Allied World Assurance Company (Europe), the European arm of Bermuda-based AWAC, has launched a new division that will offer professional lines products to the London market, the wider United Kingdom market and other European Union countries.
AXIS Capital Holdings, the Bermuda-based insurance and reinsurance group, has formed a renewable energy team within its AXIS Insurance business in London.
PARIS RE Management Board members Hans-Peter Gerhardt, President and CEO, Jean-Luc Gourgeon, Chief Underwriting Officer, Marie-Hélène Autem, Head of Human Resources and Frank Papalia, General Counsel have decided to leave the organisation to ‘pursue other opportunities’, following its acquisition by Bermuda-based PartnerRe.
Zurich Financial Services reported that its Global Corporate business had managed to achieve average rate increases in 2009 of 4% and a significantly improved profit as it published its year-end numbers.
The European Commission is driving the news agenda in the European corporate insurance buyer’s world this week as the debate hots up on broker pay and Solvency II. In the first regular comment to accompany our weekly newsletter, Adrian Ladbury suggests the market should focus on what the Commission can and will do and not necessarily what it would like it to do.
Up to 40% of captives may be forced to close as a result of increasingly punitive capital charges imposed by Solvency II, Europe’s planned new capital adequacy regime for the insurance sector, according to ECIROA, the European captive association.
[BRUSSELS] – Peter den Dekker, President of the Federation of European Risk Management Associations (FERMA) will give a presentation to BIPAR, the European brokers’ association, on February 3 to explain how Europe’s insurance buyers would like to see their brokers be more transparent about the way they are paid.
[PARIS] – AMRAE, the French risk management association, has opened talks with the F.F.S.A., the French insurance association, to try and find a way to more accurately price terrorism coverage for insurance buyers.
[BRUSSELS] – The incoming E.U. Commissioner for consumer affairs and public health will probably decide to proceed with proposals for a pan-European system of class actions rather than drop the idea following strong opposition from business groups across the continent.
Karel Van Hulle told Adrian Ladbury how he found himself at the European Commission in charge of Solvency II.