Allianz Multinational to bring together international insurance solutions

Allianz Multinational to bring together international insurance solutions

Allianz Multinational to bring together international insurance solutions

Allianz is bringing together its international insurance solutions from the property and casualty insurance sectors across the group, under the name Allianz Multinational. It said companies operating on a cross-border basis, regardless of size, can now access international insurance products tailored to their unique market and risk profiles through a central source. Allianz Multinational originated from a joint Allianz SE…

EC proposes financial supervisory reforms giving stronger role for EIOPA

EC proposes financial supervisory reforms giving stronger role for EIOPA

EC proposes financial supervisory reforms giving stronger role for EIOPA

The European Commission (EC) has proposed reforms to pave the way for further financial integration, which will improve the mandates, governance and funding of the European Supervisory Authorities (ESAs), including the European Insurance and Occupational Pensions Authority (EIOPA). The EC said the ESAs “are pivotal in ensuring that financial markets across the EU are well regulated, strong and stable”, adding:…

IAIS paper recognises value of mutual and cooperative insurers

IAIS paper recognises value of mutual and cooperative insurers

IAIS paper recognises value of mutual and cooperative insurers

The International Association of Insurance Supervisors (IAIS) has published an application paper on the regulation and supervision of mutuals, cooperatives and community-based organisations (MCCOs). The paper has been welcomed by two leading mutual insurance associations, which said it recognises the value of mutual and cooperative insurers, and acknowledges the need for appropriate regulation of different types of insurer. The International…

Starr to relocate EU base in Malta

Starr to relocate EU base in Malta

Starr to relocate EU base in Malta

The Maltese insurance sector received a significant boost this week as the government revealed that Starr Companies, the US-based global insurance and reinsurance group led by former AIG CEO Hank Greenberg, will relocate its European base to Malta. Maltese Prime Minister Joseph Muscat is in New York this week for a United Nations (UN) meeting and is due to address the…

IUMI highlights another fall in global marine premium income amid continuing uncertainty

IUMI highlights another fall in global marine premium income amid continuing uncertainty

IUMI highlights another fall in global marine premium income amid continuing uncertainty

Global marine underwriting premiums fell by 9% in 2016 to $27.5bn, following a similar fall the previous year, according to the latest annual statistical report on the marine insurance market by the International Union of Marine Insurance (IUMI). The hull sector saw a 10% fall in premium income to $7bn, while the cargo sector fell by 6% to $15bn. The…

XL’s insurance firm set for Dublin move because of Brexit

XL’s insurance firm set for Dublin move because of Brexit

XL’s insurance firm set for Dublin move because of Brexit

XL Group has announced plans to move its EU insurance company to Dublin from the UK in order to deal with the repercussions of Brexit. It becomes the latest in a long line of insurers setting up in the EU to allow customers continued access to its goods and services. Subject to regulatory approval, the group’s principal EU insurance company,…

Non-life premium growth in Thailand but uncertain future, says Fitch

Non-life premium growth in Thailand but uncertain future, says Fitch

Non-life premium growth in Thailand but uncertain future, says Fitch

Thailand has seen growth in non-life insurance direct premiums pick up in recent quarters, but it is unclear if this will be sustainable, according to Fitch Ratings. Annualised non-life direct premiums in Thailand grew by 4% in the first quarter of 2017 and the Thailand General Insurance Association is forecasting growth for the full year to reach 1%-2%. The growth…

Willis Towers Watson appoints head of international construction

Willis Towers Watson appoints head of international construction

Willis Towers Watson appoints head of international construction

Martin Hiller has been appointed head of international construction within Willis Towers Watson’s corporate risk and broking unit. He joins Willis Towers Watson from JLT, where he was previously a founding member and managing director of its construction team. Willis Towers Watson said Mr Hiller will be responsible for client management, technical, placement and risk management specialists to support construction…

MAXIS Global Benefits appoints director of underwriting

MAXIS Global Benefits appoints director of underwriting

MAXIS Global Benefits appoints director of underwriting

Employee benefits firm MAXIS Global Benefits Network (GBN), a joint venture between AXA and MetLife, has appointed Nicola Fordham as its new director of underwriting. Ms Fordham was previously chief pricing underwriter at MetLife UK and also managed the technical relationship between MetLife UK and MAXIS GBN. Before joining MetLife, Ms Fordham worked for Unum, Generali and Zurich in life…

Mercer completes £3.4bn longevity risk transfer for MMC’s UK pension fund

Mercer completes £3.4bn longevity risk transfer for MMC’s UK pension fund

Mercer completes £3.4bn longevity risk transfer for MMC’s UK pension fund

The largest longevity risk transfer for a UK pension fund since 2014 has been completed in Guernsey by Mercer, a wholly owned subsidiary of Marsh & McLennan Companies (MMC). The longevity hedge has been completed covering about £3.4bn of liabilities for some 7,500 pensioner members of the MMC UK Pension Fund. The longevity risk was transferred, without the payment of…

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