JLT Group reported a strong set of results for 2011 achieving organic revenue growth of 7.3%. However, its continental Europe business performed less well, with organic revenue falling 17% and the broker admitting it was unsatisfied with its Italian operations.
A class action lawsuit has been launched against Costa Cruises and its US-based owner Carnival Group following the Costa Concordia disaster.
Fitch Ratings said on Tuesday that Assicurazioni Generali and its core operating subsidiaries’ ratings are not affected by the downgrade of Italy’s long-term foreign and local currency Issuer Default Ratings (IDRs) to ‘A-‘ from ‘A+’, with a Negative Outlook.
The European Commission announced this week that it is ‘concerned’ that Italy has incorrectly implemented EU legislation on environmental liability and asked it to strengthen its national laws to comply properly.
Italian corporate risk and insurance managers received bad news this week as rating agency AM Best placed the financial strength rating of A+ (Superior) and issuer credit rating of ‘aa-’ of Generali under review with ‘negative’ implications because of the Italian state political and debt crisis.
Risk and insurance managers must shove themselves up the corporate ladder to enable them to do more to help insurers develop innovative responses to new and emerging risks, said Paolo Rubini, President of ANRA, the Italian risk management association, during its annual conference yesterday in Milan.
The European insurance industry must step up its lobbying effort on Solvency II to seek more time to carry out the big changes needed and avoid handing over competitive advantage to non-EU insurers, according to a leading European corporate insurance executive.
JLT combines with Marine & Aviation in Italy as expansion continues and David Batchelor appointed CEO of Marsh’s International Division.
Jorge Luzzi, Group Risk Management Director for Pirelli worldwide, has been elected as the next president of the Federation of European Risk Management Associations (Ferma).
Many insurers are ill-prepared for Solvency II and will struggle to meet capital demands, even if its implementation is postponed until 2014, according to a report by Bain & Company and Towers Watson.