Germany extends UK insurers’ passporting rights for 21 months under no-deal Brexit

Germany extends UK insurers’ passporting rights for 21 months under no-deal Brexit

Germany extends UK insurers’ passporting rights for 21 months under no-deal Brexit

Germany has adopted a provision to extend passporting rights for UK insurers in the case of a no-deal Brexit. The measures will extend passporting rights, and therefore allow UK insurers to service contracts with German insureds, for up to 21 months after Brexit. The move follows a decision by the French Government to allow UK insurers to continue paying claims…

Swiss Re Corporate Solutions open to acquisition opportunity: reports

Swiss Re Corporate Solutions open to acquisition opportunity: reports

Swiss Re Corporate Solutions open to acquisition opportunity: reports

Swiss Re Corporate Solutions says it is open to an acquisition if the right opportunity presents it itself, according to Reuters. John Daley, CFO at the corporate insurance arm of Swiss Re, told the media outlet: “Were we to see a reasonably priced acquisition opportunity that would help us build scale, we would consider it.” He added, however, that the…

Brokerslink names Christos Gavriel regional manager for Europe

Brokerslink names Christos Gavriel regional manager for Europe

Brokerslink names Christos Gavriel regional manager for Europe

Brokerslink has named Christos Gavriel regional manager for Europe. Mr Gavriel held various international roles at AIG before running his own business Renaissance Insurance Brokers, a Brokerslink affiliate in Cyprus. In his new role, Mr Gavriel will connect Brokerslink partners and affiliates in 35 European countries and the rest of the network. He will help independent brokers in the region…

SCOR Business Solutions sees tense year-end as sign of hardening market

SCOR Business Solutions sees tense year-end as sign of hardening market

SCOR Business Solutions sees tense year-end as sign of hardening market

SCOR Business Solutions, the corporate insurance arm of the French reinsurance group that now accounts for 12% of the reinsurer’s €6.2bn annual global P&C premiums, saw a definite hardening in terms and conditions during the recent January renewals. For the first time in years, underwriters reportedly received panicky last-minute calls from brokers as they desperately tried to complete some placements.…

SCOR reports record premiums with net income up 13%

SCOR reports record premiums with net income up 13%

SCOR reports record premiums with net income up 13%

SCOR reported record gross written premiums of €15.3bn in 2018, with net income up almost 13% to €322m. Group written premiums were up 3% at current exchange rates. They exceeded €15bn for the first time in the group’s history. SCOR Global P&C recorded 2.5% growth at current exchange rates to €6.2bn. Despite a second consecutive year of high cat losses,…

European insurance group concerned about negative social effects of regulation

European insurance group concerned about negative social effects of regulation

European insurance group concerned about negative social effects of regulation

A group of European social partners in the insurance sector, including Insurance Europe and the Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE), have signed a statement on the effects of regulatory requirements and compliance on employees. The Insurance Sectoral Social Dialogue Committee (ISSDC) signed a joint declaration on the negative social effects of the recent significant increase…

Fairfax Financial reports net earnings of $376m for 2018 and improved combined ratios

Fairfax Financial reports net earnings of $376m for 2018 and improved combined ratios

Fairfax Financial reports net earnings of $376m for 2018 and improved combined ratios

Fairfax Financial Holdings has reported net earnings of $376.0m for fiscal year 2018, compared to $1,740.6m for fiscal year 2017. It said this reflects the $1,018.6m non-recurring gain on the sale of First Capital recognised in fiscal year 2017 and lower net gains on investments, partially offset by higher underwriting profit and higher interest and dividends. “Despite the catastrophe activity…

Rise of the regulators – how changing regulation is impacting cost of risk

Rise of the regulators – how changing regulation is impacting cost of risk

Rise of the regulators – how changing regulation is impacting cost of risk

Changing regulation and new approaches by regulators are a challenge for risk managers, both in terms of keeping up with the evolving regulatory environment, and the impact on the cost of risk. Zurich’s global leaders of claims for property, casualty and specialty business examine the way in which regulation is changing and how it affects companies operating globally. Change is…

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