Aviva to sell French arm to Aéma Groupe for €3.2bnAviva is to sell its operations in France to mutual insurer Aéma Groupe for €3.2bn ($3.9bn) in cash, as the company reduces focus on Europe and overhauls its overseas units under CEO Amanda Blanc.
Allied World Global Markets promotes Peter Ford to lead European insuranceAllied World Assurance Company Holdings has named Peter Ford executive vice president, head of European insurance.
Zurich names De Nil as Nordics CEOZurich has appointed Dirk De Nil as CEO of Nordics, succeeding David Haak who will take on the role of strategic adviser to the insurer’s Europe, Middle East and Africa leadership team.
HDI Global adds London and Zurich to liability leadershipHannover-headquartered HDI Global SE has expanded its liability leadership to include roles in both London and Zurich as part of plans to extend the central management of liability underwriting.
EU drops antitrust probe into aviation brokersEuropean regulators have closed an antitrust investigation into six insurance brokers active in the aviation and aerospace (re)insurance sector, citing priority reasons.
Perils pegs storm Victoria/Dennis losses at €350mnLoss data aggregator Perils has updated its loss estimate for extratropical cyclone Victoria, which occurred between 15 and 17 February 2020, to €350mn ($422mn).
EU regulator warns insurers to clarify scope of BI coverageEurope’s insurance regulator has warned the sector that it needs to be more precise and introduce clearer policies on cover for business interruption (BI) in the wake of the Covid-19 pandemic.
Solvency II overhaul will create “consistent” oversight across the EU: AM BestThe proposed overhaul of European capital rules would give rise to more consistent regulation and provide a better picture of (re)insurers’ balance sheets, according to AM Best.
Castel acquires Belgian MGA Arena from StarStoneCastel Underwriting Europe, the European subsidiary of Arch-owned Castel Underwriting Agencies, has acquired specialist accident and health (A&H) MGA Arena from StarStone Group.
Markets Review: Scor led gains in muted week for P&C stocksFrench reinsurer Scor led the gains in a muted week for European (re)insurance stocks as investors weighed gloomy reports on the UK economy against hopeful signs of progress towards further US stimulus measures.
Aon and Chubb partner on digital platform for SMEs in FranceAon and Chubb have partnered to launch a digital platform in France that will help SMEs understand coverage options and buy insurance online.
Bank of England sees no “persuasive evidence” EU capital rules are too highThe Bank of England has told insurers not to expect any big reduction in capital requirements following the UK’s post-Brexit review of Solvency II, adding that it had not yet received “persuasive evidence” that current levels are too high.
Nordea impairment leads to 75% drop in Sampo FY profitsFinnish insurer Sampo has reported an impairment loss of €899mn ($1.09bn) and sales loss of €262mn on its stake in banking group Nordea in its 2020 accounts, reducing the group’s pre-tax profit to €380mn.
Perils lowers Sabine/Ciara industry loss to €1.57bnLoss data aggregator Perils has updated its estimate for European windstorm Sabine/Ciara to €1.57bn ($1.90bn).
Zurich P&C returns to growth in H2 as net Covid impact flat at $450mnZurich Insurance Group generated a full-year combined ratio of 98.4 percent for 202, with the group’s net P&C Covid-19 impact remaining unchanged at $450mn in the second half of the year.
BHSI promotes Blas to head of property for SpainBerkshire Hathaway Specialty Insurance (BHSI) has promoted Tomas Blas to head of property for Spain.
Markets Review: Europe’s P&C stocks rise in best week since NovemberEuropean P&C stocks jumped last week as positive commentary from central banks fuelled investor hopes of a faster global economic recovery and markets bet on a bigger US stimulus package under the Biden administration.
Eiopa’s Bernardino calls for more centralised insurance regulationThe chair of Europe’s insurance watchdog has called for the bloc’s national insurance regulators to hand over their powers to a “single supervisory mechanism” that is better suited to monitoring international insurers and would ensure regulatory consistency across the EU.
Zurich names Seach as EMEA CUOZurich has appointed Penny Seach as CUO for Europe, Middle East and Africa.
Insurers call on EU for “level playing field” in capital standards overhaulEuropean carriers have called on regulators to ensure a “level playing field” is maintained for capital requirements, as the bloc considers whether US rules for the sector measure up to new global standards for insurers.