The recent product recall by car manufacturer Toyota because of problems related to floor mats, accelerator pedals and faulty breaking systems could cost the company a reported $2bn.
Amlin, the London-based insurance group and biggest underwriting agency at Lloyd’s, has announced plans to form a separate division for its expanding French business to be called Amlin France.
Munich Re confirmed market expectations that the year-end reinsurance renewal would be flat as it announced a consolidated profit significantly up to €2.56bn in 2009 compared with €1.58bn in 2008.
Allied World Assurance Company (Europe), the European arm of Bermuda-based AWAC, has launched a new division that will offer professional lines products to the London market, the wider United Kingdom market and other European Union countries.
AXIS Capital Holdings, the Bermuda-based insurance and reinsurance group, has formed a renewable energy team within its AXIS Insurance business in London.
PARIS RE Management Board members Hans-Peter Gerhardt, President and CEO, Jean-Luc Gourgeon, Chief Underwriting Officer, Marie-Hélène Autem, Head of Human Resources and Frank Papalia, General Counsel have decided to leave the organisation to ‘pursue other opportunities’, following its acquisition by Bermuda-based PartnerRe.
Zurich Financial Services reported that its Global Corporate business had managed to achieve average rate increases in 2009 of 4% and a significantly improved profit as it published its year-end numbers.
Up to 40% of captives may be forced to close as a result of increasingly punitive capital charges imposed by Solvency II, Europe’s planned new capital adequacy regime for the insurance sector, according to ECIROA, the European captive association.
[BRUSSELS] – Peter den Dekker, President of the Federation of European Risk Management Associations (FERMA) will give a presentation to BIPAR, the European brokers’ association, on February 3 to explain how Europe’s insurance buyers would like to see their brokers be more transparent about the way they are paid.
[PARIS] – AMRAE, the French risk management association, has opened talks with the F.F.S.A., the French insurance association, to try and find a way to more accurately price terrorism coverage for insurance buyers.