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…
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…
Munich Re said it expects to report a consolidated result of €1bn for the second quarter of 2019, up 37% on the €728m recorded in the same period last year. Ahead of complete half-year and quarterly results, Munich Re said its Q2 performance is attributable to low claims and high reserve releases. Munich Re added that its full-year 2019 forecast…
Tokio Marine has appointed Chris Marx as senior surety underwriter for the Netherlands. Mr Marx will join the company from Euler Hermes on 1 July. He will work with Björn Eding, who was appointed head of surety for the Netherlands in February this year, moving over from Chubb. Tokio Marine said Mr Marx and Mr Eding will develop its surety…
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.…
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…
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 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,…
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…
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…