Allianz

White will join from Allianz trade, and Summers from Talbot.

Stephen Ridgers is leaving his current role as head of construction midcorp at Allianz Commercial.

The report highlighted the gap between insured and uninsured attacks is widening.

The toll of risk losses sustained by the PVT market this year is mounting.

Plus, the latest people moves and all the top news of the week.

The platform aims to “bend the loss curve”.

The insurer’s plans for the syndicate were revealed by this publication earlier this year.

Rates are bottoming out, but ample capacity is still preventing a hardening market.

A number of staff will be leaving the D&O team as a result of the restructuring.

The carrier’s overall P&C combined ratio improved 1.8 points to 91.2%.

Doan Nguyen-Huu also succeeds Claudia Valencia Lascar as unit head.

Incumbent Oskar Buchauer is stepping down after 27 years.

Liberty Mutual, Allianz and Aviva previously had their appeals dismissed.

Plus the latest people moves and all the top news of the week.

Lloyd’s executives have suggested ceded reinsurance syndicates could help London compete in treaty.

The carrier said the cuts will help it to become a “simpler, digital-led business”.

The executive previously spent 15 years in a variety of roles at Zurich.

Working out ROI on sponsorship deals is difficult, but the sport is beloved by insurance brands.

Politically related exposures are growing for the marine market.

While M&S had a cyber policy in place, Co-op and Harrods did not, Insurance Insider revealed.

Plus the latest people moves and all the top news of the week.

The carrier’s overall P&C combined ratio improved 0.1 points to 91.8%.

Insurance Insider revealed earlier this week that the underwriter had resigned from Allianz.

The cyber head joins from Allianz Commercial.

The Willis-brokered coverage also includes the Willis CyXS facility.

New capacity continues to enter the hull market, and rates are falling.

Insolvencies caused by the tariffs could also cause increased losses

Newly appointed CEO Chris Jones also joins the board.

Charles De Bar leaves Allianz after four years with the carrier.

A positive outcome could significantly curb insurers’ exposure to the loss.

A survey from the carrier looked at the political risk and violence concerns of companies.

Allianz has previously entered several capacity arrangements with the MGA.

des Cressonnières has worked for the carrier for 28 years.

Of the 178 passengers and crew on board, no serious injuries have been reported.

A collision earlier today caused a cargo of jet fuel to burst into flames.

The company also announced a EUR2bn share buyback.

The crash is the latest of several losses for aviation insurers in recent months.

A new UK CEO for the trade credit insurer will be announced at a later date.

The executive will report to Colm Holmes and Dick Volger in his new position.

The biggest riser in this year’s Allianz Risk Barometer was climate change.

The executive will look to develop the MGA’s specialty underwriting portfolio.

The move follows objections from the Singapore government.

The carrier revealed new group financial targets at its Capital Markets Day.

Tillett succeeds Michela Moro who is returning to Italy, according to Allianz.

Allianz’s P&C unit booked natural catastrophe claims of EUR646mn over Q3.

Palestine Action alleges Allianz is involved in insuring the Israeli arms trade.

Construction rates remain stable with some talk of potential softening.

Mark Hartigan will move to chair following a spell as interim CEO.

The former Aspen executive has resigned from AIG and will fill the vacant CEO role at the large corporate unit of the German carrier.

The firm will split its global combined cat program into two layers.

QBE has “effectively stopped writing new business” in response to its New Caledonia loss.

The executive has spent fewer than 12 months in post.

Plus the latest people moves and all the top news of the week.

Allianz’s group profits were up on stronger investment results.

Crashes and collisions accounted for 63% of aviation insurance claims between 2019 and 2024.

Both parties expect to close the transaction on 1 August 2024.

A roundup of all the news you need today, including Enstar EU’s new CEO.

The transaction will make Allianz the fourth-largest composite insurer in Asia.

Vanessa Maxwell will remain global head of financial lines.

The agreement provides £10mn of capacity in several marine lines of business.

Scott Sayce will join on 1 September and report to David Harries, group director of underwriting.

Browne joins from Allianz Global Corporate & Specialty, where he was head of specialty.

Jason Howes has also been promoted to chief transformation officer.

Premium income was down due to lower volume in financial lines and alternative risk transfer.

The news follows an announcement from the MGA last week that it has taken a Lloyd’s box.

Ulrich Kadow will become global head of product management and underwriting transformation.

Environmental activism and terrorist activity are also set to rise.

The deal includes an LPT of ~$2bn loss reserves for 2016-2023 years with Arch Re.

The marine hull market is looking to retain rating robustness in 2024.

Mo joins from Chubb, where she was country manager for Sweden.

All three carriers also announced increased dividends.

The segment’s combined ratio improved to 94.5%.

The carrier has also hired Henry Henderson from Liberty.

The appointment comes following the appointment of Ahad Khalid as head of power.

It emerged in November that the carrier’s construction head Daniel Abramson was leaving the business.

Political violence rose up the agenda, with conflict raging globally, and key elections due this year.

Directors and officers face an increased risk of litigation next year, according to a report.

The incoming AGCS CEO joined the carrier in 1998 and was most recently CEO of Central Europe.

The carrier has made several senior hires in energy and construction this year.

Allianz Trade recently announced that Stennett's role is being taken on by Peter Evola.

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.

Reports show that the combined use of supply chain exploitation and data exfiltration is causing double-digit million-dollar losses for cyber insurers.

Valencia will drive the carrier’s strategy for portfolios including panels, facilities, MGAs, bancassurance and other forms of delegated authority.

The business was absorbed into AGCS from the former Fireman’s Fund portfolio.

The top five insurers on the continent maintained their ‘clear dominance’ in terms of scale.

Talanx, Groupama and Itas had shown interest in the P&C business.

Elke Vagenende will lead the newly established region, completing Allianz’s leadership team across 11 regions.

The capacity, provided by Allianz, will allow Hive to deepen its exposure in the class.

In the new role, Giulio Terzariol will take on responsibility for the firm's insurance business units.

The carrier is rebuilding its financial lines team following a number of staff exits from the division.

Inflation, supply chain bottle necks and issues with emerging technology are all challenges for the sector.

Haagen leaves after a 15-year tenure at Allianz, having been a board member of AGCS since early 2020.

The underwriter is returning to the company after stints at TransRe and Liberty Specialty Markets.

The carrier exited the Net Zero Insurance Alliance in May among other insurers.

Downstream underwriters have been pushing for rate this year following high claims activity in 2022.

AGCS confirmed that hull underwriter Ashley Hammond is staying with the business.

The commercial lines unit increased premiums by 7%, with rate rises up 7% year to date.

The liquidity will come from institutional capital, banks and credit funds, facilitated by Trade Finance Global and its partners, including Allianz Trade.

Other bidders included France's Groupama and Italy's Itas.

Staffing turmoil is ongoing in the marine market as companies vie to secure talent.

Under Allianz’s Integrated Commercial strategy, each region will be led by a commercial managing director.

Anthony Vassallo will focus on developing AGCS’s natural resources proposition, reporting to global head of specialty Gordon Browne.

Simon McGinn joined Allianz in 2004 and was made CEO of Allianz Commercial in 2021.

A variety of challenges remain, including the operation of Russia’s ‘shadow fleet’ for oil transport.

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.

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.

Both Axa and Allianz said their own targets on sustainability and reducing emissions remain unchanged.

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.

AGCS reported an 11% improvement to operating profit, reaching EUR202mn.

The carrier made the statement following a news report which said it was renewing the policy.

The carrier has confirmed single leaders for each of its four largest P&C commercial markets in the UK, France, Germany and Australia.

Sang Hun Park previously spent nine years at Allianz before joining Munich Re as a senior origination manager in August 2021.

The MGA provides coverage to SMEs in the food, hospitality, leisure and hotel sectors.

Ross Taylor headed the Liberty Specialty Markets marine liability book, which was placed into run-off earlier this year.

Analysts find carriers have few investments in bank debt after Credit Suisse rescue.

Chris Townsend said streamlining the AGCS business would allow it to attract recruits and open progression opportunities.

Gordon Browne will head up lines including marine, aviation and energy, representing 30% of AGCS premium.

The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector. 

Allianz said this approach will close internal structural gaps in market reach and extend its product offering and delivery at a local level.

Dr Renate Strasser and Shanil Williams will take on the expanded responsibilities as chief technical and chief underwriting officers, respectively.

Karen Pickersgill joined Allianz in 1999 following roles at Aviva and Cigna.

The cost of living, government distrust, polarisation, activism and climate all pose heightened risk.

Despite 2022 being a “horror year”, the group reported record revenues and operating profit.

Group profit improved by 5.7%, as the P&C segment benefited from improved underwriting and investment results.

Anna Sampson will be responsible for expanding and diversifying the portfolio of delegated authority and facilities business.

It emerged in August that Philip Graham was leaving Chaucer after more than two decades at the company.

The deal represents the first Part VII transfer completed by Marco since launching in 2020.

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.

The company has made a number of senior appointments to help run the unit.

Companies will also face claims relating to cyber security and problems with ESG disclosures.

The German carrier will increase the attachment point on its US coverage by 50% to $300mn.

The executive replaces Paul Schiavone, who is leaving the company.

The unit will aim to grow captive solutions and structured solutions.

She succeeds William Mills, who left his role as group head of ceded re and third-party capital for Allianz.

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.

William Mills was most recently group head of ceded reinsurance and third-party capital at Allianz.

Thorsten Fromhold has been appointed to the new role of chief group reinsurance buyer.

Lack of exposure and extensive reinsurance protection meant Hurricane Ian was “not a big event”.

The business unit has posted strong profits following a period of underwriting remediation.

The carrier also appointed Sam Bartram as regional head of marine, and Trent Cannings as regional head of energy and construction.

The company has promoted Mark Whayling, who has worked for AGCS for five years.

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.

Innovation Group specialises in business process and claims management solutions and will continue to operate independently.

The third-party business brings in around EUR1.8bn ($2bn) of Allianz Re’s portfolio.

The digital investments arm of Allianz Group has been a strategic investor in the Berlin-based InsurTech since 2016.

Charles Tinworth and Abigail Paterson are set to join the property team as senior underwriter and underwriter, respectively.

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.

The carrier is launching into the downstream energy market as part of an international primary lines expansion.

Clubs including Arsenal, Aston Villa and Leicester City are claiming against insurers.

The transaction will eliminate Enstar’s direct exposure to cat business and boost its book value.

The business unit continued its run of post-remediation profitability, posting a combined ratio of 95%.

The carrier has posted healthy returns following a period of extensive remediation of its portfolio.

The loss comes hard on the heels of a large BI claim stemming from the Freeport LNG refinery.

A case against Fireman’s Fund reversed an earlier decision that Covid-19 cannot cause physical damage.

The insurer also found that fire and explosion remained the most costly source of claims, defying efforts to improve risk management.

Guy Money, global head of product at AGCS, has been appointed global head of multinational business.

The suit is the latest in a series of Covid-19 BI legal actions hinging on aggregation brought against insurers.

The recruit will report to recently appointed Europe CEO Olaf Jonda.

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.

The executive has worked for Beazley for almost 16 years.

Climate risk and demographic change will continue to drive expansion over the next decade, according to a report.

Together with its parent company, Allianz Global Investors has agreed to pay more than $5bn in restitution to victims and $1bn to US authorities.

Plus the latest company results, people moves and all the top news of the week.

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.

AGCS continued its run of improved profits, posting a combined ratio of 95% for the quarter.

The carrier has also promoted Srdjan Todorovic to lead its global political violence operation.

The carrier has already set aside EUR3.7bn to cover the cost of the investigation and any litigation costs.

The insurer warned that claims could arise beyond the immediate war threat in the Black Sea.

The pair will be present in 29 countries, and the chairmanship will rotate between the two firms every two years.

The insurer added that, from July 2023, it would no longer renew contracts for existing projects.

Alli MacLean will take on the expanded role following the exit of contingency chief Yael Mimran.

The carriers have placed a legally binding cat excess-of-loss reinsurance contract using B3i’s platform.

Vanessa Maxwell will succeed, and subsequently report to, Shanil Williams, who was promoted to the board in January.

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.

Linda Daly will join the company’s D&O division led by Michael Chu.

The trio join WTW, Aon, Marsh McLennan, Hannover Re and Generali in shunning Russia over the Ukraine invasion.

The appointment comes after underwriter Matthew Wells left AGCS to join Axa XL.

Allianz looks the most exposed to the conflict, with roughly EUR2bn of its EUR809bn of investment assets at risk, according to the analyst.

The program, specifically for SMEs, covers a range of products within management and professional liability.

The carrier has increased the capacity of its aggregate layer from EUR300mn to EUR500mn.

The CEO said the business unit was focused on bottom-line profits rather than top-line growth.

A turnaround in the fortunes of AGCS saw the combined ratio at the business unit drop by 18 points to 97.5%.

Snabe stepped down following concerns he sat on the boards of too many organisations including Siemens, AP Moller-Maersk and the World Economic Forum.

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.

Shanil Williams joined Allianz in 2016 and has worked in a variety of senior roles across its financial lines business.

Insolvencies are a key source of claims but have been prevented by government support measures during the pandemic.

For the carrier’s P&C business, the company said it would focus on annual revenue growth of 3%-4% between 2022 and 2024.

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.

Allianz Global Corporate & Specialty (AGCS) hull underwriter Matthew Wells has resigned to join Axa XL, Insurance Insider can reveal.

Allianz Global Corporate & Specialty (AGCS) has reshuffled its market-facing leadership team with the announcement of a series of regional and global executive appointments.

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.

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.

The insurer pegged its updated gross claims figure higher than the Elbe flood of 2002.

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.

Hannover Re has estimated that the floods could end up costing the industry as much as EUR7.5bn.

AGCS posted profits of EUR98mn after making a loss in Q2 2020 when it suffered heavy Covid-19 claims.

The insurer said that the benefits of scale from large vessels may soon be outweighed by the risks of disruption they pose.

The carrier said its board had concluded the probe could “materially impact future financial results”.

The carrier is expecting 30,000 property claims, as well as 5,000 vehicle claims.

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.

The changes are designed to simplify the business and streamline operations.

The information-gathering exercise for large insurers and banks won’t dictate capital requirements.

The recruit has spent 16 years at AGCS in senior roles.

The central bank governor said such a move would require ‘robust data.

The outgoing chief has led the German carrier’s UK business for eight years.

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.

The combined ratio for AGCS improves by over 19 points as the division swings EUR81mn into the black.

Maria Grace had been with Everest since 2016, and was previously an executive within AIG’s Lexington unit.

The carrier has widened the scope for businesses linked to coal that it will not insure.

The four-year agreement covers professional indemnity, D&O liability, crime and pension-trustee liability.

Trade association research found that women make up only 27% of directors at 31 member companies surveyed.

The executive will be replaced by CFO Holger Tewes-Kampelmann.

QBE is said to be a fourth potential bidder.

$600mn round values Stripe at $95bn making the company one of the world’s most valuable private companies.

CNP Assurances acquires the UK carrier’s life business in the market.

Elizaveta Krieg will lead global property on an interim basis.

The product will initially be available in the US, with scope to expand internationally at a later date.

Kevin Hegel replaces Ayleen Frete, who becomes global head of practice management.

The underwriter has led the unit on an interim basis since late 2020 following the departure of Lauren Bailey.

Performance at AGCS deteriorated, with the unit reporting an operating loss of EUR482mn.

The legacy company announces three recent appointments to its management team.

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.

Benjamin Telling worked at AGCS since 2009 and has been an airline underwriter since 2017.

Typical cat loss events trigger XoL reinsurance recoveries. It is not certain that this will.

The carrier says it will back “climate-positive” technologies at the expense of carbon-intensive businesses.

Costs outpaced the European benchmark rate change, but Covid loss negotiations have been deferred.

The return to the office and perceived slow business recovery could also lead to claims.

The German carrier and Apollo-backed bid partner Athora reportedly met resistance from unions during the $3.6bn auction.

The latest recruit is returning to Swiss Re after five years.

The report said that the volume of cyber insurance claims had gone up more than nine times in the past five years.

Soaring rates in the D&O market have prompted a string of underwriting people moves in London.

The carrier expects its total losses to reach EUR700mn-EUR900mn, as Covid claims reports begin to flow to reinsurers.

AIG shares climbed 13% to $37.52, compared with a 1.2% increase in the overall S&P 500 index.

The CFO says the carrier will first focus on bringing its combined ratio below 100%.

Operating profit was down 40% in AGCS as the carrier pruned its portfolio in North America and investment income fell.

The Allianz unit says the experience of the Sars epidemic suggests general liability claims are likely to remain benign.

The deal with Jubilee Insurance supports Allianz’s ambition to gain market leadership in key African territories.

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.

Allianz Global Corporate & Specialty (AGCS) has launched a new cyber insurance product, supported by recent new appointments to its UK cyber team.

Former Zurich underwriter Michela Moro and CFC’s Lewis Bennett join the team.

Allianz, Chubb and WRB are among the carriers that oppose the centralisation of BI claims.

Jonathan Milford-Cottam replaces Tom Fadden, who remains global aviation head.

Thomas Kang joins Allianz from Willis Towers Watson.

The business unit was established in 2018 to monitor the company’s group-wide cyber exposure.

Analyst Michael Huttner predicts that rising rates could allow Zurich to recover pandemic losses in just a year.

Analyst Michael Huttner forecasts lower pandemic-related losses for the Axa unit than for Allianz.

Giulio Terzariol said underwriting losses from the virus would mean P&C operating profit would come in up to 20 percent below target this year.

AGCS swings to a EUR141mn loss, while the pandemic impact across the whole P&C unit totals EUR400mn.

The Judicial Panel on Multidistrict Litigation will determine whether federal BI lawsuits should be consolidated.

The company wants to remove coal-based companies from its investment and insurance portfolios by 2040.

The carrier joins a growing number of peers withdrawing targets because of Covid-19 uncertainty.

BBVA will contribute insurance operations with GWP of about $325mn last year to a new joint venture.

The deal was subject to speculation in October but has come in below the expected EUR1bn value.

Oliver Baete tells Bloomberg that the pandemic was like a “meteorite” for the insurance industry.

The former AGCS specialty CUO replaces Stuart Beatty, who will lead the reinsurance broking unit in the region.

Ali Shahkarami will take on the newly created role and report to COO Bettina Dietsche.

The executive will be North American reinsurance head for Allianz’s risk transfer division.

The portfolio is understood to give Continental access to over $50mn of new business.

Loeiz Limon-Duparcmeur replaces Chantal Schumacher, who moves to a role at parent Allianz.

Current business is expected to go to London or Asia, with 23 local employees affected by the closure.

Executives cite strong rate growth as they predict a 2021 AGCS combined ratio of 97 percent.

Nine cedants including Allianz and Generali were involved in the pilot.

The former AGCS marine chief will be managing director of Willis Re’s international customised reinsurance practice.

Adam Lantrip, Sam Levine and Laura Burke have joined the new division.

US liability claims deterioration is one of the reasons Allianz has not been more specific on its full-year profit guidance, the CFO said.

Profits at AGCS grew 57 percent, while pricing momentum pushed up revenues at the unit up by 13 percent.

Decision taken to renew separate LV cover at 1 December, with an integrated purchase likely in the future.

The drone insurance start-up will initially insure flights for the UK, Belgium and Sweden and Finland.

The machine learning company counts Chubb and RenaissanceRe among its customers.

Size of payout will depend on whether CBI sub-limit of $100mn holds, with insured seeking $450mn.

The CEO says the institution is politicised and encouraging reckless consumer spending.

Hyeji Kang was formerly head of actuarial function and replaces Bernhard Arbogast, who retires after 25 years with the carrier.

Swiss Re, Allianz and Zurich are among those backing the UN initiative.

Singaporean and Vietnamese businesses are reportedly in scope for disposal.

The action reflects Mexico’s foreign currency sovereign rating.

The deal makes Allianz one of the top three insurers in the country.

The CFO tells analysts the US MidCorp business will come under particular scrutiny.

The CEO promises not to “sit on” excess capital, opening the door to additional capital management.

AGCS records an underwriting loss despite booking no cat losses in the quarter.

The financing round in the ESG data provider comes as companies’ regulatory obligations to prioritise sustainability as an investment-criteria increase.

The executive will head up the unit following Angelo Colombo’s departure to Swiss Re.

Former head of global crisis management Christof Bentele will take on a new ART role, with Björn Reusswig and Stewart Eaton sharing his prior role.

The lawsuit against carriers including Chubb, Allianz and Markel follows the passage of NY’s Child Victims Act.

The Brazilian company says it has entered bilateral talks with its German peer.

The carrier also installs James Stack as Pacific region CEO.

The move underlines John Neal’s drive to embrace the wider London market.

The executive was the first woman to join the German carrier’s board, and was previously head of group M&A.

The German carrier unwinds an eight-year-old alliance originally forged with Banco Popular.

The senior management moves come as former aviation chief Mike Hansen prepares to leave for Convex

The move follows the carrier’s buyout deals last week for the general insurance operations of Liverpool Victoria and Legal & General.

It wasn’t the huge fund management acquisition that Allianz executives had been doing their level best to downplay in recent weeks.

Terzariol says big fund management purchases often “look good on PowerPoint presentations” only.

The broker will head up a structured solutions unit advising on bespoke cover for clients with complex needs.

The carrier has set an initial reserve of EUR50mn for the loss.

AGCS profit falls 23 percent after absorbing losses from the Boeing grounding and the Vale dam collapse.

Allianz, Swiss Re or, let’s be honest – Convex – would have been better for John Neal. But Samsung Fire & Marine’s decision to buy into Lloyd’s business Canopius represents a highly positive codicil to last week’s strategy announcement.

The acquisition of the general insurance arm would increase the German insurer’s presence in the UK.

London-based D&O writers have “woken up” to the threat of creeping claims frequency and severity, sources said.

Legal discussions between the carriers relate to the $110mn hull payout for the Boeing 777 airliner.

In an interview, Giulio Terzariol says any asset management acquisitions would have to provide something the German carrier lacks.

Allianz Global Corporate & Specialty has appointed HartMut Mai head of regional business in central and eastern Europe, Mediterranean and Africa.

Shares in the potential suitor are unmoved, while DWS closed up about 9 percent.

Soubra joined in February, having left Allianz Global Corporate & Specialty.

Claudia Salem was previously Singapore CEO and head of southeast Asia at the US insurer.

The legacy carrier and ART Bermuda will each assume a 50 percent quota share of construction defect losses incurred by Amerisure.

The injection takes the size of Allianz X’s fund to $1.1bn.

AGCS swings $9mn back into the black in the period as both the loss and expense ratios improve.

Burkhard Keese will start on 1 April.

Dye replaces retiring UK director Ball.

The system will cut claims handling times by 30 minutes.

Pimco has hired former Mt Logan Re CEO Rick Pagnani to front its move into the space.

The carrier received regulatory approval for the new Indian operation in 2018.

The sale marks another step in the insurance holding company’s strategic review process.

Claire McDonald joins the specialty insurer from AGCS.

The former deputy CFO for the region replaces Renate Wagner.

The formation of the $470mn P&C and life reinsurer was announced last week.

Air crashes and faulty workmanship were the next most expensive sources of losses, according to an AGCS analysis spanning five years.

Bermuda-based Enhanzed Re will assume both non-life and life risk.

The European carriers’ Chinese expansion coincides with a relaxation of financial sector ownership rules.

Demand for larger limits is also increasing, with a race among brokers to place $1bn in limit.

Shares in the Munich-based carrier close down on concern the group is gearing up for large-scale M&A.

The carrier is scrutinising and amending group-wide policy language to clarify coverage for cyber risk across all lines of business.

The insurer currently employs 2,000 staff and affiliates in China.

Regional head of energy Tracey Hunt becomes deputy CEO.

The executive’s term will end in September 2024.

The P&C combined ratio falls to 93.1 percent, though AGCS remains loss-making at an underwriting level.

Former Marsh broker Richard Green becomes regional head.

When reinsurers are too big it is their cedants that can suffer, but when the buyers are too big it is the reinsurers that are squeezed by the asymmetrical relationship.

She worked at Liberty Mutual, BP and Siemens before joining AGCS.

The Allianz unit carves out a specialist ILS business to be led by Richard Boyd, who is now CUO of the alternative risk transfer business.

Agostino Galvagni will step down at year end, and be replaced in April by Andreas Berger.

He leaves AGCS after almost 10 years at the insurer.

Liability cover and a separate D&O policy held by the bridge operator’s parent could also come into play.

Allianz's interest in a deal with Nephila may fuel speculation that major insurers will start to acquire ILS managers.

The German insurer joins The Hanover in support of Bascule Underwriting.

The former Sberbank executive will be tasked with consolidating Allianz’s European direct business.

Liberty Specialty Markets is the lead insurer on the Marsh-brokered policy.

Lane’s downpours puts commercial property, auto and homeowners carriers at risk.

The executive replaces Mark Churchlow, who is retiring after almost 30 years with Allianz.

Jonathan Wismer succeeds Elias Habayeb, who moved to CFO of general insurance in May.

The carrier has already added teams in downstream energy, power, and aviation deductibles over the past nine months.

Higher investment income offset a small deterioration in underwriting profit.

The college alleges that 13 carriers are in breach of contract for not covering costs, including a $500mn settlement.

Stefania Davi-Greer replaces Kevin Northcott, who is becoming New Zealand country manager.

Given some of the eye-watering multiples that have characterised recent carrier M&A deals, it seems like a good time to query whether some of these acquisitions are worth the price paid.

The ratings firm said the survival ratio last year improved slightly to 7.8x.

The CEO of the German carrier says he will unveil a new strategy in November.

The executive returns to Allianz to drive growth across the UK, Ireland, Dubai, Russia and the Nordic region.

The new programme will ease concerns that the carrier is poised to embark on large scale M&A.

Bäte served as chairman of the forum for three years.

The insurer-owned blockchain start-up B3i is to build its systems on a blockchain platform developed by banking sector technology consortium R3.

Other potential acquisitions being eyed by CEO Oliver Bäte include Zurich and QBE.

Buyer Allianz would probably offer shares for its Swiss peer, the analysts say.

George Quinn's comments appear to lengthen the odds of tie-up between the Swiss carrier and Germany's Allianz.

Two thirds of the carrier's $387mn national catastrophe losses resulted from Storm Friederike

The investment marks the next phase in Allianz's move to expand its African presence.

The London-based InsurTech startup intends to use the money to expand worldwide.

The bidders are likely to include Aviva, Axa, Allianz and RSA.

Lobbying by the ABI, Biba and MIB bears fruit as the UK government opts to remain in the motor "free circulation zone".

The insurer repeats its top performance from last year and got high marks on online support, extranet sites and e-trading.

Storm Friederike cost the unit EUR220mn.

The company will withdraw from both investing in and insuring coal risks completely by 2040.

The legacy sector has seen surging deal volumes of late, but the major inflows of capital into the space look set to choke off returns, with the live market’s depressed returns a cautionary tale for run-off acquirers.

The Axa CEO was already struggling to sell his $15.3bn takeover of XL and the publication of the target's proxy statement will add to his problems.