Third-quarter profit sets Allianz on course for full-year target

Third-quarter profit sets Allianz on course for full-year target

Third-quarter profit sets Allianz on course for full-year target

Allianz is on track to meet its 2018 profit target after reporting a 21% increase in third-quarter operating profit to €3bn, boosting first nine-month profits to €8.7bn. P&C business recorded a 45% increase in operating profit to €1.5bn, following cat losses in Q3 2017. P&C operating profits for the nine months to September totalled €4.2bn, accounting for near-enough half of…

Munich Re raises ERGO profit target following third-quarter results

Munich Re raises ERGO profit target following third-quarter results

Munich Re raises ERGO profit target following third-quarter results

Munich Re reported third-quarter operating profits of €1.04bn, turning around last year’s €1.73bn loss in the same period, which was heavily impacted by US hurricane claims. After tax, the group’s consolidated profit totalled €483m in the third quarter, from a loss of €1.44bn in Q3 2017. Reinsurance business added €309m to the consolidated result, after taking the brunt of losses…

VW consumers launch class action under new German law

VW consumers launch class action under new German law

VW consumers launch class action under new German law

Volkswagen (VW) owners have launched a class action lawsuit in Germany on the same day a new law was introduced in the country, according to a BBC report. Pushed through by the VW diesel emissions scandal, the new law allows consumers to bring collective class action lawsuits against corporates in Germany for the first time. The lawsuit, which seeks a…

Payment delays increase for European firms

Payment delays increase for European firms

Payment delays increase for European firms

European businesses recorded a further increase in the number of overdue invoices in 2018 with 41.8% of payments outstanding, according to trade credit insurer Atradius. The average pushed up from 40.7% in 2017 after all of 14 European countries surveyed except Germany, Ireland and the UK recorded deterioration in B2B receivables…

Brexit begins to change dynamics but London company market delivers 16% premium rise

Brexit begins to change dynamics but London company market delivers 16% premium rise

Brexit begins to change dynamics but London company market delivers 16% premium rise

No dominant post-Brexit hub is emerging for London company firms, as the market delivered a 16% premium jump in 2017 and its statistics begin to reflect changing dynamics bought about by the UK’s EU exit, according to a report by the International Underwriting Association (IUA)…

Big change underway at HDI as new specialty carrier takes shape and property book tackled

Big change underway at HDI as new specialty carrier takes shape and property book tackled

Big change underway at HDI as new specialty carrier takes shape and property book tackled

The planned arrival of a leading new global specialty insurer – HDI Global Specialty – through the combination of HDI Global’s specialty business and sister company Hannover Re’s core primary business Inter Hannover, is well on track and “makes a lot of sense”, according to Dr Christian Hinsch, chairman of the board of management at HDI Global…

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