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.
"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.
Hannover Re has generated Group net income of EUR 1,059.5 million (EUR 958.6 million) for the past financial year and thus achieved its profit target. The Group expects net income should reach an amount in the order of EUR 1.1 billion by the end of 2019.
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.
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.
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.
Italian insurer GENERALI informed that it has completed the sale of its entire shareholding in GENERALI Worldwide Insurance Company Limited and GENERALI Link to Life Company Consolidation Group - LCCG.
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.
Paris-based reinsurer SCOR announced a series of senior appointments across its Global Markets and Finance and R&D teams, both part of its SCOR Global Life division.
Zavarovalnica SAVA, part of Slovenian re/insurance group SAVA Re, announced it has finalised the aquisition of the two Croatian units of the German insurance group ERGO, part of MUNICH Re: ERGO osiguranje and ERGO zivotno osiguranje.
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.
Global commercial insurance pricing increased for the fith consecutive quarter in Q4 2018, largely driven by insurance pricing for property, financial and professional LoBs, the latest data published by MARSH show.
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'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.
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.
Global reinsurer Swiss Re informed Anette Bronder has been appointed Group Chief Operating Officer (COO) and member of the Group Executive Committee, effective 1 July 2019, succeeding Thomas Wellauer who will be retiring at the end of June.
Adriatic Slovenica's rating was upgraded following the completion of the acquisition process
made by Generali Group over the Slovenian insurer. The decision comes after Adriatic Slovenica's Fitch rating was set to Rating Watch Positive (RWP) in May 2018.
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.
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.