Darag to buy Zurich’s German architects and engineers PI portfolio

Darag to buy Zurich’s German architects and engineers PI portfolio

Darag to buy Zurich’s German architects and engineers PI portfolio

Legacy acquirer Darag is set to buy Zurich’s €180m-plus German architects and engineers professional indemnity portfolio. The deal remains subject to regulatory approval. Once this has been completed, Darag’s German risk carrier, Darag Deutsche Versicherungs-und Rückversicherungs-AG, will assume reserves of more than €180m. Tom Booth, CEO of Darag Group, said: “This significant transaction in our core German market demonstrates the…

AIG to affirm or exclude cyber cover in P&C policies from January 2020

AIG to affirm or exclude cyber cover in P&C policies from January 2020

AIG to affirm or exclude cyber cover in P&C policies from January 2020

AIG announced yesterday that, as of January 2020, virtually all of its commercial property and casualty policies will begin affirmatively covering or excluding physical and non-physical cyber exposures. The US-based international insurance group said this move will address “market concerns” that traditional commercial insurance policies across the industry – from property to general liability – are often silent about cyber…

GVNW willing to discuss premium adjustments but urges ‘proportion’

GVNW willing to discuss premium adjustments but urges ‘proportion’

GVNW willing to discuss premium adjustments but urges ‘proportion’

GVNW is willing to discuss premium adjustments with insurers as the market hardens but if changes are not made with a “sense of proportion”, clients could lose trust in the insurance industry, said the association’s president Alexander Mahnke yesterday. Mr Mahnke said insurers must be careful how they push through tougher rates, terms and conditions, and should not penalise whole…

Allianz committed to industrial insurance but prices must rise further

Allianz committed to industrial insurance but prices must rise further

Allianz committed to industrial insurance but prices must rise further

Allianz remains committed to its commercial and industrial insurance operation, Allianz Global Corporate & Specialty (AGCS), despite challenging market conditions and poor results in recent times, because it is absolutely “core” to the group’s offering and still offers great growth opportunities worldwide, according to the insurer’s CFO Giulio Terzariol. Mr Terzariol was keynote speaker on the opening morning of GVNW’s…

Experts say buyers will enjoy contract and claims certainty post-Brexit

Experts say buyers will enjoy contract and claims certainty post-Brexit

Experts say buyers will enjoy contract and claims certainty post-Brexit

Experts have told insurance buyers in Germany to expect contract certainty and claims to be paid post-Brexit, as insurers and regulators have stepped up to the plate to solve potential problems. The experts were speaking during a panel debate yesterday at the GVNW Symposium, entitled ‘London’s burning’. It took place as Brexit was thrown further up in the air by…

Single voice offered by GVNW will be critical as market shift intensifies

Single voice offered by GVNW will be critical as market shift intensifies

Single voice offered by GVNW will be critical as market shift intensifies

The creation of German risk and insurance management association GVNW via the merger of the DVS and BfV three years ago has been a great success and positioned the representative body to really make a difference for its members and wider business insurance-buying community, according to its president Alexander Mahnke. A strong association such as GVNW is particularly important at…

Lloyd’s in strong position to continue German growth despite Brexit: Blumenthal

Lloyd’s in strong position to continue German growth despite Brexit: Blumenthal

Lloyd’s in strong position to continue German growth despite Brexit: Blumenthal

Lloyd’s refuses to shift into defensive mode in Germany and the rest of Europe as a result of uncertainty surrounding Brexit and the well-publicised central directive on syndicates to tighten their underwriting policies, not least when it comes to cyber risk. Indeed, the need to establish its direct EU presence via Lloyd’s Brussels appears to have breathed new life into…

Time for technical underwriting

Time for technical underwriting

Time for technical underwriting

Hartmut Mai replaced Andreas Berger as chief regions and markets officer for central and eastern Europe, the Mediterranean and Africa at Allianz Global Corporate & Specialty (AGCS) in March. We caught up with him ahead of this year’s gathering of the German risk and insurance management community at the GVNW conference in Munich. Commercial Risk Europe editor Adrian Ladbury asked…

Insurers and brokers must tackle cost base rather than shift problems onto customers: Mahnke

Insurers and brokers must tackle cost base rather than shift problems onto customers: Mahnke

Insurers and brokers must tackle cost base rather than shift problems onto customers: Mahnke

If the insurance market is going to continue to push for higher prices and more limited cover to cut exposure in key areas, while raising margins at the same time, it needs to take a very serious look at its cost base, according to Alexander Mahnke, president of the German insurance management association GVNW. In particular, the market needs to…

Siebert says GVNW members shouldn’t assume overall market hardening

Siebert says GVNW members shouldn’t assume overall market hardening

Siebert says GVNW members shouldn’t assume overall market hardening

Leading international commercial and industrial insurance companies are talking up the market in the hope of accelerating the supposed hardening ahead of year-end renewals. But, according to Reiner Siebert, co-CEO of German insurance management association GVNW, German risk and insurance managers should not simply accept their fate and assume they will face tightening terms and conditions in all lines. He…

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