Wiener Versicherung Gruppe (VIG) agreed with Aegon N.V. on 29 November 2020 to acquire Aegon's insurance business in Hungary, Poland, Romania and Turkey. VIG will take over Aegon's non-life and life insurance companies as well as pension funds, asset management and service companies in these countries, which ideally complement VIG's existing portfolio. The purchase price amounts to EUR 830 million. The transaction is subject to the necessary regulatory and competition approvals. Closing of the transaction is expected to take place in the second half of 2021.
The assets under management for SCOR ILS Fund Atropos ("Atropos") recently exceeded the USD 1 billion mark. As of October 31, 2020, the total outstanding Insurance Linked Securities ("ILS") managed by SCOR Investment Partners and its London subsidiary Coriolis Capital Limited have reached USD 2.4 billion.
Moody's announced that it has confirmed Generali's IFS rating at Baa1. At the same time, Moody's confirmed all ratings of debt instruments issued or guaranteed by the Group, outlook stable.
Dirk Bohme will succeed Michael Krebbers, taking on the roles of the Management Board of HDI Systeme AG (HSY) and on the Management Board of HDI Lebensversicherung AG. The change is effective beginning March 1st, 2021.
MAPFRE recently announced two new Head appointments in its Sustainability and Inmuebles, both of them being placed in vacant positions after one management restructure and one retirement.
"The COVID-19 epidemy was a surprise for everyone and no one was prepared for this and no one was expecting that this would happen, so we had to be flexible and adapt to serve our clients" declared Juan Ramon Pla, President of BIPAR (European Federation of Insurance Intermediaries) during the fifteenth edition of the National Conference of Insurance and Pension Brokers organized today by UNSICAR.
For the first 9 months of 2020, the GWP of RESO-Garantia increased by 9.8% y-o-y, to RUB 77.42 billion (~EUR 0.84 billion*). The company's paid claims for the period amounted to RUB 34.78 billion, writes ASN
with reference to the company's press release
OCEAN Re continues its stage of international development and expansion and will startup a new Representative Office in Moscow most probably at the beginning of the next year, appointing Denis Nikolaytsev as Head of the new office.
Estonian insurers reported 3Q 2020 GWP of EUR 350 million, 4.66% less compared with January-September 2019, according to the market figures published by the Estonian National Statistics Board.
Lithuanian insurers reported GWP of EUR 710 million at end-September 2020, 0.6% more y-o-y, according to the quarterly market figures published on the Central Bank's website.
At the end of 3Q2020, the insurance market in Moldova amounted to MDL 1.06 billion (EUR 53.57 million*), which is 12.80% less y-o-y in local currency. Paid claims also decreased by almost 12%, to MDL 438 million, as the data, published by the National Commission of Financial Market
For the first nine months of 2020, Vienna Insurance Group (VIG) reported a solid premium income of EUR 8 billion, an improved combined ratio of 96.1% and a financial result of EUR 513 million, lowered by the ongoing COVID-19 pandemic.
GrECo Specialty, a dedicated specialty unit of GrECo is further expanding its services for the energy sector. Due to the ever increasing importance of the power and renewables sector a dedicated division was established to better support our clients in this industry.
Insurance Europe published its response
to the European Commission's (EC's) roadmap for the review of VAT rules for financial and insurance services. Insurance Europe considers that the current VAT rules are outdated and cannot be adequately applied to the provision of modern financial services.
Austrian insurance group UNIQA announced its 9 months uderwriting result almost doubled to EUR 124.9 million vs. 3Q2019, despite the company had to pay out "over EUR 70 million in additional insurance benefits from January to September for business interruptions and cancelled events due to COVID-19".
LLOYD's announced its new Council members. The roles will come into effect on 1 December 2020. LLOYD's mentioned six of the fifteen members of the new Council are elected by the market.
According to the MTIBU (Motor Transport Insurance Bureau of Ukraine), in the third quarter of 2020, the number of concluded MTPL agreements reached 2.24 million units, which is 8.7% more y-o-y. At the same time, collected GWP amounted to UAH 1.65 billion (+30%) (~EUR 49.75 million*), according to the Bureau's website
RMS together with Willis Re Securities and Securian Financial launched the new "La Vie Re Limited (Series 2020-1)" mortality catastrophe bond, providing USD 100 million of reinsurance protection for Minnesota Life Insurance Company, a Securian Financial affiliate.
The dual challenges of increasing flood risk in the UK and the impact of climate were discussed by Guy Carpenter and Flood Re co-chaired on November 20, during "Climate Change - Improving the flood resilience of the built environment" webinar.
From January to September 2020, the Sava Insurance Group grew operating revenue by 16.4%, while the group's net profit went up by 26.4% year on year. Operating revenue generated by the Sava Insurance Group reached 76.5% of the full-year target set in the revised 2020 plan.