AGCS appoints new CEO for South America

AGCS appoints new CEO for South America

AGCS appoints new CEO for South America

A new regional leader for the South American business of Allianz Global Corporate & Specialty SE (AGCS) has been appointed. Glaucia Smithson is to join AGCS as CEO of South America, succeeding Angelo Colombo, who leaves AGCS in the autumn. Ms Smithson will join AGCS on 12 August this year, subject to regulatory approval. She will be based in São…

Hurricane Barry losses less than $500m says RMS

Hurricane Barry losses less than $500m says RMS

Hurricane Barry losses less than $500m says RMS

Insured losses from Hurricane Barry in the US will not exceed $500m, according to risk modelling firm RMS. The estimate includes losses to the National Flood Insurance Program (NFIP), which RMS expects to cover half of the insured loss total. Earlier this week, Karen Clark & Company issued an insured loss estimate for Hurricane Barry near to $300m, but excluding…

Airmic says Ogden rate change to -0.25% will disappoint large commercial insurance buyers

Airmic says Ogden rate change to -0.25% will disappoint large commercial insurance buyers

Airmic says Ogden rate change to -0.25% will disappoint large commercial insurance buyers

This week’s change to the UK’s Ogden personal injury compensation rate has taken many by surprise and will disappoint large commercial insurance buyers, Airmic told CRE. It added its voice to those of insurers and other market players that warn the rate change to -0.25% from -0.75% is not enough to prevent overcompensation and will impact the cost of insurance.…

GDPR fines wakeup call for risk managers who must retest plans: Airmic

GDPR fines wakeup call for risk managers who must retest plans: Airmic

GDPR fines wakeup call for risk managers who must retest plans: Airmic

The two record GDPR fines proposed last week prove that companies must take this risk seriously and are a wakeup call for risk managers to test processes and responses, according to Airmic. Julia Graham, the association’s technical director and deputy CEO, also told Commercial Risk Europe that she is not surprised by the size of the intended fines. It was…

African reinsurer bought in run-off

African reinsurer bought in run-off

African reinsurer bought in run-off

Legacy acquirer DARAG Group has bought One Re, a London-based non-life reinsurance company that provided reinsurance to African insurers. The transaction will be conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs-und Ruckversicherungs-AG, and is subject to regulatory approval. The price tag has not been disclosed but it is DARAG’s first UK acquisition and follows the completion of a capital…

Allied World CEO Carmilani takes on new Fairfax role, with Iglesias named as successor

Allied World CEO Carmilani takes on new Fairfax role, with Iglesias named as successor

Allied World CEO Carmilani takes on new Fairfax role, with Iglesias named as successor

Allied World CEO Scott Carmilani has left his role to take on a new job at Fairfax Insurance, the (re)insurance arm of Allied World’s parent company Fairfax Financial. Mr Carmilani will work with Fairfax Insurance’s president Andy Barnard and president of Fairfax Financial Paul Rivett, to boost growth and put in place “collaborative initiatives” across Fairfax’s global operations. Lou Iglesias,…

Low interest rates are key risk for European insurers, says Moody’s

Low interest rates are key risk for European insurers, says Moody’s

Low interest rates are key risk for European insurers, says Moody’s

The key risk to the European insurance industry is low interest rates, according to Moody’s Investors Service’s EMEA Insurance Monitor. The bi-annual compendium of insurance research, which has been relaunched by Moody’s, also warns that the advent of the internet of things (IoT) is set to disrupt the industry. Moody’s says in the report that low rates are once again…

Strong economic growth boosting life insurance sales

Strong economic growth boosting life insurance sales

Strong economic growth boosting life insurance sales

Countries in Sub Saharan Africa (SSA) are set to grow their life insurance and reinsurance industries on the back of strong economic growth – life insurance is often a precursor to a healthy general insurance market in emerging states. Filipe Nunes, head of life at Munich Re of Africa (MRoA), told attendees at the reinsurer’s 2019 Africa Life Conference that…

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