More upheaval at AGCS as Poncin departs

More upheaval at AGCS as Poncin departs

More upheaval at AGCS as Poncin departs

Allianz Global Corporate & Specialty’s (AGCS) global head of financial lines Bernard Poncin has left the insurer “to pursue opportunities outside the company”, as yet another senior executive departs. Mr Poncin is replaced by Shanil Williams, who was previously global head of commercial for financial lines. Mr Poncin’s departure follows a series of unexpected changes at AGCS that suggest not…

AGCS confirms Fischer Hirs to be replaced by Müller with renewed focus on profitability

AGCS confirms Fischer Hirs to be replaced by Müller with renewed focus on profitability

AGCS confirms Fischer Hirs to be replaced by Müller with renewed focus on profitability

Allianz Global Corporate & Specialty (AGCS) and Allianz have confirmed that Joachim Müller will become CEO of the group’s industrial lines insurer after Chris Fischer Hirs steps down on 30 November. Mr Müller is currently CEO of Allianz Versicherungs, the P&C insurer of Allianz Deutschland, and Allianz Beratungs-und Vertriebs (ABV), the sales company of Allianz Deutschland. Andreas Kanning, currently a board…

AGCS declines to comment on Fischer Hirs’s reported departure and Müller’s arrival

AGCS declines to comment on Fischer Hirs’s reported departure and Müller’s arrival

AGCS declines to comment on Fischer Hirs’s reported departure and Müller’s arrival

Chris Fischer Hirs has reportedly left his role as CEO of Allianz Global Corporate & Specialty (AGCS), to be replaced by Joachim Müller, currently a member of the board of management at Allianz Deutschland, responsible for sales and P&C business. AGCS spokespeople declined to comment on the alleged sudden departure of Mr Fischer Hirs, which was first reported in Herbert…

Talanx’s industrial lines make big improvement

Talanx’s industrial lines make big improvement

Talanx’s industrial lines make big improvement

Talanx’s industrial lines business, which includes HDI Global and HDI Global Specialty, turned an underwriting profit of €2m in the third quarter of 2019, up from a loss of €196m in the same period last year, and shaved 30 points from its combined ratio to close the quarter at 99.8%. Gross premiums from industrial lines were up 63% to €1.4bn,…

Europe’s nonlife market grows 4% in 2018: AM Best

Europe’s nonlife market grows 4% in 2018: AM Best

Europe’s nonlife market grows 4% in 2018: AM Best

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…

Credit risk rises with growing political and economic uncertainty

Credit risk rises with growing political and economic uncertainty

Credit risk rises with growing political and economic uncertainty

Heightened political and economic uncertainty is driving up credit risk, increasing the threat of insolvencies and supply chain disruption. According to the Organisation for Economic Co-operation and Development’s (OECD) latest outlook, the global economy is becoming increasingly fragile and uncertain. Downside risks continue to mount, with growth slowing to its weakest rate since the financial crisis. In particular, the OECD…

New US tax law hits Bermuda’s NWP: Fitch

New US tax law hits Bermuda’s NWP: Fitch

New US tax law hits Bermuda’s NWP: Fitch

US tax reforms dented the Bermudan market’s net written premiums by more than 8% last year, according to Fitch Ratings, with the tax set to double in 2019. The Base Erosion and Anti-Abuse Tax (BEAT) was introduced by the US for 2018 at a rate of 5% to tackle deductible payments of US corporates to offshore affiliates, but this has…

Majority of employees believe equal pay is enough for gender equality: MAXIS

Majority of employees believe equal pay is enough for gender equality: MAXIS

Majority of employees believe equal pay is enough for gender equality: MAXIS

Two thirds of employees across the globe (65%) believe equal pay is enough to create gender equality, with issues such as equal opportunities and non-discrimination and sexual harassment policies seen as less important factors, according to new research from MAXIS Global Benefits Network. MAXIS’s research involving 1,000 workers in ten countries also found that 67% of employees said annual gender…

HDI Global partners with industrial IoT innovator to deliver for clients

HDI Global partners with industrial IoT innovator to deliver for clients

HDI Global partners with industrial IoT innovator to deliver for clients

HDI Global has partnered with Schneider Electric to develop industrial internet of things (IIoT) insurance products and services, which the insurer said will reduce risk in real time for buyers and deliver more tailor-made insurance. Announcing the collaboration, the companies promised “digital transformation of industrial insurance through data”. HDI Global said it will use Schneider Electric’s Exchange and EcoStruxure internet…

First global insolvency rise for decade, led by UK: Atradius

First global insolvency rise for decade, led by UK: Atradius

First global insolvency rise for decade, led by UK: Atradius

The level of global insolvencies has risen for the first time in a decade, led by the UK where the insolvency rate is expected to increase by as much as 10% in 2019, according to trade credit insurer Atradius. Across all developed markets, business failure rate increases are expected to rise 2.8% on average this year, largely driven by slower…

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