Generali
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Plus, the latest people moves and all the top news of the week. -
The rating action follows the upgrade of Italy's sovereign rating earlier this month.
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Plus, the latest people moves and all the top news of the week.
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The platform aims to “bend the loss curve”.
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The carrier’s chief buyer urged a partnership approach from reinsurers.
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Lloyd’s has pursued a Big Game Hunting strategy to lure major insurers into the market.
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Natural catastrophe claims remained consistent compared with the prior year.
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The group reported an 89.7% combined ratio for the quarter.
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A positive outcome could significantly curb insurers’ exposure to the loss.
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The Italian carrier posted a record group profit of EUR7.3bn.
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The capacity arrangement with LRA also remains in place.
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The rating agency also upgraded the long-term issuer credit rating.
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The P&C combined ratio improved to 94%, while premiums rose by 6.9% to EUR25bn.
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Generali has produced a report with the United Nations Development Programme extolling the virtues of parametric insurance.
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Natural catastrophe claims increased by 0.5 percentage points in the first six months of 2024.
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This publication reported that parties including Sompo and Generali were circling the carrier.
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Sources said that Japanese big-three carrier Sompo and Italian insurance giant Generali are circling.
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The group's P&C segment reported top-line expansion of 6.2% over the period.
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Giulio Terzariol and Woody Bradford will be CEOs of the insurance and asset management units, respectively.
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A deal was announced last July, with Cathay agreeing to take a 16.75% GIH stake.
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The company posted a record group profit of EUR6.9bn.
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The Italian carrier will buy out joint venture partner CNPC Capital.
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The combined P&C ratio improved to 94.3%, while premiums rose 11.5% to EUR23.4bn.
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Italy’s largest insurer has booked EUR840mn in cat losses for the nine months to 30 September.
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Talanx, Groupama and Itas had shown interest in the P&C business.
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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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Fitch has also upgraded Generali's Long-Term Issuer Default Rating to A from A-.
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A webinar and report from the Geneva Association has explored the barriers and prospects for the growth of blockchain insurance.
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The carrier’s P&C division reported a combined ratio of 91.6%, a 5.4-point improvement on the same period last year.
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Other bidders included France's Groupama and Italy's Itas.
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As part of the deal with Generali, Cathay will take a 16.75% stake in GIH.
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The sale includes Liberty Seguros operations in Ireland, Northern Ireland, Portugal and Spain.
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The P&C segment also reported a top-line expansion of 14%.
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The carrier has retained advisers to run the sale process of the unit, which is valued at over $330mn, according to Bloomberg News.
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The carrier has extended the deadline for nominations to the statutory auditors board.
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Analysts find carriers have few investments in bank debt after Credit Suisse rescue.
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The results improved despite a larger impact of nat cats compared with last year.
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Kanu will succeed interim leader Manlio Lostuzzi.
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Profits were up 8% at a group level, with strong performance across both life and P&C.
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This publication’s review of H1 disclosures shows how listed (re)insurers’ nat cat losses have tallied with aggregate projections.
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Generali said wider group performance was driven by positive development of the life, P&C and other businesses segments.
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Caltagirone, Generali’s second-largest investor, stepped down from the insurer’s board in May, less than a month after leading a failed bid to oust CEO Philippe Donnet.
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The move comes in the wake of a major leadership battle, in which several powerful shareholders tried to oust CEO Philippe Donnet.
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Francesco Gaetano Caltagirone, Generali’s second-largest shareholder, has reportedly lined up Luciano Cirinà to replace him.
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Roberta Neri had been offered the position to replace the insurer's second-largest shareholder Francesco Gaetano Caltagirone, who quit the board last month.
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The tycoon spearheaded efforts to oust CEO Philippe Donnet, which failed at last month’s AGM.
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Net profit decreased by 9.3% to EUR727mn due exposure to Russian fixed income instruments and its stake in Russian carrier Ingosstrakh.
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Rebel directors including Caltagirone have refused to serve on committees.
