Europe
Willis ends pay freeze
Willis is set to reintroduce annual salary reviews following a two-year pay freeze that was implemented at the height of the credit crunch to cut back on costs.
European insurers resilient to stress tests
Fitch Ratings has published a report today that its stress-testing of European insurers based on their euro-zone sovereign exposures has resulted in no rating actions.
Aon Benfield launches ILS benchmarking tool
Aon Benfield Securities has launched an insurance-linked securities (ILS) benchmarking tool, the Aon Benfield ILS Indices, which provides a quantitative view of ILS returns since December 2000.
R&Q insurance profit hits £3.6m
Randall & Quilter’s income rose 52% to £16.1m in the first six months of the year (H1 2009: £10.6m).
First RSA, now Axa is linked with Aviva swoop
Aviva's share price has continued to rise today despite its rejection of RSA's £5bn bid amid speculation that others may be interested.
Danish insurer Tryg Vesta recovering from "extraordinary" claims
Danish insurance group Tryg Vesta has reported that the business is back on track after a first quarter "where extraordinary winter claims caused a loss on the insurance business".
Aegon Government bailout given EC approval
The European Commission has approved, under EU state aid rules applicable to the financial sector in the current crisis, the recapitalisation of the Dutch insurance company Aegon.
Marsh promotes Waterer to new risk leadership post
Marsh has promoted Richard Waterer to the newly created role of head of operational risk for Marsh Risk Consulting in the UK. He will report to Jeff Colburn, UK MRC Leader.
Eureko benefits from PZU settlement with H1 2010 profit leap
European insurance group Eureko this morning reported a net profit of €864m for the first six months of 2010.
Zurich recruits new investor relations head
Zurich Financial Services Group has today announced the appointment of Debra Broek, currently deputy head of investor relations and rating agency management, to the position of head of investor relations and rating agency management, effective 1…
RSA still "open" to Aviva talks claiming its £5bn offer is "fair value"
RSA has said it "remains open to discussions" with Aviva, despite the group's rebuttal of its £5bn offer.
S&P affirms AA rating for Allianz
Standard & Poor’s has affirmed the stand-alone AA (stable) financial strength rating on 12 August for Allianz Global Corporate & Specialty, the industrial arm of the Allianz Group.
RSA shareholders want to hear "convincing arguement" for Aviva GI swoop
RSA is widely reported to have lined up BNP Paribas, Deutsche Bank and HSBC to underwrite a £5bn rights issue to fund its proposed takeover of Aviva's UK, Irish and Canadian general insurance businesses.
Aviva shareholders annoyed by RSA rebuttal as "everything" has a price
Both Standard Life and Royal London Asset Management are reported to be annoyed that Aviva's management rejected RSA's £5bn offer for the business without consulting shareholders.
Aviva took days to reject RSA's "unacceptable" £5bn GI business offer
Aviva took ten days from receiving a £5bn offer from RSA to rejecting it, the insurance group admitted today.
Exclusive compliance content now available
In our latest article Aia Software’s Mike Davies tackles the tricky issue of document compliance for European insurers operating across multiple territories and languages.
Spanish companies lack environmental risk awareness
Spanish business have a significant lack of awareness of environmental legislation and risks, and a lack of knowledge about the insurance protection available to them according to recent research.
Allianz sees local GI premiums shrink by 3% in H1 2010
In the first half of 2010, Allianz Deutschland AG increased revenues 6 percent, to €15.2 bn (H1 2009: €14.3 bn).
European document governance and compliance
Compliance around key insurance documents can be a governance nightmare leading to reputational damage and regulatory penalties for European insurers operating across multiple territories and languages. However, Mike Davies explains how applying best…
RSA snubbed in £5bn move for Aviva GI business claims report
RSA has made a £5bn approach to acquire Aviva's UK and selected international general insurance businesses, according to reports.
Allianz sees Eastern European GI profits fall 54% in H1
Allianz in Central and Eastern Europe today reported total premiums increased by 5 percent to €2bn, from €1.9bn in the first half of 2009.
L&E enters solicitors' PI market
Property specialist London & European is to offer professional indemnity insurance for solicitors.
Fitch: "immature" Russian insurance sector impacted by weak capital adequcy
Russian insurers' ratings will continue to be constrained by the poor reserving and pricing risks that became apparent in 2009, as well as by the challenges of the current operating environment.
Brit raids Zurich for new finance chief Scott Egan
Scott Egan is to take over as Brit Insurance's group chief financial officer.