News - Insurance
SLOVAKIA: KBC finalises acquisition of OTP business
Belgium's KBC Group and OTP Bank, the Hungarian parent company of OTP Banka Slovensko (Slovakia), closed the agreement announced in February 2020 for KBC Bank NV to acquire ownership of 99.44% of the shares in OTP Banka Slovensko.
2 December 2020Bulgarian EUROHOLD maintains its revenues at a stable level in Q3 2020
Bulgarian financial holding UROHOLD Bulgaria, - the shareholder of EUROINS Insurance Group - one of the main players in CEE/SEE/CIS region, increased its revenues and maintained its operating profit in a challenging period in the context of the COVID-19 pandemic, according to the holding's consolidated financial statement for the first nine months of 2020.
2 December 2020KYRGYZSTAN: Incurrence of liability for failure to comply with MTPL law postponed
Taking into account the decrease in the level of income of the country's population, associated with the protracted situation of the pandemic, it was decided to postpone the incurrence of liability for non-compliance with the MTPL law, as Arzybek KOZHOSHEV, Chairman of the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic announced.
2 December 2020Swiss Re to expand nat cat portfolio with SRILIM fund launch
Global reinsurer Swiss Re targets nat cat portfolio growth with the launch of a new standalone fund company, which enables investors to access the firm's natural catastrophe business.
2 December 2020MUNICH Re announces profit target of EUR 2.8 billion for 2021
Global reinsurer MUNICH Re is aiming for a profit of EUR 2.8 billion in 2021. MUNCH Re representatives announced the Group expects financial consequences from COVID-19 next year as well, but on a considerably smaller scale than in 2020.
2 December 2020RUSSIA: for 9 months of 2020 profit of insurers (before tax) increased by almost a quarter y-o-y
During the pandemic, insurance companies remained stable. According to the results for 9 months of 2020, the profit of the insurance market (before tax) increased by almost a quarter (+24.6% y-o-y), to RUB 230.4 billion (~EUR 2.49 billion*), according to the "Financial Stability Review" of the Central Bank of the Russian Federation.
2 December 2020RUSSIA: the 24th Annual Reinsurance Conference and the 19th Annual November Business Meetings for Reinsurers held on November 25-26, 2020
On November 25-26, 2020, the event was held in Moscow that united the 24th Annual Reinsurance Conference and the 19th Annual November Business Meetings for Reinsurers.
2 December 2020AXA to sell its insurance operations in the Gulf region to GIG for EUR 225 million
French insurer AXA announced that it has entered into an agreement with Gulf Insurance Group (GIG) to sell its insurance operations in the Gulf region, which includes its shareholding in AXA Gulf, AXA Cooperative Insurance Company and AXA Green Crescent Insurance Company.
2 December 2020ALLIANZ to buy Australian WESTPAC general insurance business
ALLIANZ today it has agreed to purchase the general insurance business of Australian WESTPAC, and enter into a new 20-year exclusive agreement for the distribution of general insurance products to WESTPAC customers.
2 December 2020LLOYD's Brexit business transfer received final High Court approval
LLOYD's confirmed it has received final approval from the High Court of England and Wales to transfer EEA policies to LLOYD's Insurance Company SA (LLOYD's Europe), with its registered office in Brussels, Belgium. The transfer will take effect from 00:01 on 30 December 2020.
2 December 2020ERGO-WUSTENRON partnership to be expanded from spring 2021 in real estate financing
ERGO Beratung und Vertrieb AG and WUSTENRON Bausparkasse AG are expanding their long-standing partnership to include the real estate financing segment. The extended, long-term cooperation is scheduled to start in spring 2021.
2 December 2020UKRAINE: GWP growth of the Ukrainian insurance group exceeded 24% y-o-y
According to the Ukrainian Insurance Group, for the first 9 months of 2020, the company's GWP grew by 24.2% y-o-y, Forinshurer reports.
2 December 2020Hartwig LOGER appointed to Managing Board of VIG as of January 2021
On 1 December 2020, the Supervisory Board of VIENNA Insurance Group (VIG) chaired by Gunter GEYER appointed Hartwig LOGER to the Group's Managing Board for the period from 1st January 2021 to 30th June 2023.
2 December 2020Lukas Herrmanns will be CEO of Marsh Germany and Central Eastern Europe
According to a recent press release from Marsh, the group has appointed Lukas Herrmanns as Chief Executive Officer of Germany and CEE (Central Eastern Europe) starting with 1 January, 2021.
2 December 2020CHUBB appoints LAZARO as Digital Head, International General Insurance Business
CHUBB announced that Gabriel LAZARO has been appointed Senior Vice President, Digital Head for Overseas General Insurance, the company's international general insurance business in 51 countries and territories. The appointment is effective January 1, 2021.
2 December 2020ACHMEA: Willem van DUIN to step down as Chairman of the Executive Board
Willem van DUIN will step down as Chairman of the Executive Board of ACHMEA in April 2021 and the current Vice-Chair, Bianca TETTEROO, is to be appointed as his successor, the Dutch insurer informed in a statement.
2 December 2020VIG to acquire AEGON business in CEE
Wiener Versicherung Gruppe (VIG) agreed with Aegon N.V. on 29 November 2020 to acquire Aegon's insurance business in Hungary, Poland, Romania and Turkey. VIG will take over Aegon's non-life and life insurance companies as well as pension funds, asset management and service companies in these countries, which ideally complement VIG's existing portfolio. The purchase price amounts to EUR 830 million. The transaction is subject to the necessary regulatory and competition approvals. Closing of the transaction is expected to take place in the second half of 2021.
29 November 2020SCOR ILS Atropos fund exceed the USD 1 billion mark of assets under management
The assets under management for SCOR ILS Fund Atropos ("Atropos") recently exceeded the USD 1 billion mark. As of October 31, 2020, the total outstanding Insurance Linked Securities ("ILS") managed by SCOR Investment Partners and its London subsidiary Coriolis Capital Limited have reached USD 2.4 billion.
27 November 2020Moody's confirms Generali's IFS and debt instruments ratings
Moody's announced that it has confirmed Generali's IFS rating at Baa1. At the same time, Moody's confirmed all ratings of debt instruments issued or guaranteed by the Group, outlook stable.
27 November 2020Dirk Bohme joins the management boards of HDI Systeme AG and HDI Lebensversicherung AG
Dirk Bohme will succeed Michael Krebbers, taking on the roles of the Management Board of HDI Systeme AG (HSY) and on the Management Board of HDI Lebensversicherung AG. The change is effective beginning March 1st, 2021.
27 November 2020XPRIMM Newsletter
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