AXA XL fell to a €843m loss in the first half of this year as the unit bore the brunt of its parent group’s €1.5bn Covid-19 hit, but accelerating rate increases are expected to continue and may limit some of the damage. AXA XL fell to the loss from a profit of €603m in the first half of last year.…
Xavier Durand, CEO of France-based international credit insurance group Coface, reported that the company has now entered into agreements with 11 different national governments to participate in state-backed credit insurance schemes to help businesses cope with the effects of Covid-19, and is in discussions to create such schemes in other countries. Mr Durand revealed that the credit insurer is in…
AXA XL has appointed Bruno Laval as chief distribution officer for Asia and Europe, and regional manager of European markets, under its new regional model. The firm has also named a new chief underwriting officer for the region and appointed heads in France, Germany, Switzerland and Asia-Pacific. Mr Laval, who was previously AXA XL Insurance’s regional manager for Europe, will…
The Federation of European Risk Management Associations (Ferma) and both the German and Spanish national risk management associations have told Commercial Risk Europe they would support the pan-European pandemic insurance solution plan announced yesterday by Italian insurer Generali, which it is developing with the European Chambers of Commerce and Industry. Ferma and the national associations are keen to contribute to any…
Risk and insurance management association AMRAE has welcomed the announcement by French finance minister Bruno Le Maire that a state-backed pandemic insurance scheme will be up and running by the end of the year. The minister said in a statement that French companies have so far suffered roughly €147bn of operating losses because of the pandemic, much of which will…
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…
It now seems unlikely that the scheme currently being designed by the French Ministry of Economy and Finance in consultation with the insurance industry and risk managers to provide future cover for pandemics will include other risks such as terrorism, riots and natural disasters, as originally proposed by the French Federation of Insurers (FFA). Leading independent French broker Siaci Saint…
French reinsurer CCR Re has raised €300m after completing its first bond issue, which was five times oversubscribed. CCR Re said the proceeds will be used to strengthen solvency and for corporate developments, including support for its Streamline business plan. The Tier 2 subordinated bond issue was placed with more than 150 investors in France, Europe and Asia. The issued…
Veolia’s Oliver Wild has been named as AMRAE’s new president, taking over the reins from Brigitte Bouquot after five years. Mr Wild, risk, insurance and internal control coordination director at Veolia, was first appointed to the AMRAE board as director in May 2016. Ms Bouquot, who is president of the Permanent Scientific Committee and administrator of Thales insurance companies, will…
The Covid-19 pandemic has heightened political and economic risks, with a bungled recovery and threat of economic paralysis meeting political weakness the top threats, warns Control Risks in a special edition of its Risk Map 2020. Control Risks has also raised the operational risk level for several European countries following Covid-19. This includes the UK, Spain and Germany, which all…