

January storm losses in Europe match annual total for 2017

January storm losses in Europe match annual total for 2017

January storm losses in Europe match annual total for 2017

Insured losses from European windstorms this January, causing an estimated bill of more than $2bn, have already matched total insured windstorm losses in the region for the whole of 2017, according to Aon Benfield’s Impact Forecasting monthly global catastrophe report. Windstorms Friederike, Eleanor and Carmen struck parts of Europe last month. Friederike was the most severe storm, killing at least…

Consumers link data risk to buying decisions, reveals new poll

Consumers link data risk to buying decisions, reveals new poll

Consumers link data risk to buying decisions, reveals new poll

Some 78% of European and US consumers said they consider a company’s reputation for handling customer data before deciding to buy from them, according to a new poll by YouGov for cybersecurity firm RSA. Just months before the European Union’s General Data Protection Regulation (GDPR) comes into effect, the survey found that 62% of consumers in the UK, Germany, France,…

HIM puts a big dent in Talanx earnings

HIM puts a big dent in Talanx earnings

HIM puts a big dent in Talanx earnings

Talanx, Germany’s third-largest insurance group by premium income, posted net income of about €670m in the financial year 2017, compared with €907m for the previous year. The provisional earnings figures were in excess of the €650m outlook published in November. The group’s gross written premiums grew by about 6% to €33.1bn. Significant growth in premiums was posted by the reinsurance…

ERGO profits support cat-hit Munich Re

ERGO profits support cat-hit Munich Re

ERGO profits support cat-hit Munich Re

Profits of €273m from Munich Re’s primary insurer ERGO provided the lion’s share of the reinsurer’s total group profit of €392m for 2017, as its reinsurance business took a heavy blow from catastrophe losses. ERGO’s profit, up from €41m in 2016, exceeded forecasts of €200m to 250m for 2017. This was despite a fall in fourth-quarter profit to €48m from…

Deutsche Bank’s US unit fined for swap rate trading

Deutsche Bank’s US unit fined for swap rate trading

Deutsche Bank’s US unit fined for swap rate trading

Deutsche Bank has been fined $70m by US regulators for attempting to manipulate interest rate benchmarks. The US Commodity Futures Trading Commission (CFTC) said that during a five-year period, beginning January 2007, US trading arm Deutsche Bank Securities Inc made false reports and several traders tried to manipulate the International Swaps and Derivatives Association Fix (ISDAFIX), a global benchmark used…

Beazley expands European financial lines team

Beazley expands European financial lines team

Beazley expands European financial lines team

Beazley has appointed three new speciality underwriters in Europe after launching its financial lines hub in Barcelona last October. The new underwriters will fill local financial lines positions in Germany, France and Italy to boost Beazley’s international specialty lines book in continental Europe. Matteo Segalini will join Barcelona’s hub as financial lines underwriter, but focused on the Italian market. Mr…

Germany counts cost of Storm Friederike

Germany counts cost of Storm Friederike

Germany counts cost of Storm Friederike

Storm Friederike is estimated to have cost the German insurance market €500m, according to initial estimates by the German Insurance Association (GDV). Last Thursday’s storm saw wind speeds of up to 80mph and caused severe disruption and cancellations to Germany’s rail network. Eight people died in the storm, including two firefighters. Actuarial firm Meyerthole Siems Kohlruss, estimated insured losses in…

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