Italy
Generali and Mapfre among insurers downgraded by Fitch
Several Italian and Spanish insurers have been downgraded following assessments of their pro-forma capital adequacy amid challenging investment conditions.
Fitch takes rating actions on Italian and Spanish insurers
Fitch said the rating actions follow its assessment of the insurers' pro-forma capital adequacy amid challenging investment conditions, particularly in Italy and Spain, including ongoing pressure from heightened government bond yields.
Willis Group acquires Broking Italia
Willis Italy, part of global broker Willis Group, has acquired Broking Italia SRL, a specialist in the Italian insurance market.
Willis acquires Broking Italia
Willis Italy has acquired Broking Italia, which specialises in employee benefits and supplementary pension programs.
Fonsai misses 2011 target but cut losses by 51%
Italy’s second largest insurance company reported losses of €178.6m in the first nine months of 2011, but avoided the scale of losses that plagued it in first three quarters of 2010.
Erv Italia and TicketOne offer new ticket protection cover
Travel insurance specialist Erv Italia, has partnered entertainment ticketing service provider, Ticket One Spa, to offer a new ticket protection policy.
Cattolica profits down €20m
Cattolica Società di Assicurazione reported net profit of €41m for the first three quarters of 2011, down €20m compared with the same period in 2010.
Global reinsurance capital declined by 4% in the first nine months
Global reinsurer capital declined 4% from $470bn at 31 December 2010, to $450bn at 30 September 2011, according to an Aon Benfield report.
French floods to cost insurers €800m
The November floods in 16 regions of France look set to cost insurers €800m according to a new report.
Torus acquires Starr’s Continental Europe renewal rights
Specialty insurer Torus's syndicate 2243 has acquired the renewal rights to the European business of CV Starr's syndicate 1919.
Generali enters the STOXX Europe Sustainability Index
Assicurazioni Generali has entered the STOXX Europe Sustainability Index and been reconfirmed in the FTSE4Good Index.
Italy sees decreasing RTAs
Road accidents, casualties and the number of injured people are decreasing in Italy, according to the latest report by ISTAT, Italy's national statistics bureau, and the Automobile Club d'Italia.
More competition needed in Italian insurance says Antitrust Authority
There is not enough competition among insurance companies in Italy, according to Antitrust Authority president Antonio Catricalà.
The cost of professionalism in Italy
Italy recently passed a law to make professional indemnity insurance compulsory for all members of recognised bodies. Paolo Golinucci discusses what this means for the insurance industry.
Allianz Italy executive steps down to head Intesa Sanpaolo
Italian bank, Intesa Sanpaolo, has appointed Enrico Cucchiani as its new chief executive officer.
Taiwan's insurers urged to stop lending securities for shorts
Taiwan’s regulators have urged insurers to stop lending securities to short sellers seeking to bolster equities after the Taiex Index slumped.
Eurozone turbulence threatens insurers’ balance sheets
Ongoing market turbulence within the region and recessionary pressures threaten to undermine the strength of eurozone insurers’ balance sheets, according to a report by AM Best.
Generali and its main subsidiaries placed on negative watch
Ratings service AM Best has placed the financial strength rating of “A+” (Superior) and issuer credit rating of “AA” of Assicurazioni Generali SpA and its main subsidiaries under review with negative implications.
Amtrust to open office in Italy
Amtrust Europe is to change its operations in Italy and open an office in Milan, following approval from the FSA.
RSA’s Brown promotes European focus as opportunity for UK brokers
RSA boss Adrian Brown has reassured UK brokers that the firm’s recent restructure of its executive team will have no negative impact on domestic commitments.
France and Italy assess flood damage
Torrential rains have caused widespread flooding in France and Italy during the first week of November after a low pressure system that developed over the Mediterranean Sea moved northwards, bringing high levels of precipitation.
European floods defy categorisation
Catastrophe modelling firm AIR Worldwide has said the storm that caused flooding in France and Italy earlier this month has led to 36 municipalities in France categorising it as a natural disaster.
Generali in profit despite €329m Greek bond losses
Assicurazioni Generali reported net impairment losses of €824m in the first nine months of 2011, €329m of which was related to Greek bonds.
Insurance Insight Update - 11 November
Insurance Insight’s weekly update is live with an article the biggest man-made disaster in Cypriot history; and a blog on why more education is needed in the Middle East.