Allianz
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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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