The global property and casualty (P&C) industry has retained its stable outlook for 2020, despite increasing claims costs and low investment returns pressuring profits, according to ratings agency Moody’s. Economic growth, though slowing down, coupled with solid levels of capitalisation and “constructive” pricing trends have driven the stable outlook, Moody’s said. The top five markets by premium – the US,…
Cooper Gay France (CGF), part of the London-based Ed broking group that renamed itself in 2016, has revealed that it is expanding its European MGA business through the acquisition of Belgium-based Tokio Marine Kiln Europe SA (TMKE). Tokio Marine confirmed to Commercial Risk Europe that Tokio Marine Europe SA, created in 2018 as part of the Japanese-owned London insurer’s Brexit…
Three European insurance groups made the world’s top ten largest insurers list compiled by AM Best, measured by 2018 net written premium (NWP). AXA took second spot behind global number one United Health, while Allianz was ranked in seventh place and Assicurazioni Generali in eighth place. AXA recorded a 3% jump in net written premiums after acquiring XL Group last…
US and Asian insurers including AIG and MS&AD are coming under increased pressure to play their role in the fight against climate change by directing their investments away from climate-damaging sectors and backing away from underwriting industries such as coal. As the United Nations met in Madrid for its COP 25 Climate Change Conference and leading Spanish insurer Mapfre promised…
Liberty Specialty Markets (LSM) will continue its push into Europe and be a stable partner for risk managers through changing market conditions, according to Kerry McKay, head of distribution in Europe at LSM. LSM has grown significantly in Europe during the past three years, and will continue to expand steadily in the region, despite the retrenchment of some insurers in…
Specialty insurer Beazley has added to its French unit with the appointment of Charlotte Triadou as claims manager for international specialty lines and Katia Mullier as senior compliance officer for European offices. Both appointments will be based in Paris. Ms Triadou joins Beazley from AIG France, where she was product lead for cyber in the financial risks team. Ms Mullier…
Significant growth in demand for M&A insurance products is being driven by the recent favourable economic environment, according to a new report from Aon. The report, Insurance for M&A: A coming of age and an exciting future ahead, states that M&A activity is being driven by interest rates remaining low, stronger company balance sheets, and significant rises in deal activity…
Business leaders that view digital security and risk management as a cost rather than an investment for the future have failed to grasp the severity of cyber risk, AMRAE president Brigitte Bouquot said upon launching a guide to help companies develop a digital risk management policy. A free English language version of the guide was released on the opening day…
Allianz Global Corporate & Specialty (AGCS) has launched a new unit that will offer corporate clients risk consulting, captive fronting and crisis management services separately to insurance covers. Launched at the Ferma Forum in Berlin today, AGCS Services will be piloted in central and eastern Europe and the Mediterranean region. AGCS said the launch marks a new approach in response…
Europe’s non-life insurance market was boosted by 4.4% growth in gross written premiums (GWP) last year compared with growth of just 0.86% in 2017, but profits were down €3bn, according to AM Best’s market report ranking the top 30 insurers in Europe. All the top-ten players bar one recorded premium growth last year, with top-five players AXA, Chubb and Zurich…