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…

AGCS appoints Lars Vissing as head of claims in London

AGCS appoints Lars Vissing as head of claims in London

AGCS appoints Lars Vissing as head of claims in London

Allianz Global Corporate and Specialty (AGCS) has appointed Lars Vissing as head of claims, regional unit, London. From a dual base in London and Copenhagen, Mr Vissing will lead AGCS’s claims teams in the UK, Ireland, Dubai, Russia, the Nordic region, Australia and New Zealand. Mr Vissing will begin the role in February 2018, succeeding Martin Henson who is to…

AGCS shakeup sees Browne replace Scheffel as chief regions and markets officer

AGCS shakeup sees Browne replace Scheffel as chief regions and markets officer

AGCS shakeup sees Browne replace Scheffel as chief regions and markets officer

Allianz Global Corporate and Specialty (AGCS) has announced a shakeup that will see current chief operating officer (COO) Sinéad Browne assume the board-level role of chief regions and markets officer, taking over from the retiring Carsten Scheffel. Ms Browne will take over from Mr Scheffel on 1 July 2018 and be based in London. In her new role, she will…

Nordic P&C insurers to keep focus on underwriting profitability – S&P

Nordic P&C insurers to keep focus on underwriting profitability – S&P

Nordic P&C insurers to keep focus on underwriting profitability – S&P

Nordic insurers face some tough challenges, including prevailing low interest rates and the evolving regulatory landscape, but the Nordic property and casualty (P&C) sector is expected to sustain its very strong focus on underwriting profitability, according to S&P Global Ratings. S&P said its rated P&C insurers are well positioned to cope with prevailing low yields and regulatory requirements, which have…

European supply chain risk index finds UK lagging

European supply chain risk index finds UK lagging

European supply chain risk index finds UK lagging

The UK is near the bottom of QBE Business Insurance’s index that ranks European countries’ ability to manage supply chain risks, primarily because of its poor infrastructure. The UK ranked just 12th out of 15 countries, with only Ireland, Greece and Italy lower. The Netherlands came top for managing supply chain risks, followed by Switzerland, Sweden and Luxembourg. The index…

Latest risk managers sit Ferma’s rimap exam

Latest risk managers sit Ferma’s rimap exam

Latest risk managers sit Ferma’s rimap exam

Ferma held its latest rimap exams during the opening day of its forum yesterday, as it forges ahead with the scheme that has seen 32 risk managers certified to date. The exams, held in Monte Carlo yesterday, build on those previously run in Denmark and Italy. These online exams, which must be supervised by a Ferma-accredited authority, follow the launch…

AGCS plans product recall expansion with new appointment

AGCS plans product recall expansion with new appointment

AGCS plans product recall expansion with new appointment

Allianz Global Corporate & Specialty (AGCS) has appointed Simon Weaver as senior underwriter for product recall in London as part of the company’s expansion of its crisis management team. AGCS said the appointment is in line with its plans for growth in the product recall insurance sector. Mr Weaver joins AGCS from risk consulting firm red24, where he worked as…

EC fines VW’s Scania €880m for truck pricing cartel

EC fines VW’s Scania €880m for truck pricing cartel

EC fines VW’s Scania €880m for truck pricing cartel

Volkswagen-owned truck manufacturer Scania has been fined €880m for colluding with five other truck companies on prices and emissions costs over a 14-year period, by the European Commission (EC). The EC imposed the fine, without discount, after Scania refused to settle the case in line with the other manufacturers. In July last year, a settlement decision was agreed with MAN,…

London remains top global financial centre despite Brexit negotiations

London remains top global financial centre despite Brexit negotiations

London remains top global financial centre despite Brexit negotiations

London remains the leading global financial centre according to the latest Global Financial Centres Index (GFCI), published by Z/Yen in collaboration with the China Development Institute. The GFCI rates 92 financial centres and found that London and New York remain in first and second places. According to Z/Yen, despite the ongoing Brexit negotiations, London only fell two points, the smallest…

Arthur J Gallagher acquires Swedish P&C broker Nordic

Arthur J Gallagher acquires Swedish P&C broker Nordic

Arthur J Gallagher acquires Swedish P&C broker Nordic

Arthur J Gallagher has acquired property and casualty insurance broker Nordic Försäkring & Riskhantering AB in Gothenburg, Sweden. Gallagher said Scandinavia is a core area of strategic development and the move expands its footprint and broadens its capabilities in Scandinavia. Terms of the transaction were not disclosed. The deal builds on the 2013 purchase of international marine and energy broker…

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