Insurance Europe’s RAB names Léger and Neal as chair and vice-chairInsurance Europe’s reinsurance advisory board has appointed Scor CEO Thierry Léger and Lloyd’s CEO John Neal as chair and vice-chair, respectively.
Moody’s RMS estimates German flood losses at €2bn-€3bnInsured losses from recent flooding in Germany will likely total between €2bn and €3bn, according to Moody’s RMS.
UK sanctions Russia’s Ingosstrakh in move against ‘shadow fleet’ coverThe UK has imposed wide-ranging sanctions on Russian insurer Ingosstrakh as part of a push to clamp down on cover provided to the shadow fleet and to restrict Moscow’s energy revenues.
Kita expands carbon credit delivery coverage to EU and EEAKita has expanded its carbon credit delivery risk insurance coverage to EU and EEA insureds, in addition to its current coverage in the UK, US, Canada, Singapore and Switzerland.
Aviva’s Blanc doubles down on Lloyd’s distribution opportunityAviva’s newly acquired Probitas platform will hand the London-listed insurance giant £12bn ($15.3bn) of distribution access into the important Lloyd’s market, with CEO Amanda Blanc highlighting that its Lime Street entry positions the firm for long-term growth.
Ireland begins hearing ~€2.5bn trial over aviation lessor casesIreland’s High Court has begun hearing the multi-billion-euro legal claims brought by some of the world's largest aviation lessors against their insurers over losses related to trapped aircraft detained in Russia following its invasion of Ukraine.
IDF partners with French development agency to launch disaster risk allianceThe Insurance Development Forum has launched the Integrated Disaster Risk Management Alliance in partnership with the Agence Française de Développement and Expertise France.
Aon launches $350mn Ukraine war risks programAon has collaborated with the US International Development Finance Corporation to launch a $350mn war risks program aiming to bolster investment in Ukraine.
Trade credit insurance claims hit €3.2bn in 2023: ICISATrade credit insurers paid out €3.2bn in claims during 2023 as macroeconomic volatility and uncertainty drove an 11.4 percent year-on-year increase, according to the International Credit Insurance & Surety Association.
MIGA expands (re)insurance support to Ukraine with Polish credit agencyThe Multilateral Investment Guarantee Agency (MIGA), the political risk insurance agency of the World Bank, has signed a memorandum of understanding with Poland’s official export credit agency to support trade and foreign direct investments by Polish companies in Ukraine.
Goldman-backed Clear Group acquires credit specialist RycroftGoldman Sachs-backed UK broker consolidator Clear Group has acquired credit insurance specialist Rycroft Associates and Inspire Credit Management, in a deal designed to bolster the firm’s commercial offering.
Accredited Europe CEO Johnson steps downColin Johnson has stepped down as CEO of fronting carrier Accredited Europe after more than six years in the role.
Fortegra receives European operating approvalThe Fortegra Group has received approval to operate in Belgium and the European Union.
Solvency II update could unlock up to €80bn capital relief for EU insurers: S&PThe recent update of the EU’s Solvency II framework is projected to ease insurers’ capital requirements, contrary to initial expectations of a tightening, with S&P Global Ratings estimating that EU insurers could see up to €80bn ($85.9bn) in total capital relief over 2026-2027.
Scor and Axa lead European P&C losses as stocks slide on Macron’s snap electionShares in (re)insurance giants Scor and Axa topped the losses as French and European markets fell on Monday in the wake of President Emmanuel Macron’s shock decision to call snap parliamentary elections.
Deutsche Rück promotes Hoffmann to lead underwriting in SwitzerlandDeutsche Rück has appointed Sonja Hoffmann as director of underwriting in its Swiss branch, DR Swiss.
Guy Carpenter launches capital and advisory group led by Teneo’s SchniedersGuy Carpenter has formed a capital and advisory group within its Global Capital Solutions unit, led by newly appointed Alexander Schnieders as its global head.
Brown & Brown grows in Northern Ireland with Rollins buyBrown & Brown Europe, the expansive international operating segment of US intermediary Brown & Brown, has acquired T Oscar Rollins & Company, continuing the build-out of its footprint in Northern Ireland.
Ardonagh completes swoop for Italy’s Mediass and MansuttiPrivate equity-backed intermediary Ardonagh Group has completed its previously announced acquisitions of independent Italian insurance brokers Mediass and Mansutti, a duo of deals designed to bolster the consolidator's footprint in Europe.
Insurers face €2bn loss bill from Bavaria and Baden-Württemberg floodsRecent flooding in southern Germany will likely cost insurers €2bn ($2.2bn), according to the German Insurance Association.