Euro P&C stocks muted on virus cases and lockdown woesEuropean P&C stocks struggled for direction on Friday as investors weighed the worsening coronavirus pandemic against optimism about potential vaccines.
Ageas posts Q3 CR of 86.6% but earnings missBelgian insurer Ageas reported a third-quarter combined ratio of 86.6 percent but net earnings of €203mn ($237mn) missed consensus as small beats in Europe and the UK were offset by a miss in Asia.
Activist Elliott builds Sampo stake and demands €7bn value creation measuresFeared shareholder activist hedge fund Elliott Advisors has called on Finnish-Scandinavian insurance group Sampo to simplify the organisation and “re-establish its reputation among shareholders”.
UK grants Solvency II equivalence to EEA statesThe UK has granted Solvency II equivalence rights to the EU as Chancellor Rishi Sunak pledged certainty and stability to the financial services industry before the Brexit transition period comes to an end.
Experian sues Zurich and Scor over data breach and privacy lossesCredit reporting firm Experian is suing insurer Zurich and a subsidiary of French (re)insurer Scor to recover legal costs of more than $18mn, incurred in dealing with the fall out of multiple sets of civil proceedings and regulatory investigations in the US and UK.
Analysts back Sampo reduction in Nordea stake as shift towards P&C continuesFinnish financial services group Sampo has continued its refocus towards P&C insurance with the sale of 4 percent of Nordea, reducing its stake in the banking group from 19.9 percent to 15.9 percent.
European insurers hit out at “burdensome” EU plans for capital rulesEuropean insurers have hit back at EU lawmakers over plans for an overhaul of the bloc’s Solvency II capital rules, saying the proposals are burdensome and force insurers to hold “excessive” capital.
Markets Review: Global P&C stocks leap on vaccine breakthroughGlobal P&C equities surged on Monday after Pfizer and BioNTech revealed a breakthrough in the race to find a vaccine for Covid-19.
Scor leads Euro P&C gains as stocks surge on Pfizer vaccine breakthroughEuropean (re)insurance stocks surged today as markets bet US President-elect Joe Biden would usher in greater stability and investors celebrated news of progress towards a Covid-19 vaccine.
Coverys European Holdings acquires Lloyd’s coverholder GavaAEC Wholesale Group, a subsidiary of Coverys European Holdings (CEH), has acquired Gava S.R.L, a Lloyd’s coverholder based in Brindisi, Italy.
AGCS rate increases driving P&C growth: TerzariolAllianz Group management said a widespread restructuring of Allianz Global Corporate & Specialty (AGCS) was nearing completion as it provided bullish commentary on rate increases within the unit.
Allianz beats consensus in Q3 with €100mn Covid hitEurope’s second largest insurer Allianz has beaten earnings expectations for the third quarter with group operating profit of €2.9bn ($3.4bn), an improved P&C combined ratio and a lower-than-expected Covid-19 hit of €100mn.
Beazley launches fine art & jewellers’ block in FranceBeazley has expanded its offering in mainland Europe with the launch of fine art and jewellers’ block cover in France.
Sampo “in good shape” despite Q3 earnings missCovid-19-related frequency benefits boosted the combined ratio of Sampo’s If P&C subsidiary by 3 percentage points during the third quarter of 2020.
Allianz-Athora consortium talks stall over Aviva’s French arm: reportsTalks between a consortium of German insurer Allianz and life insurer Athora Holding over the sale of UK insurer Aviva’s French insurance operations expired at the end of October without an agreement, according to reports.
Axa XL keeps Covid-19 estimate stable in Q3 as insurance pricing rises 20%Axa XL saw no increase on its previous €1.5bn ($1.76bn) estimate of 2020 Covid-19 claims impacts during Q3, with parent company Axa expecting only a “limited impact” from claims related to the current second wave of lockdowns.
Ageas reshuffles Asia and Europe leadershipCommercial insurer Ageas has reshuffled the leadership of its Asia and Europe operating units with the appointments of Filip Coremans and Antonio Cano as managing directors for Asia and Europe respectively.
Markets Review: Axa sheds 12.6% in October as Covid and US election angst buildsShares in Europe’s largest insurer Axa shed over 12 percent in October as equities on the continent suffered their worst monthly fall since the ructions in March amid a wave of new coronavirus lockdowns.
Swiss Re joins global coalition to tackle pandemic riskSwiss Re has joined a global coalition of academic, non-profit and private sector organisations that aims to better predict and prevent outbreaks, epidemics and pandemics by leveraging data and analytics.
Financial advisor deVere sets up captive to manage escalating insurance costsIndependent financial advisor deVere Group has formed a new Guernsey-based captive in response to its soaring insurance costs, the latest in a growing number of companies turning to self-insurance in an effort to offset the substantial rate increases that are being imposed across the industry.