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…

Generali’s profits plummet on back of €655m Covid-19-related investment hit

Generali’s profits plummet on back of €655m Covid-19-related investment hit

Generali’s profits plummet on back of €655m Covid-19-related investment hit

Generali has vowed to “significantly” reduce costs and made clear its financial performance will fall below last year, after net profits were slashed by nearly 85% in Q1 as Covid-19 severally hit its investment portfolio. The insurer saw net profit fall 84.8% to €113m, from €744m in the same period of 2019. Generali said that was primarily because it booked…

Covid-19 contributes to higher prices and capacity pressures, Aon says in Q1 report

Covid-19 contributes to higher prices and capacity pressures, Aon says in Q1 report

Covid-19 contributes to higher prices and capacity pressures, Aon says in Q1 report

Insurance rate hardening accelerated in Q1 with Covid-19 impacting some regions, according to a new report from Aon that found Europe recorded rate increases of more than 10% in the first few months of 2020. The market has also tightened on terms and capacity, Aon says, with higher risk placements “very challenging” in Europe. Aon adds that insurers have retreated…

Italy’s non-life market remains stable through Covid-19, says AM Best

Italy’s non-life market remains stable through Covid-19, says AM Best

Italy’s non-life market remains stable through Covid-19, says AM Best

Italy’s non-life insurance market has retained a stable outlook from AM Best, which said underwriting profits are expected to continue and sound solvency levels will be high enough to absorb some of the current stock market volatility. The ratings agency said the wider economic downturn will halt any growth in Italy’s non-life insurance market. Meanwhile, volatility in asset classes driven…

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