HDI Global Specialty appoints Barenthein as MD for Scandinavia

HDI Global Specialty appoints Barenthein as MD for Scandinavia

HDI Global Specialty appoints Barenthein as MD for Scandinavia

HDI Global Specialty has appointed Thomas Barenthein as managing director of its Scandinavian branch. He also joins the executive board and replaces Mats Westerborn, who will become general manager of aviation at HDI’s Scandinavian branch. Mr Barenthein joins HDI from Inter Hannover, where he was managing director for Sweden and chief branch officer. HDI’s Scandinavian branch in Stockholm is its…

AGCS suffers €488m Covid-19 claims in H1 but revenues healthy

AGCS suffers €488m Covid-19 claims in H1 but revenues healthy

AGCS suffers €488m Covid-19 claims in H1 but revenues healthy

Allianz Global Corporate & Specialty (AGCS), the corporate insurance arm of Munich-based Allianz Group, has estimated Covid-19 claims of €488m in the first half of this year as second-quarter results were published. Allianz group has now taken a total Covid-19 hit of some €1.2bn for the first six months of this year, with €500m coming in the second quarter. The impact of…

AIG says rate increases strongest in last 20 years but posts Q2 $7.9bn loss

AIG says rate increases strongest in last 20 years but posts Q2 $7.9bn loss

AIG says rate increases strongest in last 20 years but posts Q2 $7.9bn loss

AIG execs have told analysts that market hardening is the strongest for decades, on the back of Covid-19, and are confident they will not suffer big Covid-19 business interruption (BI) losses, despite racking up hefty pandemic claims in the second quarter that contributed to a tough period. AIG posted a net loss attributable to shareholders of $7.9bn in the second…

Aerospace broker Piiq Risk Partners gets approval to open in France

Aerospace broker Piiq Risk Partners gets approval to open in France

Aerospace broker Piiq Risk Partners gets approval to open in France

Global aerospace (re)insurance broker Piiq Risk Partners has secured regulatory approval to open in France and help serve European clients following Brexit. The company, which is part of US-based BGC Partners’ insurance division, said its French operation will act as a base for expanding services across the French and European markets. The firm said the move reinforces its commitment to…

Aviation rates harden but industry profits hang in the balance for 2020, says Gallagher

Aviation rates harden but industry profits hang in the balance for 2020, says Gallagher

Aviation rates harden but industry profits hang in the balance for 2020, says Gallagher

Covid-19 could act as a catalyst for future rate increases in aviation insurance and accelerate the upwards trend already in play, according to a market briefing from Gallagher. Aviation rate increases are expected to continue into 2021, the broker said, and pressure on capacity will strengthen insurers’ resolve. The aviation insurance bottom line, however, hangs in the balance. “It is…

AGCS announces major shakeup to ‘rebuild’ profitability

AGCS announces major shakeup to ‘rebuild’ profitability

AGCS announces major shakeup to ‘rebuild’ profitability

Allianz Global Corporate & Specialty (AGCS) is embarking on a major ‘New AGCS’ global transformation programme to “rebuild” profitability, which will see a regional shakeup, a new head of multinational, appointments from AIG, AXA and ARGO, and put technical underwriting before growth. The move follows news last month that S&P has revised its outlook on AGCS from stable to negative.…

Aviation rates set to rise from Covid-19 but cover available

Aviation rates set to rise from Covid-19 but cover available

Aviation rates set to rise from Covid-19 but cover available

The cost of aviation insurance is set to rise further as Covid-19 changes the underlying risk and insurers seek minimum premium levels, but the market looks set to continue providing adequate capacity and cover. With airlines and airports gradually restarting operations as coronavirus lockdown measures ease, the industry is emerging with a very different risk profile than was the case…

Aviation risk in uncharted territory as Covid-19 takes toll

Aviation risk in uncharted territory as Covid-19 takes toll

Aviation risk in uncharted territory as Covid-19 takes toll

Risk managers in the aviation sector face a radically different risk landscape as they try to come to terms with the impact of Covid-19 and as the world’s fleet tentatively gets back into the air. The aviation sector has entered uncharted territory, according to Andrew Metcalfe, svp for aviation at Sompo International Insurance. “There has never been a situation where…

DAC Beachcroft hires Stovold from Clyde & Co as aviation partner

DAC Beachcroft hires Stovold from Clyde & Co as aviation partner

DAC Beachcroft hires Stovold from Clyde & Co as aviation partner

Law firm DAC Beachcroft has appointed Alex Stovold as aviation partner in its London global insurance practice. Mr Stovold joins from Clyde & Co, where he was a partner. He will begin his new role in July. “This appointment is another significant step in the continued growth of our market-leading global insurance offering to meet the needs of our clients,”…

Covid-19 unlikely to change course of aviation rates, says Gallagher

Covid-19 unlikely to change course of aviation rates, says Gallagher

Covid-19 unlikely to change course of aviation rates, says Gallagher

Broker Gallagher has said Covid-19 is unlikely to change the course of the aviation insurance market, with hardening conditions set to continue throughout 2020 driven by the frequency and severity of recent claims. The next round of renewals are expected to continue on higher rates. But Gallagher said the recent ratings trend will be “somewhat clouded by the huge reduction…

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