Allianz
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Ulrich Kadow will become global head of product management and underwriting transformation.
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Environmental activism and terrorist activity are also set to rise.
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The deal includes an LPT of ~$2bn loss reserves for 2016-2023 years with Arch Re.
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The marine hull market is looking to retain rating robustness in 2024.
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Mo joins from Chubb, where she was country manager for Sweden.
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All three carriers also announced increased dividends.
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The carrier has also hired Henry Henderson from Liberty.
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The appointment comes following the appointment of Ahad Khalid as head of power.
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It emerged in November that the carrier’s construction head Daniel Abramson was leaving the business.
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Political violence rose up the agenda, with conflict raging globally, and key elections due this year.
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Directors and officers face an increased risk of litigation next year, according to a report.
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The incoming AGCS CEO joined the carrier in 1998 and was most recently CEO of Central Europe.
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The carrier has made several senior hires in energy and construction this year.
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Allianz Trade recently announced that Stennett's role is being taken on by Peter Evola.
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Profits were down 14.6% at group level to EUR3.46bn, which Allianz attributed to the P&C business segment, where nat cats had a 7.3-point impact on the combined ratio, the highest reported in a decade.
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Reports show that the combined use of supply chain exploitation and data exfiltration is causing double-digit million-dollar losses for cyber insurers.
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Valencia will drive the carrier’s strategy for portfolios including panels, facilities, MGAs, bancassurance and other forms of delegated authority.
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The business was absorbed into AGCS from the former Fireman’s Fund portfolio.
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The top five insurers on the continent maintained their ‘clear dominance’ in terms of scale.
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Talanx, Groupama and Itas had shown interest in the P&C business.
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Elke Vagenende will lead the newly established region, completing Allianz’s leadership team across 11 regions.
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The capacity, provided by Allianz, will allow Hive to deepen its exposure in the class.
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In the new role, Giulio Terzariol will take on responsibility for the firm's insurance business units.
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The carrier is rebuilding its financial lines team following a number of staff exits from the division.
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Inflation, supply chain bottle necks and issues with emerging technology are all challenges for the sector.
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Haagen leaves after a 15-year tenure at Allianz, having been a board member of AGCS since early 2020.
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The underwriter is returning to the company after stints at TransRe and Liberty Specialty Markets.
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The carrier exited the Net Zero Insurance Alliance in May among other insurers.
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Downstream underwriters have been pushing for rate this year following high claims activity in 2022.
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AGCS confirmed that hull underwriter Ashley Hammond is staying with the business.
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The commercial lines unit increased premiums by 7%, with rate rises up 7% year to date.
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The liquidity will come from institutional capital, banks and credit funds, facilitated by Trade Finance Global and its partners, including Allianz Trade.
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Other bidders included France's Groupama and Italy's Itas.
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Staffing turmoil is ongoing in the marine market as companies vie to secure talent.
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Under Allianz’s Integrated Commercial strategy, each region will be led by a commercial managing director.
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Anthony Vassallo will focus on developing AGCS’s natural resources proposition, reporting to global head of specialty Gordon Browne.
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Simon McGinn joined Allianz in 2004 and was made CEO of Allianz Commercial in 2021.
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A variety of challenges remain, including the operation of Russia’s ‘shadow fleet’ for oil transport.
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After founder members Axa and Allianz dealt a potentially terminal blow to the Net-Zero Insurance Alliance by withdrawing, the NZIA is exploring limited options to continue.
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Sompo is the eighth major insurer to leave the NZIA, casting even further doubt on its future as remaining members explore options around whether to continue.
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Both Axa and Allianz said their own targets on sustainability and reducing emissions remain unchanged.
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De la Cuerda will oversee Allianz’s commercial unit in Spain and Portugal, reporting to both Allianz Spain CEO Veit Stutz and AGCS chief regions officer Henning Haagen.
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AGCS reported an 11% improvement to operating profit, reaching EUR202mn.
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The carrier made the statement following a news report which said it was renewing the policy.
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The carrier has confirmed single leaders for each of its four largest P&C commercial markets in the UK, France, Germany and Australia.
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Sang Hun Park previously spent nine years at Allianz before joining Munich Re as a senior origination manager in August 2021.
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The MGA provides coverage to SMEs in the food, hospitality, leisure and hotel sectors.
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Ross Taylor headed the Liberty Specialty Markets marine liability book, which was placed into run-off earlier this year.
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Analysts find carriers have few investments in bank debt after Credit Suisse rescue.
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Chris Townsend said streamlining the AGCS business would allow it to attract recruits and open progression opportunities.
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Gordon Browne will head up lines including marine, aviation and energy, representing 30% of AGCS premium.
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
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Allianz said this approach will close internal structural gaps in market reach and extend its product offering and delivery at a local level.
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Dr Renate Strasser and Shanil Williams will take on the expanded responsibilities as chief technical and chief underwriting officers, respectively.
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Karen Pickersgill joined Allianz in 1999 following roles at Aviva and Cigna.
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The cost of living, government distrust, polarisation, activism and climate all pose heightened risk.
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Despite 2022 being a “horror year”, the group reported record revenues and operating profit.
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Group profit improved by 5.7%, as the P&C segment benefited from improved underwriting and investment results.
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Anna Sampson will be responsible for expanding and diversifying the portfolio of delegated authority and facilities business.
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It emerged in August that Philip Graham was leaving Chaucer after more than two decades at the company.
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The deal represents the first Part VII transfer completed by Marco since launching in 2020.
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The energy crisis came in as a top-four concern, with 44% of respondents expressing worries over fuel costs, supply disruptions, inflation and the effects of Russia’s invasion of Ukraine.
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The company has made a number of senior appointments to help run the unit.
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Companies will also face claims relating to cyber security and problems with ESG disclosures.
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The German carrier will increase the attachment point on its US coverage by 50% to $300mn.
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The executive replaces Paul Schiavone, who is leaving the company.
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The unit will aim to grow captive solutions and structured solutions.
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She succeeds William Mills, who left his role as group head of ceded re and third-party capital for Allianz.
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AGCS said fire and explosion incidents have caused the most expensive insurance claims in the marine industry, while cargo damage is the most frequent cause of loss.
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William Mills was most recently group head of ceded reinsurance and third-party capital at Allianz.
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Thorsten Fromhold has been appointed to the new role of chief group reinsurance buyer.
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Lack of exposure and extensive reinsurance protection meant Hurricane Ian was “not a big event”.
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The business unit has posted strong profits following a period of underwriting remediation.
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The carrier also appointed Sam Bartram as regional head of marine, and Trent Cannings as regional head of energy and construction.
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The company has promoted Mark Whayling, who has worked for AGCS for five years.
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After a widespread drop in InsurTech funding, all signs point to a period of M&A among InsurTechs either struggling to raise funding or seeking a partnership with an incumbent.
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Innovation Group specialises in business process and claims management solutions and will continue to operate independently.
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The third-party business brings in around EUR1.8bn ($2bn) of Allianz Re’s portfolio.
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The digital investments arm of Allianz Group has been a strategic investor in the Berlin-based InsurTech since 2016.
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Charles Tinworth and Abigail Paterson are set to join the property team as senior underwriter and underwriter, respectively.
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Inflation will define priorities such as a focus on safeguarding clauses and pricing transparency, as well as line of business challenges, for underwriters and actuaries in the year ahead.
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The carrier is launching into the downstream energy market as part of an international primary lines expansion.
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Clubs including Arsenal, Aston Villa and Leicester City are claiming against insurers.
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The transaction will eliminate Enstar’s direct exposure to cat business and boost its book value.
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The business unit continued its run of post-remediation profitability, posting a combined ratio of 95%.
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The carrier has posted healthy returns following a period of extensive remediation of its portfolio.
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The loss comes hard on the heels of a large BI claim stemming from the Freeport LNG refinery.
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A case against Fireman’s Fund reversed an earlier decision that Covid-19 cannot cause physical damage.
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The insurer also found that fire and explosion remained the most costly source of claims, defying efforts to improve risk management.
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Guy Money, global head of product at AGCS, has been appointed global head of multinational business.
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The suit is the latest in a series of Covid-19 BI legal actions hinging on aggregation brought against insurers.
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The recruit will report to recently appointed Europe CEO Olaf Jonda.
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The varying treatment of the flood losses raises questions over how the industry should define flood events.
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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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The insurer added that, from July 2023, it would no longer renew contracts for existing projects.
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Alli MacLean will take on the expanded role following the exit of contingency chief Yael Mimran.
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The carriers have placed a legally binding cat excess-of-loss reinsurance contract using B3i’s platform.
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Vanessa Maxwell will succeed, and subsequently report to, Shanil Williams, who was promoted to the board in January.
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Trade credit insurer Euler Hermes has become Allianz Trade in a company rebrand – a move Allianz described as “natural”, given that the former had been a full part of Allianz Group since 2018.
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Linda Daly will join the company’s D&O division led by Michael Chu.
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The trio join WTW, Aon, Marsh McLennan, Hannover Re and Generali in shunning Russia over the Ukraine invasion.
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The appointment comes after underwriter Matthew Wells left AGCS to join Axa XL.
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Allianz looks the most exposed to the conflict, with roughly EUR2bn of its EUR809bn of investment assets at risk, according to the analyst.
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The program, specifically for SMEs, covers a range of products within management and professional liability.
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The carrier has increased the capacity of its aggregate layer from EUR300mn to EUR500mn.
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The CEO said the business unit was focused on bottom-line profits rather than top-line growth.
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A turnaround in the fortunes of AGCS saw the combined ratio at the business unit drop by 18 points to 97.5%.
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Snabe stepped down following concerns he sat on the boards of too many organisations including Siemens, AP Moller-Maersk and the World Economic Forum.
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Another pandemic outbreak came in fourth place, with 22% of respondents saying they were worried about further health and workforce issues and movement restrictions in 2022.
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Shanil Williams joined Allianz in 2016 and has worked in a variety of senior roles across its financial lines business.
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Insolvencies are a key source of claims but have been prevented by government support measures during the pandemic.
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For the carrier’s P&C business, the company said it would focus on annual revenue growth of 3%-4% between 2022 and 2024.
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European regulation on dividends is a “disaster” for the insurance industry and “shouldn’t repeat itself”, according to Allianz CEO Oliver Bäte, speaking during the S&P Global Ratings European insurance conference.
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Allianz Global Corporate & Specialty (AGCS) hull underwriter Matthew Wells has resigned to join Axa XL, Insurance Insider can reveal.
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Allianz Global Corporate & Specialty (AGCS) has reshuffled its market-facing leadership team with the announcement of a series of regional and global executive appointments.
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The remediation work at Allianz Global Corporate & Specialty (AGCS) has been “accomplished”, and the business unit is now targeting profitable growth, according to Allianz CFO Giulio Terzariol.
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Anusha Thavarajah has been appointed regional CEO of Allianz Asia-Pacific (APAC), effective 1 December, while Philipp Kroetz has been appointed CEO of Allianz Direct, effective 1 January, subject to regulatory approval.
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The insurer pegged its updated gross claims figure higher than the Elbe flood of 2002.
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The carrier aims to push suppliers to develop better ESG practices.
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The executive explained the carrier was ready to pivot to growth after exiting some EUR700mn of business as part of its extensive turnaround programme.
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The deal marks the first legacy risk transaction for the start-up.
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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.
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The executive will be succeeded by Allianz Leben chief Andreas Wimmer.
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The AIG-owned business has seen a major transformation in its senior leadership.
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The Wall Street Journal reported that top asset management executive Jaqueline Hunt was in talks to leave the business.
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The policy covers topics from name changes to dress codes and has the support of the charity Stonewall.
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An investigation by Germany’s financial watchdog BaFin is looking across multiple departments of Allianz’s business, according to Reuters.
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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.
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Insurers have now shelled out just over £968mn to BI policyholders in interim and final settlements.
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The carrier returned to profit in Q2, with premium income down as a result of portfolio remediation.
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Hannover Re has estimated that the floods could end up costing the industry as much as EUR7.5bn.
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AGCS posted profits of EUR98mn after making a loss in Q2 2020 when it suffered heavy Covid-19 claims.
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The insurer said that the benefits of scale from large vessels may soon be outweighed by the risks of disruption they pose.
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The carrier said its board had concluded the probe could “materially impact future financial results”.
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The carrier is expecting 30,000 property claims, as well as 5,000 vehicle claims.
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The new division is structured into three business units: a chief underwriting office led by Rasmus Nygård, business transformation led by Jörg Hipp and global MidCorp, headed up by Ole Ohlmeyer.
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The changes are designed to simplify the business and streamline operations.
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The information-gathering exercise for large insurers and banks won’t dictate capital requirements.
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The recruit has spent 16 years at AGCS in senior roles.
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The central bank governor said such a move would require ‘robust data.
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The outgoing chief has led the German carrier’s UK business for eight years.
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The executive says that AGCS is ready to pursue growth after renewal rates rose 22% in the first quarter, following 26% expansion for 2020 as a whole.
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The combined ratio for AGCS improves by over 19 points as the division swings EUR81mn into the black.
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Maria Grace had been with Everest since 2016, and was previously an executive within AIG’s Lexington unit.
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The carrier has widened the scope for businesses linked to coal that it will not insure.
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The four-year agreement covers professional indemnity, D&O liability, crime and pension-trustee liability.
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Trade association research found that women make up only 27% of directors at 31 member companies surveyed.
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The executive will be replaced by CFO Holger Tewes-Kampelmann.
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QBE is said to be a fourth potential bidder.
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$600mn round values Stripe at $95bn making the company one of the world’s most valuable private companies.
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CNP Assurances acquires the UK carrier’s life business in the market.
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Elizaveta Krieg will lead global property on an interim basis.
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The product will initially be available in the US, with scope to expand internationally at a later date.
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Kevin Hegel replaces Ayleen Frete, who becomes global head of practice management.
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The underwriter has led the unit on an interim basis since late 2020 following the departure of Lauren Bailey.
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Performance at AGCS deteriorated, with the unit reporting an operating loss of EUR482mn.
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The legacy company announces three recent appointments to its management team.
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Insider Hannah Tindal will move from Chicago to London to take the role of D&O head within the London regional unit and Nordic team.
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Benjamin Telling worked at AGCS since 2009 and has been an airline underwriter since 2017.
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Typical cat loss events trigger XoL reinsurance recoveries. It is not certain that this will.
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The carrier says it will back “climate-positive” technologies at the expense of carbon-intensive businesses.
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Costs outpaced the European benchmark rate change, but Covid loss negotiations have been deferred.
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The return to the office and perceived slow business recovery could also lead to claims.
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The German carrier and Apollo-backed bid partner Athora reportedly met resistance from unions during the $3.6bn auction.
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The latest recruit is returning to Swiss Re after five years.
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The report said that the volume of cyber insurance claims had gone up more than nine times in the past five years.
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Soaring rates in the D&O market have prompted a string of underwriting people moves in London.
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The carrier expects its total losses to reach EUR700mn-EUR900mn, as Covid claims reports begin to flow to reinsurers.
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AIG shares climbed 13% to $37.52, compared with a 1.2% increase in the overall S&P 500 index.
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The CFO says the carrier will first focus on bringing its combined ratio below 100%.
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Operating profit was down 40% in AGCS as the carrier pruned its portfolio in North America and investment income fell.
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The Allianz unit says the experience of the Sars epidemic suggests general liability claims are likely to remain benign.
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The deal with Jubilee Insurance supports Allianz’s ambition to gain market leadership in key African territories.
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The German carrier and the Apollo-backed life insurer team up for a bid which could be worth an estimated $2.3bn-$3.5bn.
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The expansion comes in anticipation of uptick in Asian M&A activity.
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The CFO said that the unit was focused on building a profitable book and that growth would come later.
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The carrier said Covid-19 had a EUR800mn negative impact on the P&C division in the first half.
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The program administrator expanded into the business line at the beginning of the year.
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The executive’s interim role as head of the ART unit becomes permanent.
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Frank Amandi moves to the new post in Cologne after more than six years with the Allianz unit.
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Carlo Bewersdorf joins from Hannoversche Lebensversicherung as the white-label digital insurer prepares to become a standalone business.
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S&P Global Ratings has revised its ratings outlook on Allianz Global Corporate & Specialty (AGCS) from stable to negative, citing Covid-19-related profitability concerns.
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The directors’ and officers’ (D&O) insurance market is bracing for a total loss of around $600mn for claims against American-Israeli drug manufacturer Teva Pharmaceuticals.
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Allianz Global Corporate & Specialty (AGCS) CEO Joachim Müller has unveiled a turnaround plan that will make the carrier “more efficient, leaner and faster”.
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The carrier hires from Axa XL and NewRe and consolidates regional leadership as CEO Joachim Müller stamps his mark on the company.
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Allianz Global Corporate & Specialty (AGCS) has launched a new cyber insurance product, supported by recent new appointments to its UK cyber team.
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Former Zurich underwriter Michela Moro and CFC’s Lewis Bennett join the team.
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Allianz, Chubb and WRB are among the carriers that oppose the centralisation of BI claims.
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Jonathan Milford-Cottam replaces Tom Fadden, who remains global aviation head.
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Thomas Kang joins Allianz from Willis Towers Watson.
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The business unit was established in 2018 to monitor the company’s group-wide cyber exposure.
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Analyst Michael Huttner predicts that rising rates could allow Zurich to recover pandemic losses in just a year.
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Analyst Michael Huttner forecasts lower pandemic-related losses for the Axa unit than for Allianz.
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