Swiss Re Corporate Solutions is set to provide access to its International Programme Administration (IPA) platform and network services to German insurer Württembergische Versicherung. Swiss Re Corporate Solutions has signed a memorandum of understanding with Württembergische Versicherung to configure its IPA platform for its first insurer in Germany. Swiss Re Corporate Solutions said the collaboration enables Württembergische Versicherung to pursue…
The approach being taken by many insurers in the hard market is proving challenging, threatening long-term relationships and likely to cost insurers dear in the longer term, warned a group of Swiss risk managers taking part in our Risk Frontiers Europe survey. Insurers across the world have been crystal clear that they want to increase the cost of commercial insurance,…
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…
Swiss Re has announced that it intends to reorganise the legal entity structure of its Corporate Solutions business unit. It said this, together with the announcement in June that the Life Capital business unit will be disbanded, represents a further streamlining of the legal entity structure of the group. According to Swiss Re, as part of the changes, the group…
Curaçao, Israel and the US are among the simplest jurisdictions in terms of their legislative environment, while Indonesia tops the list as the most complex, according to TMF Group’s Global Business Complexity Index 2020. The index is generated from an in-depth survey of TMF Group’s in-market experts in 77 jurisdictions. The index shows there is significant global variation in the…
Leading Swiss broker Kessler is acquiring Berne-based City Insurance Customer Service and City Consulting. Kessler said it will continue to provide “first-class” service to City Broker’s customers and offer them additional services with increased resources. Kessler & Co, a partner with Marsh in Switzerland since 1998, and City’s parent International Insurance Broker VMD-Holding, a subsidiary of leading independent German broker…
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…
Zurich saw P&C profits fall 55% in the first half of this year to $751m as Covid-19 took its toll, but the company stressed that the pandemic remains an earnings event. The insurer also expects commercial rates to harden further during 2020 and help bolster full-year figures. Along with the fall in business operating profits (BOP) from $1.7bn in the…
Swiss Re Corporate Solutions suffered a $301m loss in the first half of this year after Covid-19 claims of $485m. But parent group Swiss Re insists that the unit’s turnaround is “well on track”, noting that excluding pandemic losses net income would have reached $81m from a net loss of $403m in the prior-year period. This is no doubt helped…
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…
