Guy Carpenter & Company, part of Marsh & McLennan Companies (MMC), announced the appointment of Peter Askew as President and CEO, of Guy Carpenter's Canadian business, with immediate effect.
CHUBB Limited today announced management changes to its life and general insurance operations in Asia.
Dutch insurer ACHMEA announced on 10 July 2020, the Supreme Court of the Netherlands ruled in a case between ACHMEA and the Tax and Customs Administration. In its judgement, the Supreme Court has reached the same conclusion as the Court of Justice did earlier.
Austrian insurer UNIQA announced that the EU Commission has not identified any conflicts in relation to competition law and has approved the UNIQA's acquisition of AXA
in Poland, the Czech Republic and Slovakia without any conditions.
Allianz Group ended the first half of 2020 with a net income of EUR 3.1 billion, 28.2% lower than the value reported in the first half of the prior year. The decrease in the net income attributable to shareholders was largely driven by the drop in operating profit, the group reports.
Hannover Re Group ended the first half of 2020 with a net income of EUR 402 million, 39.3% lower than the same period of prior year. The operating profit (EBIT) decreased by 46.6% to EUR 504 million.
Guy Carpenter & Company, part of Marsh & McLennan Companies (MMC), announced the appointment of three new members to its Executive Committee.
For the second quarter of this year, from April to June 2020, Marsh & McLennan Companies (MMC) reported a net income attributable to the company of USD 572 million, 72% more than in the second quarter of 2019.
Aon plc ended the second quarter of 2020 (April - June) with a net income attributable to the company of USD 397 million, 44% more year-on-year. Net income per share from continuing operations attributable to Aon shareholders, adjusted for certain items, increased 5% to USD 1.96, (2Q2019: USD 1.87).
For the first six months of 2020, Swiss Re reported a net loss of USD 1.1 billion, after booking claims and reserves related to COVID-19 of USD 2.5 billion. Excluding the impact of COVID-19 losses, net income amounted to USD 865 million for the period, reflecting a strong underlying business performance across the group.
GENERALI CEE Holding announced a strategic two-fold cooperation with 4Life Direct in Poland: "4Life Direct becomes the agent of GENERALI in Poland and further, the cooperation includes a proposal for holders of over eighty thousand Polish policies from the company's partner from Gibraltar - to come under the wings of the Venetian lion".
Generali Group ended the first half of 2020 with a net profit of EUR 774 million, 56.7% smaller year-on-year. The profit was affected by EUR 226 million of net impairments on investments related to the performance of the financial markets, EUR 183 million for the arbitration settlement for the sale of BSI and the contribution of EUR 100 million to the Extraordinary International Fund for the pandemic emergency.
MAPFRE's revenue for the first six months of this year amounted to EUR 13.3 billion, an 11.8% decrease compared to the same period last year, while premiums totaled 11.0 billion euros (-12.3%). This decrease falls within the context of the economic downturn caused by the COVID-19 crisis, which began in mid-March and intensified throughout the second quarter of the year, affecting all countries.
ERGO Group and BMW Bank agreed on strategic cooperation in the German car dealership sector. Within this framework, both companies aim to develop digital insurance and mobility services in the future.
PartnerRe announced the appointment of Jacques Bonneau as its President and Chief Executive Officer (CEO), effective from July 28, 2020. Bonneau succeeds Emmanuel Clarke, who is leaving the Company by mutual agreement to pursue other opportunities outside the Group.
AM BEST affirmed the A+ ("Superior") Financial Strength Rating of Caisse Centrale de Reassurance (CCR) and the A ("Excellent") Financial Strength Rating of CCR Re. The outlooks of both companies remain stable.
In the first half of 2020, Qatar Insurance Company (QIC) was adversely impacted by the effects of COVID-19 pandemic on global economies and financial markets. Despite these challenging market conditions, QIC expanded its Gross Written Premium by 13%. Furthermore, QIC successfully issued a USD 300 million perpetual subordinated Tier 2 capital notes in the second quarter of 2020.
For the second quarter of 2020, PartnerRe reported a net income available to common shareholder of USD 229 million, 19.6% lower year-on-year. This figure includes net realized and unrealized investment gains of USD 238 million on fixed maturities and short-term investments, primarily due to decreases in worldwide credit spreads, and USD 35 million of net foreign exchange losses.
Guy Carpenter announced the appointment of Andrea Piatti as a Managing Director, Global Risk Solutions, effective 3 August. Mr. Piatti will be responsible for originating and driving opportunities to better serve the clients in the customized reinsurance space across Europe and MENA, including structured reinsurance treaties and capital management/solvency-related transactions.
Lloyd's, the world's leading specialist insurance and reinsurance market, announced the creation of its newest "syndicate in a box," Syndicate 1796, set up to insure the storage and transportation of a COVID-19 vaccine once developed to emerging economies.