Allianz

The carrier aims to push suppliers to develop better ESG practices.

The executive explained the carrier was ready to pivot to growth after exiting some EUR700mn of business as part of its extensive turnaround programme.

The deal marks the first legacy risk transaction for the start-up.

Allianz Global Corporate and Specialty (AGCS) received over 1,000 cyber claims in 2020 and has warned of no abatement in the frequency and severity of ransomware losses flooding the market.

The executive will be succeeded by Allianz Leben chief Andreas Wimmer.

The AIG-owned business has seen a major transformation in its senior leadership.

The Wall Street Journal reported that top asset management executive Jaqueline Hunt was in talks to leave the business.

The policy covers topics from name changes to dress codes and has the support of the charity Stonewall.

An investigation by Germany’s financial watchdog BaFin is looking across multiple departments of Allianz’s business, according to Reuters.

Berenberg believes EUR3.5bn would be a manageable loss for the insurer and estimates that it would be earned back in well under a year, but a EUR6.8bn loss would be more challenging.

Insurers have now shelled out just over £968mn to BI policyholders in interim and final settlements.

The carrier returned to profit in Q2, with premium income down as a result of portfolio remediation.