News - Re/Insurance groups

HANNOVER Re appointed Silke SEHM to Executive Board

The Supervisory Board of HANNOVER Re has appointed Silke SEHM as a full member of the Executive Board with immediate effect. She succeeds Jurgen GRABER, who passed away unexpectedly on 9 November 2018.

Unconfirmed rumors: AON will not buy its rival WTW

"Re/insurance brokerage Aon in talks to buy rival Willis Towers Watson" - titled international financial media in the past days. Yesterday, AON confirmed that it does not intend to pursue a deal to acquire rival broker Willis Towers Watson.

EUROINS acquires ERGO subsidiaries in Czech Republic, Romania and Belarus

Bulgaria-based Euroins Insurance Group (EIG) has made a purchase agreement with Germany-based ERGO International AG for buying 4 ERGO insurance companies. EIG will take control over ERGO's life and non-life subsidiaries in Romania and Czech Republic, as well as the non-life company in Belarus.

EIG: The prudent approach applied in Romania, influenced the year-end group indicators

Bulgarian financial group EUROHOLD said its revenues from insurance activity at the end of December 2018 amounted to BGN 985.3 million (EUR 503.8 million), 2% less y-o-y. The insurance operating expenses for the period under review increased by 0.6% y-o-y to BGN 924.9 million (EUR 472.9) compared to BGN 919.2 million at the end of 2017.

VIG completes the acquisition of GOTHAER TU in Poland

Austrian insurer VIG expanded its non-life presence on the Polish market by acquiring 100% shares of GOTHAER Towarzystwo Ubezpieczen (Gothaer TU). The transaction was closed on 28th February 2019 following approval by the local authorities.

Arthur J. Gallagher to acquire JLT group's aerospace operations

Marsh & McLennan (MMC) and Jardine Lloyd Thompson (JLT) agree to sell JLT's Aerospace Business to Arthur J. Gallagher. The acquisition, subject to European Commission approval, is scheduled to close this spring in connection with the closing of the JLT purchase by MMC.

ERGO sold its legal insurace unit in Ireland to ARAG

The family-owned insurer based in Dusseldorf, Germany, ARAG Group announced is to launch operations in the Republic of Ireland after it agreed to acquire the local business operations of DAS Legal Expenses Insurance Company Limited in the country which is part of the ERGO Group.

JLT reported 2018 revenue growth across all divisions

Global insurance and reinsurance broker Jardine Lloyd Thompson Group (JLT) has released its preliminary results for the year ended December 31, 2018, before the completion of its sale to Marsh & McLennan Companies (MMC).

SLOVENIA: Government pushes forward sale of NLB Vita

Slovenia's Government decided to lift some restrictions over Nova Ljubljanska Banka (NLB), the largest bank in Slovenia, to further advance its privatisation process. NLB Vita, the insurance subsidiary of the NLB Group, could be sold entirely.

Bulgaria FSC head resigns, to become the country's EBRD representative

The Chair of the Financial Supervision Commission Karina KARAIVANOVA is leaving the post three years earlier after she resigned on February 19 ahead of taking the position as the country's representative at the European Bank for Reconstruction and Development (EBRD) on March 1. She was nominated by the Cabinet to the post in December 2018.

Swiss Re boosts its 2018 profit by 27% despite big claims

Reinsurer Swiss Re announced it generated a full-year net income of USD 421 million in 2018. The result includes estimated large claims of USD 3.0 billion, net of retrocession and before tax, which significantly affected both Property & Casualty Reinsurance (P&C Re) and Corporate Solutions' earnings.

AXA's FY2018 revenue rises 4% y-o-y to EUR 102.87 billion

French insurer AXA announced its 2018 gross revenues have crossed the EUR 100 million border reaching EUR 102.87billion (vs.EUR 98.55 billion in 2017) while the year-end net income compressed two-thirds to EUR 2.14 biliion.