US managing agency launches new Lloyd’s syndicate

US managing agency launches new Lloyd’s syndicate

US managing agency launches new Lloyd’s syndicate

A new syndicate is to launch at Lloyd’s for 2020 after several unprofitable syndicates have withdrawn for the new year of account. Victor Syndicate 2288 will begin underwriting with capacity of £57m, backed by Marsh-owned US managing general agency Victor Insurance Holdings, which has appointed third-party managing agency Asta to oversee the syndicate. Victor Insurance said the new syndicate will…

Stable outlook for Italian insurance sector, says Moody’s

Stable outlook for Italian insurance sector, says Moody’s

Stable outlook for Italian insurance sector, says Moody’s

Robust earnings, moderate premium growth in property and casualty insurance, and a favourable shift in the business mix for life insurers, has led Moody’s Investors Service to maintain a stable outlook for the Italian insurance industry. “The macroeconomic environment for Italian insurers remains challenging, as reflected in low economic growth and flat unemployment,” said Christian Badorff, a vice-president at Moody’s.…

AXA usurps Allianz in asset rankings

AXA usurps Allianz in asset rankings

AXA usurps Allianz in asset rankings

Three European insurance groups made the world’s top ten largest insurers list compiled by AM Best, measured by 2018 net written premium (NWP). AXA took second spot behind global number one United Health, while Allianz was ranked in seventh place and Assicurazioni Generali in eighth place. AXA recorded a 3% jump in net written premiums after acquiring XL Group last…

Liberty Specialty Markets promises to be stable option for European buyers as market changes

Liberty Specialty Markets promises to be stable option for European buyers as market changes

Liberty Specialty Markets promises to be stable option for European buyers as market changes

Liberty Specialty Markets (LSM) will continue its push into Europe and be a stable partner for risk managers through changing market conditions, according to Kerry McKay, head of distribution in Europe at LSM. LSM has grown significantly in Europe during the past three years, and will continue to expand steadily in the region, despite the retrenchment of some insurers in…

AGCS unbundles risk management services in new unit launch

AGCS unbundles risk management services in new unit launch

AGCS unbundles risk management services in new unit launch

Allianz Global Corporate & Specialty (AGCS) has launched a new unit that will offer corporate clients risk consulting, captive fronting and crisis management services separately to insurance covers. Launched at the Ferma Forum in Berlin today, AGCS Services will be piloted in central and eastern Europe and the Mediterranean region. AGCS said the launch marks a new approach in response…

Best affirms financial strength rating of Italian energy firm’s Irish-based captive

Best affirms financial strength rating of Italian energy firm’s Irish-based captive

Best affirms financial strength rating of Italian energy firm’s Irish-based captive

The Ireland-based captive of Eni SpA, a multinational energy company based in Italy, has had its financial strength rating of A (Excellent) and the long-term issuer credit rating of A affirmed by AM Best. The outlook of these credit ratings is stable. The captive, Eni Insurance Designated Activity Company (EID) (Ireland), has a track record of strong operating profits, with…

Europe’s nonlife market grows 4% in 2018: AM Best

Europe’s nonlife market grows 4% in 2018: AM Best

Europe’s nonlife market grows 4% in 2018: AM Best

Europe’s non-life insurance market was boosted by 4.4% growth in gross written premiums (GWP) last year compared with growth of just 0.86% in 2017, but profits were down €3bn, according to AM Best’s market report ranking the top 30 insurers in Europe. All the top-ten players bar one recorded premium growth last year, with top-five players AXA, Chubb and Zurich…

Credit risk rises with growing political and economic uncertainty

Credit risk rises with growing political and economic uncertainty

Credit risk rises with growing political and economic uncertainty

Heightened political and economic uncertainty is driving up credit risk, increasing the threat of insolvencies and supply chain disruption. According to the Organisation for Economic Co-operation and Development’s (OECD) latest outlook, the global economy is becoming increasingly fragile and uncertain. Downside risks continue to mount, with growth slowing to its weakest rate since the financial crisis. In particular, the OECD…

Majority of employees believe equal pay is enough for gender equality: MAXIS

Majority of employees believe equal pay is enough for gender equality: MAXIS

Majority of employees believe equal pay is enough for gender equality: MAXIS

Two thirds of employees across the globe (65%) believe equal pay is enough to create gender equality, with issues such as equal opportunities and non-discrimination and sexual harassment policies seen as less important factors, according to new research from MAXIS Global Benefits Network. MAXIS’s research involving 1,000 workers in ten countries also found that 67% of employees said annual gender…

Risk managers taking on new skills to deliver multidisciplinary role

Risk managers taking on new skills to deliver multidisciplinary role

Risk managers taking on new skills to deliver multidisciplinary role

Italians taking part in our Risk Frontiers Europe survey strongly believe they should maintain control of buying insurance for their organisation, and noted that their role goes far beyond buying cover at the best price. They agreed that a broad understanding of risk is vital to making the right choices for any insurance programme and is something that procurement, for…

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