Allianz
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The varying treatment of the flood losses raises questions over how the industry should define flood events. -
The insurer will take a EUR400mn hit by selling the stake in its Russian outfit.
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The executive has worked for Beazley for almost 16 years.
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Climate risk and demographic change will continue to drive expansion over the next decade, according to a report.
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Together with its parent company, Allianz Global Investors has agreed to pay more than $5bn in restitution to victims and $1bn to US authorities.
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Plus the latest company results, people moves and all the top news of the week.
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Profits slipped by 3% at the carrier in Q1, driven by floods in Australia, which added to the highest Q1 cat claims in over a decade.
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AGCS continued its run of improved profits, posting a combined ratio of 95% for the quarter.
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The carrier has also promoted Srdjan Todorovic to lead its global political violence operation.
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The carrier has already set aside EUR3.7bn to cover the cost of the investigation and any litigation costs.
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The insurer warned that claims could arise beyond the immediate war threat in the Black Sea.
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The pair will be present in 29 countries, and the chairmanship will rotate between the two firms every two years.
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