Allianz

Allianz CEO Bäte warns on Covid-19 “meteorite”

Allianz CEO Oliver Bäte has warned of “massive” industry losses caused by the spreading coronavirus pandemic which he said has already had a “meteorite impact” on the global insurance sector.

Allianz and Swiss Re defy Eiopa and commit to paying dividends

European (re)insurance giants Swiss Re and Allianz have both committed to 2019 dividend payouts, flying in the face of a warning from The European Insurance and Occupational Pensions Authority (Eiopa) over Covid-19 turmoil.

Covid-19 sell-off squeezes European multiples despite yesterday bounce

Despite yesterday being the best day for European equities markets since 2008, the coronavirus-inspired March rout in global equities means three out of four of the Continent’s largest P&C carriers still trade at a discount to book, based on year-end values.

Ex-Axis Re Bermuda president Kiernan joins Allianz Risk Transfer

Former-Axis Re Bermuda president Peter Kiernan has joined Allianz Risk Transfer as its head of North American reinsurance, The Insurer has learned.

US casualty reserving stance suggests divided sector

The contrast between large US casualty reserve increases from Swiss Re, Axa and Allianz and the confidence previously expressed by US insurers and Beazley suggests the sector is “deeply divided, an analysis from Jefferies concludes.

AGCS reserve charge of Eur600mn slashes Allianz P&C profitability

German giant Allianz surprised analysts with a “disappointing” year in its P&C segment, as the unit’s operating profit missed the lower end of its target Eur5.4-6.0bn range due to reserve strengthening of Eur600mn and an operating loss of Eur284mn for AGCS.

Allianz Q4 P&C profits dive 42%; CR deteriorates to 99.6%

German insurer Allianz has posted a fourth quarter operating profit of Eur861mn in its P&C division, a 42 percent drop on the prior year period, with reserve strengthening at AGCS driving the deterioration.

AM Best goes negative on Amerisure after $53mn reserve development

Reserve strengthening has prompted AM Best to change the outlook to negative of its ratings of US mutual insurer Amerisure, which last year agreed a legacy deal with Enstar and Allianz Risk Transfer (ART) for construction defect losses.

AGCS’ Schiavone to fill old role and replace Coppola

Allianz Global Corporate & Specialty’s Paul Schiavone will re-assume his previous role and step into the North American regional head of financial lines position vacated by Laura Coppola’s move to Swiss Re Corporate Solutions, The Insurer has learned.

Swiss Re CorSo hires Coppola from AGCS to spearhead US casualty repositioning

Swiss Re Corporate Solutions has hired Laura Coppola from rival Allianz Global Corporate & Specialty (AGCS) as it repositions its troublesome US casualty book.

(Re)insurers’ shares dip as Coronavirus fears drive wider sell-off

US (re)insurance stocks followed their European counterparts in trading down on Monday, continuing a slide witnessed across global equity markets last week as concerns rise about the spread of coronavirus and the disease’s potential impact on the world’s economy.

Allianz Holdings names Young chief compliance officer

Allianz Holdings – the holding company behind the principal insurance operations of Allianz SE in Great Britain – has appointed Margo Young as chief compliance officer.

AGCS promotes Haagen to specialty CUO

Allianz Global Corporate & Specialty (AGCS) has appointed Henning Haagen to chief underwriting officer for specialty to succeed Paul O’Neill, who left AGCS in September 2019.

Cyber displaces BI as top peril in Allianz Risk Barometer

Cyber incidents rank as the most important business risk globally in the Allianz Risk Barometer 2020, with business interruption (BI) falling to second place and climate change rising to its highest-ever position.

Allianz confirms leadership changes as £1.08bn LV= GI acquisition completes

Allianz has appointed LV General Insurance (GI) senior leadership to its international and UK boards now its takeover of the remaining 51 percent of to LV’s GI business has closed for a total consideration of £1.08bn ($1.4bn).

Allianz closes $1.08bn LV= GI acquisition

Allianz has completed its acquisition of the remaining 51 percent stake in the general insurance business of UK insurer LV= for £1.08bn ($1.43bn), almost double the £578mn ($729mn) valuation when the deal was first announced in May 2019.

Guy Carpenter takes Allianz’s Schepens to lead Benelux region

MMC-owned Guy Carpenter has appointed Patrick Schepens as CEO of the Benelux region, effective April 2020.

S&P downgrades Agrus unit for ‘materially hindering’ AGCS performance

Rating agency Standard & Poor’s (S&P) has revised the outlook of Allianz Global Corporate & Specialty (ACGS) subsidiary Allianz Global Risk US (Agrus) from stable to negative, citing the units “underperformance relative to peers.”

Cyber insurtech Arceo.ai appoints AGCS’ Donavan CUO

Cyber insurance start-up Arceo.ai has hired Emy Donavan as executive vice president and chief underwriting officer.

Chaucer takes AGCS’ Sheedy to build out US GL after capacity increase

Specialty carrier Chaucer has appointed Colm Sheedy as class underwriter for US general liability (GL) as it also increases capacity for the line of business.

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