AXA usurps Allianz in asset rankings

AXA usurps Allianz in asset rankings

AXA usurps Allianz in asset rankings

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…

Risk managers need to think long and hard about coal-supporting insurers

Risk managers need to think long and hard about coal-supporting insurers

Risk managers need to think long and hard about coal-supporting insurers

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 promises to be stable option for European buyers as market changes

Liberty Specialty Markets promises to be stable option for European buyers as market changes

Liberty Specialty Markets promises to be stable option for European buyers as market changes

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…

M&A insurance continues to grow and develop – Aon report

M&A insurance continues to grow and develop – Aon report

M&A insurance continues to grow and develop – Aon report

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…

Talanx signs up to UN Principles for Responsible Investment and operates zero carbon footprint

Talanx signs up to UN Principles for Responsible Investment and operates zero carbon footprint

Talanx signs up to UN Principles for Responsible Investment and operates zero carbon footprint

The Talanx Group, parent company of HDI Global and Hannover Re, has signed up to the United Nations-supported Principles for Responsible Investment (PRI) and aligned itself with what it describes as a “framework for sustainable investment”. At the same time, Talanx has decided to operate with a net-zero carbon footprint in Germany from this year onwards. “As an insurer we…

Collective redress likely to drive increased litigation in Europe

Collective redress likely to drive increased litigation in Europe

Collective redress likely to drive increased litigation in Europe

Calls for more effective collective redress mechanisms in Europe are growing louder and are likely to result in higher defense costs, settlements and reputational risks for European companies. Corporates will increasingly face the threat of litigation when their activities lead to harm, with big threats ranging from data breaches and environmental disasters to product recalls and unethical behaviour. Class action…

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,…