Insurers hit out at EU’s financial services tax proposalsEuropean insurers have criticised the European Commission (EC)’s proposed changes to the value-added tax (VAT) regime, saying the system is “outdated” and not correctly applicable to modern financial services.
German €30bn trade credit backstop expected to extend until June 2021German insurers are on course to agree a six-month extension to the €30bn ($35.5bn) government trade credit backstop, with an agreement set to be reached within days.
Tryg offers 21mn shares ahead of potential RSA dealNordic insurer Tryg has offered over 21 million existing shares in an accelerated bookbuild to secure funding ahead of its potential acquisition of UK insurer RSA.
PIB continues European expansion with WDB acquisitionPrivate equity-backed PIB Group has continued its run of acquisitions with a deal to buy WDB, an independent insurance broker in Poland.
Aviva expected to divest other Italian units as Blanc’s restructuring gathers pace: JefferiesAviva CEO Amanda Blanc has delivered further “tangible progress” on her restructuring plan by disposing of the carrier’s 80 percent stake in Aviva Vita, with more disposals of its Italian business units expected, Jefferies analyst Philip Kett has said.
Aviva to offload Italian life unit in €400mn dealUK insurer Aviva is to sell its Italian life insurance joint venture – Aviva Vita – to UBI Banca, as the London-listed carrier continues to restructure its overseas businesses under chief executive Amanda Blanc.
1.1 exclusions set to limit Swiss Re exposure to future Covid-19 BI claimsThe upcoming 1 January renewals will serve as the biggest risk mitigant against future Covid-19 business interruption (BI) reinsurance claims in Europe, Swiss Re CEO Christian Mumenthaler told the group’s investor day.
Lloyd’s seeks court approval of post-Brexit business transferLloyd’s has urged the UK’s High Court to greenlight the transfer of its European insurance business to its Brussels subsidiary ahead of the UK’s departure from the EU at the end of the year.
EC asks Aon-WTW rivals for views on $70bn+ M&A dealMore than eight months after Aon’s takeover of Willis Towers Watson (WTW) was first announced, the European Commission (EC) is canvassing rivals for their comments to outline any competition concerns, The Insurer can reveal.
Aon-WTW file EC antitrust submission for $70bn+ dealMore than eight months after the audacious Willis Towers Watson (WTW) takeover was first announced, Aon has formally submitted its justification for the broking industry’s largest ever transaction to the European Commission (EC), The Insurer can reveal.
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.