Allianz

The German carrier and the Apollo-backed life insurer team up for a bid which could be worth an estimated $2.3bn-$3.5bn.

The expansion comes in anticipation of uptick in Asian M&A activity.

The CFO said that the unit was focused on building a profitable book and that growth would come later. 

The carrier said Covid-19 had a EUR800mn negative impact on the P&C division in the first half.

The program administrator expanded into the business line at the beginning of the year.

The executive’s interim role as head of the ART unit becomes permanent.

Frank Amandi moves to the new post in Cologne after more than six years with the Allianz unit.

Carlo Bewersdorf joins from Hannoversche Lebensversicherung as the white-label digital insurer prepares to become a standalone business.

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.

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.

Allianz Global Corporate & Specialty (AGCS) CEO Joachim Müller has unveiled a turnaround plan that will make the carrier “more efficient, leaner and faster”.

The carrier hires from Axa XL and NewRe and consolidates regional leadership as CEO Joachim Müller stamps his mark on the company.