News - Re/Insurance groups
Aon reported Q3 loss of USD 900 m following WTW deal exit costs of USD 1.3 bn
Re/insurance broker Aon reported a net loss of USD 900 million at the end of September 2021 vs. a net profit of USD 275 million in the prior year period, and an Q3 operating loss of USD 801 million, "due primarily to a USD 1.3 billion increase in charges related to terminating the combination with Willis Towers Watson and related costs", as the company's officials mentioned in a statement.
CO shareholder posted 9 months increasing revenues and profits
Croatian conglomerate ADRIS Grupa with business in tourism, food production and insurance (Croatia osiguranje) - achieved a total consolidated income of HRK 4.51 billion (~EUR 0.6 billion) in the first nine months of 2021, 23% higher compared to the same reporting period last year, the holding announced in a statement.
AIG announced senior leadership changes
American International Group announced senior leadership changes that "further position the organization to deliver strong financial and operational performance over the long term and enhance its leadership team as part of the separation of the Life & Retirement business".
Swiss Re reports 9 months net income of USD 1.3 billion
Global reinsurer Swiss Re has reported net income of USD 1.3 billion for the first nine months of 2021, driven by the performance of its property and casualty businesses, "despite significant large-loss events, particularly in the third quarter. Swiss Re's capital position remained very strong, with a Group SST ratio of 234% as of 1 July 2021". The reinsurer has reported a return on equity (RoE) of 6.6% for the nine month period, while net premiums earned and fee income for the Group increased by 5.9% to USD 32 billion.
WTW reports end-September revenue growth
Re/insurance broker Willis Towers Watson (WTW) posted solid Q3 2021 financial results. Thus, Q3 revenue was USD 1.97 billion, an increase of 4% as compared to USD 1.90 billion while 9 months revenue was USD 6.29 billion vs. USD 5.95 billion for the same period in the prior year.
SCOR, 3Q21: net income of EUR 339 million, despite strong NatCat impact; EUR 200 million share buy-back program launched
French SCOR recorded an overall net income of EUR 339 million in 3Q 2021. Natural catastrophes had a strong impact on the group's results, of EUR 708 million (net of retrocession and before tax). Only Hurricane Ida and the European floods had a total impact of EUR 343 million.
Denis KESSLER appointed Europe's Reinsurance Advisory Board chair
Denis KESSLER, Chairman and CEO of French reinsurer SCOR was appointed by Insurance Europe's Reinsurance Advisory Board (RAB) as its chairman.
Marsh: Global commercial insurance pricing up 15% Q3 2021
Global commercial insurance prices increased 15% in the third quarter of 2021, according to the Global Insurance Market Index released by the insurance broker Marsh, the same rate of increase recorded in the previous quarter.
Aviva announced directorate change
Aviva announced the appointment of Martin STROBEL as Independent Non-Executive Director of the Company with effect from 22 October 2021.
Leadership changes at Allianz Africa
German insurer Allianz announced starting with November 1, 2021, Delphine TRAORE (COO and Board Member of Allianz Africa) will succeed Coenraad VROLIJK as Allianz Africa Regional CEO.
MMC posted Q3 revenue of USD 4.6 billion
Global re/insurance broker MMC posted Q3 2021 aggregate revenue of USD 4.6 billion, an increase of 16% compared with the third quarter of 2020. Q3 operating income was USD 740 million, an increase of 37% from the prior year while net income attributable to the Company was USD 537 million, or USD 1.05 per diluted share, compared with USD 0.62 in the third quarter of 2020.
Generali Poland has a new CFO
Beata SIWCZYNSKA-ANTOSIEWICZ is the new Generali Poland CFO, Generali CEE Holding announced in a statement on its website. She takes up the position of Member of the Management Board of Generali Poland as well.
Ileana DAMIAN to become the new COO in Generali Romania
Ileana DAMIAN has received the Romanian insurance regulator's approval to take over the position of Chief Operations Officer within Generali Romania, as Generali CEE Holding announced in a statement. She is replacing Daniela COVACESCU who resigned from her position. Ileana DAMIAN is becoming a member of the Board as well.
Munich Re maintains its YE profit target despite Bernd & Ida losses of ~EUR 1.8 bn in Q3
Global reinsurer Munich Re announced losses of about EUR 0.6 billion from the impacts of windstorm Bernd in Europe in July, and losses of around EUR 1.2 billion from Hurricane Ida in the U.S.
SCOR Chairman has been appointed Chairman of the Reinsurance Advisory Board
Denis KESSLER, Chairman of French Reinsurer SCOR has been appointed Chairman of the Reinsurance Advisory Board (RAB) - a specialist representative body for the European reinsurance industry.
NN Group completes acquisition of majority stake in Dutch insurance broker Heinenoord
NN Group announced the completion of its acquisition of a 70% stake in Dutch insurance broker and service provider Heinenoord.
CHUBB to acquire CIGNA business in Asia & Turkey for USD 5.75 bn
Chubb Limited - the world's largest publicly traded P&C insurer with operations in 54 countries and territories - announced a definitive agreement to acquire personal accident, supplemental health and life insurance business of Cigna in seven Asia-Pacific markets for USD 5.75 billion in cash.
PZU SB member Tomasz KUCZUR has resigned
Polish insurance group PZU announced that Tomasz KUCZUR resigned from the company's SB member position as of 11 October 2021.
Achmea's shareholders approved the appointment of Tjahny BERCX as new SB member
Dutch insurer Achmea announce its Shareholders approved the appointment of Tjahny BERCX as a member of Achmea's Supervisory Board for a period of four years. The appointment has been approved by the Dutch Central Bank (DNB). Tjahny BERCX fills the vacancy that arose when Mijntje LUCKERATH stood down in April.
FSC approved the EEEC tender offers for CEZ Distribution and CEZ Electro
Last week, Bulgaria's FSC (Financial Supervision Commission) has approved the EEEC revised public tender offers for the acquisition of the remaining 33% interests it does not own in power distributor CEZ Distribution Bulgaria and power supplier CEZ Electro Bulgaria.
2 November 2021