News - Insurance

BULGARIA: FSC postpones European Single Electronic Format (ESEF) reporting by one year

In 2013, the European Directive 2013/50/EC pushed all annual financial statements of issuers whose securities are admitted to trading on regulated markets in the EU to be drawn up in a single electronic reporting format (ESEF), starting from 1 January 2020. Because of the COVID-19 pandemic, the Financial Supervision Commission of Bulgaria (FSC) decided to postpone for one more year the implementation, allowing the companies to focus on the management of the pandemic crisis.

Standard & Poor's confirms UNIQA with "A-" rating, stable outlook

On 18 December 2020, Standard & Poor's (S&P) confirmed its "A-" rating of UNIQA Insurance Group with a stable outlook. Positive factors in S&P's decision particularly included the company's strong market position in Austria, CEE and Russia, its leading role in health insurance in Austria and its "excellent" capital adequacy.

BBVA ALLIANZ Seguros begins operations in Spain

BBVA Allianz Seguros, the new bancassurance joint venture between ALLIANZ Seguros and BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) announced in April of this year, will begin to operate in Spain.

CRO Forum names AEGON's CRO as new head

AEGON's Chief Risk Officer Allegra van HOVELL-PATRIZI has been elected as the new Chairlady for industry association CRO Forum. She will hold the position for the next 12 months.

Sava Insurance Group prepared its annual plan for 2021

Based on its 2020-2022 strategy, the Group plans to generate more than EUR 685 million in operating revenue and to close 2021 with a net profit above EUR 53 million, which translates into a planned return on equity of at least 11.5%.

Benoit Ribadeau-Dumas succeeds Denis Kessler as SCOR's CEO

On the committee's recommendation, SCOR's Board of Directors has decided to separate the roles of Chairman and Chief Executive Officer. The separation will come into full effect following the General Meeting in the spring of 2022.

POLAND: rules for divident payouts in 2021 issued by the KNF

KNF, the Polish authority for the financial markets' supervision has issued on 16 December a document concerning the dividend policy in 2021 for financial companies, including insurance companies, reinsurance companies and insurance and reinsurance companies.

AM Best Affirms Credit Ratings of Colonnade Insurance S.A.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" of Colonnade Insurance S.A. (Colonnade) (Luxembourg), a member of Fairfax Financial Holdings Limited (Fairfax) [TSX: FFH] group of companies. The outlook of these Credit Ratings (ratings) is stable.