Coverys buys Italian Lloyd’s broker and coverholder Bridge

Coverys buys Italian Lloyd’s broker and coverholder Bridge

Coverys buys Italian Lloyd’s broker and coverholder Bridge

Coverys European Holdings (CEH) has bought Italian broker and Lloyd’s coverholder Bridge Insurance Broker as it continues the expansion of its managing general agency network in Europe. Announcing the new acquisition, Coverys said it planned further agency projects before the end of 2020. Bridge Insurance Broker, based in Lucca, offers property, casualty and specialty insurance products alongside a claims management…

P&C insurers deliver 2019 underwriting profit and 97.4% combined ratio

P&C insurers deliver 2019 underwriting profit and 97.4% combined ratio

P&C insurers deliver 2019 underwriting profit and 97.4% combined ratio

The global P&C insurance industry produced another underwriting profit last year and a combined ratio of 97.4%, according to Aon’s 15th annual Insurance Risk Study. The figure is a slight improvement on the 98% combined ratio in 2018 and was buoyed by an overall 95.5% combined ratio in Europe. Asia-Pacific and the Americas each averaged 98%. The combined ratio was…

Risk managers urged to move fast and explore options in face of capacity crunch

Risk managers urged to move fast and explore options in face of capacity crunch

Risk managers urged to move fast and explore options in face of capacity crunch

Risk management association leaders across Europe are urging their members to move fast ahead of coming renewals to clarify exactly what capacity is available and on what terms as soon as possible, while investigating alternative risk financing options in the face of expected capacity shortages in some key lines. The lack of coverage for business interruption (BI) losses caused by…

Global insolvency rates to rise 26% in 2020, says Atradius

Global insolvency rates to rise 26% in 2020, says Atradius

Global insolvency rates to rise 26% in 2020, says Atradius

Global corporate insolvencies are forecast to swell by 26% this year, with most booked to the second half of 2020 as Covid-19 impacts economies around the world, according to trade credit insurer Atradius. Turkey is expected to lead insolvency rates with a forecast increase of 41%, Atradius said, followed by the US and Hong Kong both at 39%. Atradius said…

Generali’s profits halve to €774m in H1 as P&C fairs well

Generali’s profits halve to €774m in H1 as P&C fairs well

Generali’s profits halve to €774m in H1 as P&C fairs well

Generali’s net result was down 57% in the first half of 2020 to €774m, after booking €226m of investment impairments that were hit by Covid-19. The group also booked €183m in a settlement with BTG Pactual to end arbitration for the sale of BSI and a €100m contribution to the Extraordinary International Fund launched by Generali for the pandemic. The…

AXA XL makes appointments to leadership team in Europe and Asia

AXA XL makes appointments to leadership team in Europe and Asia

AXA XL makes appointments to leadership team in Europe and Asia

AXA XL has appointed Bruno Laval as chief distribution officer for Asia and Europe, and regional manager of European markets, under its new regional model. The firm has also named a new chief underwriting officer for the region and appointed heads in France, Germany, Switzerland and Asia-Pacific. Mr Laval, who was previously AXA XL Insurance’s regional manager for Europe, will…

Covid-19 heightens key risks and raises operational threat for several EU countries: Control Risks

Covid-19 heightens key risks and raises operational threat for several EU countries: Control Risks

Covid-19 heightens key risks and raises operational threat for several EU countries: Control Risks

The Covid-19 pandemic has heightened political and economic risks, with a bungled recovery and threat of economic paralysis meeting political weakness the top threats, warns Control Risks in a special edition of its Risk Map 2020. Control Risks has also raised the operational risk level for several European countries following Covid-19. This includes the UK, Spain and Germany, which all…

Pandemic accelerating market hardening in Europe, says Marsh

Pandemic accelerating market hardening in Europe, says Marsh

Pandemic accelerating market hardening in Europe, says Marsh

Hardening of the European insurance market is gathering pace, as the coronavirus pandemic adds to existing pressures driving price increases and capacity shortages in certain lines, according to Marsh. It added that market hardening is now touching most lines of business and geographies in Europe, and is expected to continue into 2021. “Covid-19 will in some areas exacerbate the pricing…

New organisational structure for Generali Global Corporate & Commercial

New organisational structure for Generali Global Corporate & Commercial

New organisational structure for Generali Global Corporate & Commercial

Generali has announced a new organisational structure for its Generali Global Corporate & Commercial (GC&C) and Generali Global Business Lines (GBL) divisions. New appointments have been made in order to strengthen the management teams and “further enhance strategy execution”. Manlio Lostuzzi, CEO of GC&C, said: “In order to accelerate our Strategy 2021 – Lifetime Partner, we have established this new…

HDI Global Specialty partners with new Italian underwriting agency

HDI Global Specialty partners with new Italian underwriting agency

HDI Global Specialty partners with new Italian underwriting agency

HDI Global Specialty’s Italian branch has partnered with newly launched underwriting agency Marine Insurance Agency (MIA). Based in Genoa, the new agency will focus on marine hull and cargo business. It has already started writing business for HDI Global Specialty Italy. MIA was launched in March by insurance broker and shipping agency Cambiaso Risso Group. Sergio Revello heads up the…

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