S&P affirms Scor’s AA- ratings on sufficient capital buffer against Covid-19 lossesS&P Global Ratings has affirmed Scor’s AA- financial strength and issuer credit ratings, citing the Paris-headquartered reinsurer’s sufficient capital to resist Covid-19-related losses.
Helvetia raises CHF300mn to fund Caser dealSwiss carrier Helvetia has raised CHF300mn ($316mn) through an accelerating bookbuilding as it becomes the latest carrier to raise capital since the Covid-19 lock down.
Scor considering both internal and external candidates for Kessler successorScor is considering both internal and external candidates to succeed long-serving chairman and group CEO Denis Kessler with the French reinsurer committing to presenting its succession plan “well in advance” of its 2021 annual general meeting.
QBE shares climb 6% as global stocks rally on US stimulus hopesShares in Australian giant QBE gained over 6 percent on Tuesday as global (re)insurance equities rallied on growing expectations the US will deploy a new round of stimulus measures to steady the world’s biggest economy.
German insurance industry proposes Eur10bn pandemic fundGerman (re)insurers are working on plans for a Eur10bn ($11.3n) public-private fund to deal with catastrophes like pandemics.
Activist investor Elliott calls for cost cuts and sale of units at Dutch insurer NNHague-headquartered insurer NN is facing a list of demands from activist investor Elliott Investment Management including cutting costs, investing in riskier assets and selling off non-core businesses.
European P&C stocks slide after jump in China and US coronavirus casesShares in German insurance giant Allianz shed over 3 percent in early trading today as European (re)insurance stocks and the wider market fell on Monday after a jump in new coronavirus infections in the US and China stoked concerns over a second wave.
French insurers look to provide Eur2bn future pandemic coverageFrance’s private insurers could provide business interruption cover of up to Eur2bn ($2.2bn) for SMEs hit by the fallout of any future pandemics via an obligatory extension in all business fire or BI policies, under a system proposed by the French Insurance Federation (FFA).
HDI Global looks to Axa XL and MS Amlin to fill board rolesHannover-headquartered HDI Global has made two hires to its management board, adding Axa XL’s Mukadder Erdönmez and MS Amlin’s Andreas Luberichs.
Scor sheds 11% in week of renewed CIAM activismShares in Paris-headquartered Scor are currently trading over 11 percent down for the week after activist investor CIAM reignited its war-of-words against the French reinsurer with the release of a 32-page whitepaper calling for further reform of the carrier’s governance practices.
Zurich adds EY’s Bates as senior climate change risk consultantZurich has named Belinda Bates as senior risk consultant climate change in its commercial insurance unit.
Axa faces another restaurant BI policy court rulingThe owners of a restaurant in France’s Beaujolais wine region have launched a legal action against the insurance giant Axa for refusing to cover losses they suffered during the government-enforced coronavirus lockdown.
French Gov delays pandemic working group findings; leaning towards obligatory premiumThe findings of a government working group launched by the French Ministry of Economy and Finance to outline a potential insurance solution to cover future pandemics such as the Covid-19 outbreak will now publish later this month as it wrestles between pure pandemic solutions or a broader approach, The Insurer can reveal.
Thomas Miller names Bergert to succeed Braun as CEO of Hamburg operationsThomas Miller has named Frank Bergert as CEO of Thomas Miller Hamburg, succeeding Tobias Braun with immediate effect.
Generali considers offloading Swiss insurance operations: reportsItalian insurance giant Assicurazioni Generali SpA is exploring strategic options for its Swiss insurance operations, according to reports citing people familiar with the matter.
CIAM calls for Kessler to outline succession planning as Scor fires backThe war-of-words between CIAM and French reinsurer Scor continues to rage on, with the activist investor publishing a 32-page whitepaper entitled ‘The Acute Need for a Clear Succession Plan’.
No-deal Brexit would magnify coronavirus impact on UK economy: Moody’sA no-deal Brexit would “significantly” damage the UK’s recovery from a recession following the coronavirus pandemic, Moody’s Investors Service warned on Wednesday.
Axa XL fills vacant Eurasia CEO role with veteran VeyryAxa XL has appointed Xavier Veyry CEO of Asia and Europe in what is the latest change the company has made to its newly configured leadership team.
HDI launches London political and credit risk team with Neon hiresHannover-headquartered HDI Global Specialty has launched a political and credit risk team in London with the hires of former Neon underwriter’s Nick Robinson and Anthony Vaughan.
Axis Re promotes Leahey to lead agriculture reinsuranceAxis Re, the reinsurance unit of Axis Capital, has promoted Michael Leahey to head of agriculture reinsurance, effective 1 July.