Chubb has appointed Dawn Miller as country president for Switzerland. Ms Miller will be responsible for growing Chubb’s insurance operations in Switzerland and will report to Adam Clifford, Chubb’s division president for continental Europe. She takes over the role from Florian Eisele, who has been appointed Chubb’s senior vice-president and director of accident and health for continental Europe. Ms Miller…
Even though Swiss Re performed materially below expectations, S&P Global Ratings expects the group to maintain its risk-based capital above the AA level, which supports an AA- long-term rating and stable outlook on its core operating entities. “Unlike some of its peers, Swiss Re Group benefits from its capital buffer – which it has built up over time – above…
Zurich’s P&C operating profit jumped 38% to $2.88bn in 2019 with its combined ratio improving 1.4 percentage points to 96.4%, as price increases rose throughout the year. This helped the insurer exceed its three-year targets put in place to turn fortunes around and saw group operating profit rise by 16% last year to $5.3bn. Zurich’s P&C business saw gross written…
Chubb has announced changes to its leadership team in Europe as Nadia Côté is appointed head of the region’s major accounts division and is replaced as country president of France by Veronique Brionne. Ms Côté takes over from Suresh Krishnan, who has been appointed chief operating officer for Chubb North America accident and health. In the newly expanded role as…
The value of mergers and acquisitions (M&A) in the EMEA region fell during the first half of this year, yet Aon said insurance bought to cover these transactions has remained resilient. Despite this, the broker has challenged the insurance market to develop more innovative solutions. In a new report with Mergermarket, Aon said 3,962 M&As were reported in the EMEA…
Swiss Re will sell its closed life subsidiary ReAssure Group to Phoenix Group for a cash payment of £1.2bn plus shares worth about £2bn in Phoenix. Swiss Re said the sale of ReAssure has been a goal of the firm. Swiss Re will take a seat on the board of directors at Phoenix. Swiss Re said the deal values ReAssure…
Insurers and risk managers need to model and price for climate change risk and build resilience, as a warmer world looks ever more likely, according to Zurich Insurance Group. Two studies published last week indicate the risks of a warmer world are increasing, as governments fail to adequately tackle climate change. The latest annual UN emissions gap report reveals that…
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…
Swiss Re has confirmed that it has been exploring a possible investment in Shanghai-based China Pacific Insurance Group, the second-largest non-life insurance company in China and third-largest life company, which was established in 1991. Swiss Re stated this week: “In response to media speculation concerning a possible investment by Swiss Re in China Pacific Insurance (Group) Co. (CPIC) and an…
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…