News - Re/Insurance groups
Marsh McLennan appoints Hafize Gaye ERKAN to its BoD
Marsh McLennan announced that on nn February 11, 2022, the Board of Directors of the company appointed Hafize Gaye ERKAN, as Director effective on March 1, 2022. With Erkan's appointment, the Company's Board will consist of 14 Directors.
Generali: Gabriele Galateri di Genola to withdraw for the upcoming board renewal
Italian insurer Assicurazioni Generali announced in a statement that its chairman, has announced that he will step down at the expiry of his term in April after 11 years at the top of Italy's largest insurer.
AEGON posted YE2021 net profit of EUR 1.7 bn vs. EUR 55 m in 2020
Dutch insurer AEGON announced its net result doubles compared with the fourth quarter of 2020 to EUR 526 million, while for FY 2021 the company reported an aggregate net result of EUR 1.70 billion compared with EUR 55 million in 2020.
NN Life & Pensions to acquire the life insurance arm of ABN AMRO for EUR 253 million
NN Group, ABN AMRO Bank and their joint venture AAV (ABN AMRO Verzekeringen) announcd that they have reached an agreement to sell AAV's life insurance subsidiary to Nationale-Nederlanden Levensverzekering Maatschappij N.V. (NN Life & Pensions).
AXA has completed the sale of its business in Singapore to HSBC
French insurer AXA announced that it has completed the sale of its insurance operations in Singapore - AXA Insurance Pte Ltd to HSBC Insurance (Asia-Pacific) Holdings Ltd - a wholly owned subsidiary of the Hongkong and Shanghai Banking Corporation Limited, for a total cash consideration of USD 529 million (or EUR 463 million). The deal that was first announced in August 2021.
The Hartford to expand its multinational coverage with Swiss Re Corporate Solutions
Swiss Re Corporate Solutions (the commercial insurance arm of the Swiss Re Group) and The Hartford (a United States-based investment and insurance company) entered into a strategic agreement that expands The Hartford's network of global partners, giving the company's multinational customers broader access to insurance coverage around the world.
ERGO's Romanian subsidiaries acquisition by SIGNAL IDUNA greenlighted by the market supervisory authority
Romanian insurer SIGNAL IDUNA announced the Romanian Financial Supervisory Authority (ASF) has greenlighted its acquisition of two ERGO subsidiaries for life and non-life insurance. The acquisition was also approved by the Competition Council.
Talanx to post its first billion-euro profit in 2021
German insurer Talanx informed its FY2021 Group net income exceeded the EUR 1 billion mark for the first time based on unaudited consolidated figures, despite historically high net claims expenses.
AON posted robust 2021 revenue growth
Global re-insurance broker AON posted 4% growth in Q4 2021 revenue to USD 3.08 billion and 10% growth in FY 2021 revenue to USD 12.19 billion, due to double-digit increases reported in Commercial Risks and Reinsurance Divisions.
Zurich Group in 2021: best results in its history
Zurich Insurance Group reported very strong profits for the full year 2021. Business operating profit and net income attributable to shareholders were the highest since 2007. Growth was achieved in all segments, with commercial insurance in particular benefiting from disciplined underwriting, higher prices and an increase in new business.
SCOR reports double digit increase in treaty portfolio during complex January renewals
French reinsurer SCOR announced premium growth of 19% and an overall average price increase of 4.9% in P&C reinsurance during the "complex and prolonged" January renewal season.
WTW reports 4% increase in 2021 revenue
Global re/insurance broker WTW posted 2021 total revenue of USD 9 billion, an increase of 4% y-o-y as compared to USD 8.62 billion a year before. FY 2021 income from operations was USD 2.2 billion, or 24.5% of revenue, an increase from USD 859 million or 10.0% of revenue compared to the prior year. Adjusted operating income was USD 1.8 billion, or 19.9% of revenue.
Generali BoD approves the new composition of the Board Committees
Last week, the Italian insurer Generali informed its Board of Directors (BoD) approved changes to the membership of the Board Committees.
Marsh: Global commercial insurance rates continue to moderate as pricing up 13% in Q4
Global commercial insurance prices increased 13% in Q4 2021, according to the Global Insurance Market Index released by the insurance broker Marsh, continuing "a trend of moderating rate increases that began in Q1 2021. While this is the 17th consecutive quarter of increases, the rate of increase continues to moderate in many lines of business and in most geographies".
Generali to acquire La Medicale from Credit Agricole Assurances
Generali has signed an agreement for the acquisition of La Medicale, an insurance company for healthcare professionals, following the exclusive negotiation with Credit Agricole Assurances, announced last November, and the consultation of the dedicated workers' councils.
Euroins Romania moves headquarters in a smart, top ecological building in the Northern business district of Bucharest
Euroins Romania's headquarter moved to new premises, in an almost 2,400 sqm office floor located in J8 Office Park in Bucharest. The new office space allows the company the continuation of the recruitment of specialists that will add to the 300 employees of Euroins in Bucharest.
Lloyd's appoints Dawn Miller as Commercial Director
Lloyd's, the world's leading marketplace for commercial, corporate and specialty risk solutions, announced the appointment of Dawn Miller as its Commercial Director reporting into Lloyd's Chief of Markets, Patrick Tiernan.
Generali: Caltagirone withdraws from the pact with Delfin and CRT
On 27 January 2022, the Companies of the Caltagirone Group - one of the largest shareholders of Italian Assicurazioni Generali have exercised their right of withdrawal from the consultation agreement with the other two: Delfin and Fondazione CRT.
MMC posted in 2021 the highest revenue and EPS growths in over two decades
Global brokerage firm MMC - Marsh McLennan reports FY2021 revenue of USD 19.8 billion, an increase of 15% compared with 2020, or 10% on an underlying basis. At the same time, operating income was USD 4.3 billion, and adjusted operating income rose 18% to USD 4.3 billion. Net income attributable to the Company was USD 3.1 billion. Earnings per share increased 56% to USD 6.13. Adjusted earnings per share increased 24% to USD 6.17 compared with USD 4.97 in 2020.
Generali to become the majority shareholder in both its Life and P&C joint ventures in India
Following the announcement in 2021 by the Indian Government to permit the increase of Foreign Direct Investment limit in the insurance sector from 49% to 74%, the Italian insurer Generali announced it will become the majority shareholder of Future Generali India Insurance Company Limited and Future Generali India Life Insurance Company Limited. Thus, Generali is the first international player to step-up to majority in both the Indian life and P&C insurance sector.
21 February 2022