News - Re/Insurance groups

MMC Q3 operating income increased to almost USD 1 billion

MARSH McLENNAN (MMC) reported Q3 2023 revenue of USD 5.4 billion, an increase of 13% compared with the third quarter of 2022. Operating income was USD 996 million, an increase of 26% from a year ago. Net income attributable to the Company was USD 730 million, or USD 1.47 per diluted share, compared with USD 1.08 in Q3 2022.

Eurohold Bulgaria intend to launch international arbitration proceedings against Romania seeking at least EUR 500 million

Following the decision of Romanian ASF from 17 March to withdraw the license of Euroins Romania, the Bulgarian energy-financial holding Eurohold – the owner of Euroins Insurance Group mentioned in a statement that it officially informed the Government of Romania of their intention to initiate an international arbitration to “protect the group’s investment in Romania, unless the current dispute over Euroins Romania’s case is remedied quickly, and the damages caused to the group are duly compensated”.

Claudia Valencia joins Allianz Commercial to lead Portfolio Solutions

Allianz Commercial has appointed Claudia Valencia as Global Head of Portfolio Solutions, joining on January 8, 2024. She will be based in London, and report jointly to Chief Underwriting Officer Shanil Williams and Global Head of Distribution Jeremy Sharpe.

Croatian Adris grupa invested in renewable energy for self-consumption

Croatian conglomerate ADRIS grupa with business in tourism, food production and insurance (the owner of Croatia osiguranje Group - one of the largest insurers in Adriatic region) informed that it signed a joint investment agreement for renewable energy sources with and ENCRO Group.

Munich Re acquired 100% of shares in API-focused insurtech

Global reinsurer Munich Re informed it has acquired apinity GmbH, a start-up that supplies application programming interface (API) solutions in the form of Software as a Service (SaaS) for the insurance industry’s entire ecosystem.

Lloyd’s warns: Global economy exposed to USD 3.5 trillion from major cyber attack

Lloyd’s, the world’s leading marketplace for insurance and reinsurance, published a systemic risk scenario that models the global economic impact of a hypothetical but plausible cyber-attack on a major financial services payments system, resulting in widespread disruption to global business and potential global economic losses of USD 3.5 trillion.

AIG announced leadership appointments

American International Group (AIG) announced that David McElroy, currently Chief Executive Officer, General Insurance, will assume the newly created role of Chairman, General Insurance.

MMC names Pat Tomlinson as President of Mercer

Marsh McLennan (MMC) announced that Pat Tomlinson has been appointed President of Mercer, the consulting subsidiary of of MMC. At the same time, Martine Ferland remains Mercer CEO and Vice Chair of Marsh McLennan and will oversee Mercer’s regional leaders until she retires on March 31, 2024.

Lloyd’s named Rachel Turk as Chief Underwriting Officer

Lloyd’s, the world’s leading marketplace for commercial, corporate and specialty risk solutions, announced the appointment of Rachel Turk in the new role of Chief Underwriting Officer. “Rachel Turk will report to Lloyd’s Chief of Markets, Patrick Tiernan, and her start date will be announced in due course”.