Europe

Brown & Brown acquires UK retail broker Berkeley Insurance

Brown & Brown has continued to build out its European consolidator platform with the acquisition of Leicester-based UK independent broker Berkeley Insurance Group.

Darag completes novation transaction with Benelux-based captive

Darag has concluded a novation agreement between an undisclosed Benelux-based captive and its German insurance carrier, Darag Deutschland AG.

Resilience secures RSA and Accredited capacity as UK and Europe limit rises to £10mn

Cyber insurtech Resilience has increased its underwriting capacity limit to £10mn ($12.1mn) for insureds in the UK and continental Europe, in a partnership with RSA Insurance and R&Q’s hybrid fronting business Accredited.

Howden’s Dual forms European marine hub led by former MS Amlin duo

Dual Europe, the specialist European underwriting arm of Howden Group, has launched a new marine hub based in Rotterdam led by former MS Amlin lead underwriter Aram Stoop.

SMBC Aviation agrees $710mn insurance settlement over Aeroflot jets

Dublin-based aircraft lessor SMBC Aviation Capital has reached an insurance settlement of $710mn for a number of aircraft previously leased to Russia's state-owned airline Aeroflot.

Lockton Europe names Rowley head of NA property

Lockton has appointed Tom Rowley as its Europe division’s head of North American property.

Irish liquidators of $4bn+ Russian lessor GTLK sue 30+ aviation insurers as sanctions block is removed

An Ireland-based unit of sanctions-hit state-owned Russian aircraft lessor GTLK is suing a host of international (re)insurers in London in a series of coordinated actions, which will be watched closely following recent moves to remove a sanctions block on resolution.

Heritage leads September gains as low hurricane activity boosts US P&C stocks

US and European P&C stocks moved sideways in September but still outperformed the broader equity market, which floundered over Q3 as investors processed the possibility that interest rates are likely to remain “higher for longer”.

Wet Danish summer set to dampen Tryg Q3 results

One of the wettest summers on record in Denmark is set to be reflected in a weak result when Tryg opens the European Q3 reporting season next Friday, analysts have warned.

Generali appoints Allianz’s Terzariol as CEO of insurance

Allianz CFO Giulio Terzariol will join Generali as CEO of insurance at the start of 2024, with Claire-Marie Coste-Lepoutre set to replace him in his current role.

MC roundtable: Execs forecast increasingly nuanced prop cat rate rises in 2024

Property catastrophe rates are forecast to rise further during 2024’s reinsurance renewals, but to a lesser degree than that seen this year and with a greater level of differentiation between cedants, senior industry executives have predicted.

Gallagher Re: Insurers should reappraise portfolios as climate litigation expands in scope

Climate change-related legal actions are expanding in scope, with entire portfolios of insurance business requiring reappraisal in light of climate campaigners’ expansion of their legal ambitions, a new report from Gallagher Re has warned.

EY’s Santenac: Regulation is likely coming to the US for ESG

EY global insurance sector leader Isabelle Santenac told The Insurer TV that there is a disconnect between the US and the EU on ESG which complicates policy for companies which operate in both localities.

BHSI names Carrer as head of casualty in Switzerland

Berkshire Hathaway Specialty Insurance has named Pascal Carrer as head of casualty in Switzerland.

Helvetia posts 94% combined ratio in H1

Swiss insurer Helvetia has posted a profit after tax of CHF257.8mn ($281.3mn) for the first half of 2023 – up from CHF191.4mn in the prior-year period – as the carrier saw its combined ratio deteriorate 1.2 percentage points to 94 percent.

Insurers face €1.5bn loss bill from German August storms

The string of bad weather events and severe storms which hit Germany in August will likely cost insurers €1.5bn ($1.6bn) in losses, according to the German Insurance Association.

Ageas completes sale of French unit in refocus to P&C

Ageas has continued to refocus its operations towards P&C with the completion of its previously announced agreement to sell its French life business to La Mutuelle Epargne Retraite Prévoyance Carac.

Generali exhausts 85% of FY cat budget as Italy flood losses deteriorate

Elevated weather losses in Europe mean Generali has already utilised 85 percent of its full-year natural catastrophe budget as of the end of August, according to KBW analyst William Hawkins.

Fraccalvieri re-joins Aon’s Reinsurance Solutions unit as EMEA facultative leader

Aon has expanded its regional reinsurance offering with the appointment of Nicola Fraccalvieri as leader of the EMEA facultative team within the Reinsurance Solutions unit.