Europe

UK motor insurance stocks fall on government crackdown pledge

Shares in UK insurance stocks took a hit on Wednesday following the government's commitment to crack down on the “spiralling” cost of motor insurance.

Optio names Van de Veer Europe MD

Specialty MGA Optio Group has appointed Marc Van de Veer as managing director for Europe.

UK motor premiums fall for third consecutive quarter amid margin recovery: WTW

UK motor insurance premiums have continued to decrease for a third consecutive quarter, with the cost of an average comprehensive motor policy falling 2 percent between July and September.

Chubb forms UK&I construction industry practice targeting £10mn+ contractors

Chubb has launched a new construction industry practice across the UK and Ireland.

Ageas’s Saga deal highlights UK ambition despite profitability challenges: KBW

The move by Ageas to acquire Saga’s insurance underwriting business highlights the Belgian group’s continued UK growth ambitions, KBW analysts have said, while noting that achieving “satisfactory profitability” will require some time.

Axis Specialty Europe appoints Gulmohamed CEO

Axis has appointed Dax Gulmohamed as CEO of Axis Specialty Europe, with oversight for the legal entity and its branches in the UK and Belgium.

Tryg posts 78.2% CR in Q3 beat

Danish insurer Tryg has posted a combined ratio of 78.2 percent for the third quarter of 2024, beating analyst expectations thanks to the impact of price adjustments and a benign quarter for large and weather-related claims.

Ageas in talks to acquire Saga’s underwriting business

Ageas has confirmed it has entered into exclusive negotiations with London-listed Saga plc to acquire the over-50s travel and financial services group’s underwriting unit.

Big four reinsurers and US property cat-exposed stocks lead post-Milton rally

Lancashire, Beazley and the big four continental reinsurers were the top risers among European (re)insurance shares yesterday, as investors responded positively after Hurricane Milton's landfall south of Sarasota helped avoid a worst-case scenario.

Greenpeace calls for oil majors to cover French cat claims ahead of 2025 finance bill

Environmental campaign group Greenpeace has called for oil and gas majors to be obligated to partially cover the cost of extreme weather events in France, ahead of the planned increase to contributions under the state reinsurance scheme to 20 percent on 1 January 2025.

Miller names Nagle European head as Holloway departs

Miller has promoted Tim Nagle to head of Miller Europe, replacing Oscar Holloway who has left the business.

Munich Re Specialty eyes Spanish entry led by former Allianz duo

Munich Re Specialty has begun the process of entering the Spanish primary specialty commercial insurance market, with the intention to begin underwriting in 2025.

Optio continues European expansion with Italian MGA Heca

Specialty MGA Optio Group has continued to strengthen its European footprint with a strategic investment in Italian MGA Heca S.r.l. for an undisclosed sum.

BHSI launches DACH PI and cyber offering through Hamburg office

Berkshire Hathaway Specialty Insurance has begun offering professional indemnity and cyber insurance lines in the DACH region, led by new recruit Thomas Pache.

Lancashire and continental reinsurers lead European sell-off as Milton intensifies

The sharp sell-off of shares in US coastal insurers and reinsurers yesterday over concerns around Hurricane Milton was echoed in European markets, with Lancashire, Swiss Re and Scor among those hardest hit.

KBW: Material Hurricane Milton losses will drive up property cat rates at 1.1

KBW analyst Meyer Shields said losses from Hurricane Milton on its current projected path would be sufficient to drive up property catastrophe reinsurance rates at 1.1.

Insurers claim aircraft seizure an act of “political prestige” for Russia

Aviation insurers have told the High Court that losses suffered by global leasing firms after their aircraft became stranded in Russia are the direct result of orders issued by Russian President Vladimir Putin in retaliation for Western sanctions following the war in Ukraine.

Ferma calls for reduced EU cyber reporting burden as WTW underlines insurance implications

The Federation of European Risk Management Associations has called on EU institutions to simplify cyber reporting requirements and to consider the insurance implications of cyber-related legislation.