HDI Global opens Bern office

HDI Global opens Bern office

HDI Global opens Bern office

HDI Global has opened a third branch office in Switzerland. The industrial insurance company said its new Bern office is part of plans for international growth targeting key business regions. Hans Mazenauer, manager of HDI Global SE’s Swiss branch office, said: “Bern is Federal City and also the centre of one of Switzerland’s most important economic regions. In future, this…

Swiss Re makes key appointments in Asia

Swiss Re makes key appointments in Asia

Swiss Re makes key appointments in Asia

Swiss Re has hired a number of senior executives to head up its new property and casualty reinsurance underwriting hub in Singapore, while its corporate insurance practice – Swiss Re Corporate Solutions (SRCS) – has made two senior appointments. Jonathan Rake will become SRCS chief executive for Asia-Pacific, taking over from Fred Kleiterp who has been appointed chief executive for…

Zurich to take further action on commercial business

Zurich to take further action on commercial business

Zurich to take further action on commercial business

Zurich Insurance plans further actions to improve the performance of its commercial book, after reporting underwriting losses in Europe and the US during the first quarter. Zurich’s CFO, George Quinn, told analysts that the firm will need to take more action in its commercial business in the face of challenging market conditions. He said the Switzerland-based group will continue to…

Zurich’s Q1 income falls on Ogden charges

Zurich’s Q1 income falls on Ogden charges

Zurich’s Q1 income falls on Ogden charges

Zurich Insurance has reported a 31% fall in net income to $607m in the first quarter, reflecting a $289m charge for changes to the Ogden compensation rate in the UK. Announcing its results, Zurich also reported that more work is needed to improve the combined ratio in commercial lines. The commercial insurance combined ratio stood at 106.7% in the first…

Munich Re eyes growth – and threats – in cyber space

Munich Re eyes growth – and threats – in cyber space

Munich Re eyes growth – and threats – in cyber space

Munich Re backpedalled a little on its corporate specialty business last year, but still wants to grow its portfolio in the longer term, especially in cyber space, according to comments made in the global reinsurer’s earnings call with analysts. Board member Torsten Jeworrek told analysts that the €4.8bn premium share from its risk solutions segment was down from €5bn. The…

AIG to set up European subsidiary in Luxembourg to serve clients post Brexit

AIG to set up European subsidiary in Luxembourg to serve clients post Brexit

AIG to set up European subsidiary in Luxembourg to serve clients post Brexit

AIG plans to set up an insurance company in Luxembourg to access the European Economic Area (EEA) and Switzerland post Brexit. The new company will become AIG’s second subsidiary in Europe and operate alongside its current UK headquarters. The proposed restructure is expected to come into force in early 2019. The move is subject to regulatory approval. AIG’s Luxembourg company…

Swiss Re keeps the faith with Corporate Solutions unit

Swiss Re keeps the faith with Corporate Solutions unit

Swiss Re keeps the faith with Corporate Solutions unit

Growing Corporate Solutions will remain a key part of Swiss Re’s business plan despite the unit’s disappointing result in 2016, according to the global reinsurer’s CEO Christian Mumenthaler. Mr Mumenthaler said that the future of the Corporate Solutions unit had been reviewed but that the board still has faith in the business. He said Swiss Re believes the business will…

Swiss Re Corporate Solutions 2016 profits eroded by pricing pressure

Swiss Re Corporate Solutions 2016 profits eroded by pricing pressure

Swiss Re Corporate Solutions 2016 profits eroded by pricing pressure

Swiss Re’s Corporate Solutions unit posted net income of $135m for the full year 2016, sharply down from $357m in 2015. Swiss Re said the 2016 result was hit by continued pricing pressures and large man-made losses, mainly in North America. Those losses were offset by lower than expected natural catastrophe claims, income from investment activities and realised gains from…

MAXIS Global Benefits Network opens HQ in London

MAXIS Global Benefits Network opens HQ in London

MAXIS Global Benefits Network opens HQ in London

MAXIS Global Benefits Network (MAXIS GBN) has opened its head office in London to offer employee benefits programmes to multinationals. MAXIS GBN is an international joint venture between MetLife and AXA. The company said the new headquarters is part of a major investment programme in staff and technology and will be supported by refreshed branding and marketing. It will expand…

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