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Press cuttings - archive

POLISH insurer PZU considering EUR 500 mln bond issue

Poland's largest insurer, PZU SA, is considering a 500 million euro Eurobond issue to bolster its capital buffers following its acquisition of UniCredit's Polish unit, its CEO said. More

UKRAINE: French company has no intention of selling AXA Insurance

French AXA will not sell AXA Insurance, subsidiary insurance company. It was reported by the company's CEO Philippe Wautelet during the interview to Novoye Vremia. More

RUSSIAN Central Bank revokes almost hundred licenses in 2016

In 2016, the Central Bank of Russia has revoked 97 licenses of banks, 17 licenses of non-state pension funds, 69 licenses of insurance companies and 32 license of management companies, the chief auditor of the Central Bank Valery Goregliad said at the Gaidar Forum. More

GREEK turnaround adds sheen to NBG's insurance asset sale

An unexpected uptick in the outlook for the Greek economy should boost buyer demand for National Bank of Greece SA subsidiary Ethniki Hellenic General Insurance Co. SA, while the gradual removal of the social safety net should provide a stream of clients for its products over the longer term, analysts told S&P Global Market Intelligence. More

AZERBAIJANI insurance company increases payment of claims

Azerbaijan's PASHA Life insurance company collected 77.68 million manats in premiums in 2016 that is by 42.5 percent more than in 2015, the company said in a message. More

SERBIAN Competition Commission closes the year boldly

On 25 December 2016, the Commission published a report on the Serbian insurance market, and announced its plan to draft an Insurance Block Exemption Regulation ("IBER"). Except where the specifics of the Serbian insurance market require otherwise, the regulation will be harmonized with the EU Block Exemption Regulation for the Insurance Sector.
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CZECH REPUBLIC: New Obligations for Large Companies

In accordance with the EU directive 2014/95/EU, business corporations with more than 500 employees that qualify as large undertakings and public-interest entities as defined by the Czech act on accounting (these include, for instance, banks, insurance companies or large companies with securities admitted to trading on an-EU regulated market) are subject to so-called non-financial reporting starting January 1, 2017. More

AXA has completed the sale of its UK P&C commercial broker Bluefin to Marsh

AXA announced today that it had completed the sale of Bluefin Insurance Group Ltd ("Bluefin"), its P&C commercial broker in the UK, to Marsh. AXA recorded an exceptional negative impact of Euro 82 million, which will be accounted for in 2016 Net Income. More

AZERBAIJAN: Audatex and Compulsory Insurers Bureau resume talks on sale of equity stakes

Insurance appraiser Audatex-Azerbaijan is entering a new stage of negotiations with the Compulsory Insurers Bureau for the purpose of selling equity stake of 5%.
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SLOVENIA: S&P revises outlook on SID Bank to positive, affirms A/A-1 ratings

Standard & Poor's  said it has revised its outlook on Slovenia-based SID Bank (Slovene Export and Development Bank) to positive from stable, while affirming the bank's 'A/A-1' long- and short-term issuer credit ratings. More

Baltic insurance market to continue consolidation trend in 2017

The year 2016 saw a strong consolidation trend in the insurance sector in the EMEA region and Latvia was no exception. Vienna Insurance Group AG acquired Baltikums and BTA Baltic Insurance Company in a deal which is said to have contributed to the stability and sustainability of the insurance industry in the country.
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RUSSIA: insurance market may grow by 30%

The Russian insurance market may grow by more than 30% by the end of 2016, the National Union of agricultural insurers (NSA). More

MACEDONIA: Insurance Market Grows by 4 Percent

The insurance market in Macedonia grew by about 4 percent in 2016, a rate that is lower than expected due to the tense political situation, the Macedonian Chamber of Commerce (SKM) informed on Monday. Klime Poposki, from the Insurance Supervision Agency said that there was a growth in accident insurance of 9.31 percent, while gross property insurance premiums dropped by 7.98 percent, while the number of contracts increased.
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ARMENIA: INGO Armenia to offer new products to its clients in 2017

INGO Armenia insurance company will improve the quality of its services and will offer new products to its clients, Arevshat Meliksetyan, executive director of the company, told journalists on Wednesday. More

ARMENIA: No consolidations expected in insurance in 2017

Arevshat Meliksetyan, executive director of INGO Armenia, told journalists on Wednesday, that he expected no consolidations in Armenia's insurance sector in 2017. More

LATVIA: Swedbank : expert expects growth in car, housing insurance

There is a reason to expect growth in the numbers of insured cars and homes in the Latvian market, said Dzintars Kalnins, Head of Non-life Insurance Support Division at Swedbank. More

AZERBAIJAN: Licenses of 3 insurance companies revoked

Azerbaijan's Financial Market Supervisory Authority has revoked licenses of three insurance companies - the International Insurance Company, Azerqarant Insurance and Buta Insurance, the company said in a message Dec. 30. More

SLOVAKIA: KBC interested in banking opportunities

Belgian banking and insurance group KBC is interested in looking for acquisition opportunities in Slovakia, in line with its plan to expand in its core markets in central Europe, KBC Group Chief Executive Johan Thijs said on Wednesday. More

GREECE's NBG likely to sell its insurance unit this year

National Bank of Greece (NBG) expects to sell its subsidiary National Insurance this year and plans other sales as part of its restructuring, its chief executive said on Wednesday. More

AZERBAIJAN: PASHA Bank to enter SME market

VTB Bank (Azerbaijan) expanded preferential ATMs network by signing partnership agreement with PASHA Bank. Now banks won't charge fees for cash withdrawals at their ATMs from clients of the partner banks. More

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