Howden and A J Gallagher are frontrunners for the Willis Towers Watson (WTW) business in Europe that it seems Aon will have to dispose of to gain the EC’s approval for a planned $30bn acquisition of the group, a senior industry source in Germany told Commercial Risk Europe. It is also thought that McGill and Partners, the London-based broker launched…
Insolvencies are set to jump 26% globally this year with several European countries likely to be worst hit as the fallout from Covid-19 finally impacts bankruptcies, according to Atradius. This would follow a 14% fall in insolvencies last year when governments introduced fiscal measures and bankruptcies regime changes to protect businesses from failure, said the trade credit insurer. Atradius added…
Aon has offered to sell Willis Towers Watson’s (WTW) entire large multinational P&C portfolio in Germany, France, Spain and the Netherlands, as well as Willis Re and the broker’s French unit Gras Savoye to gain approval from EC competition regulators, according to Reuters sources.
AXA has placed its first subordinated green bonds worth €1bn, which are due in 2041. Issued under the group’s new Sustainability Bond Framework, AXA said investor demand has been strong. More than 100 institutional investors – mainly European asset managers, insurers and pension funds – have bought the bonds. The insurer said the first green bond issuance has increased its…
German insurance group Allianz has signalled its intent to remain a serious player in the Italian insurance market through its €330m acquisition of UK insurer Aviva’s Italian non-life insurance operation, which adds an estimated 500 agents to its sales force in Italy. The Italian purchase was swiftly followed by a major acquisition in Poland, underlining Allianz’s intention to continue its…
AXA has named Generali’s Frédéric de Courtois as deputy CEO, along with George Stansfield, within a new structure that ushers in several key appointments. The changes to AXA’s senior leadership team aim to implement the company’s new ‘Driving Progress 2023’ strategic plan announced in December. Mr de Courtois will rejoin AXA on 1 August after five years at Generali, most…
Scor said it is “astonished” by Covéa’s “deceitful and groundless” complaint filed against chairman and CEO Denis Kessler for market manipulation and misuse of corporate assets. The complaint was filed by Scor’s largest shareholder to the Parquet National Financier and is the latest development in a bloody battle between the two companies since Covéa tried to buy the reinsurer back…
A French court has opened trial in a prosecution against Ikea France and several of its former executive team accused of spying on staff and illegally collecting personal information. The French subsidiary of Swedish furniture store Ikea is being tried as a corporate entity, while 15 former executives and police officers are also standing trial, including former CEO Stefan Vanoverbeke,…
France-based international loss-surveying group Erget has reported a rising level of demand for help with claims from corporate risk managers and the middle market, as they grapple with the impact of the hard market and higher retentions. David Vigier, former group director, business development and partnerships at Sanlam Pan Africa, and group corporate risk manager at Europcar Mobility, joined privately-owned Paris-based…
Antoine Gosset-Grainville will become AXA’s new chairman in April next year, when Denis Duverne stands down from the role at the end of his mandate. AXA’s board unanimously chose Mr Gosset-Grainville after a two-year process. Mr Gosset-Grainville is a graduate of the Institut d’études politiques in Paris and holds a postgraduate degree in banking and finance from the University of…