Euroins Bulgaria, part of Eurohold's Insurance Group informed it has increased its capital by EUR 7.7 million (BGN 15 million) in order to finance its development on the foreign markets, predominantly in Greece and Poland, the two largest markets in which the company operates outside Bulgaria.
SCOR announces the appointment of Thomas Fossard as Head of Investor Relations after Yves Cormier has decided to leave the Group to pursue another opportunity. Yves Cormier will continue to run the Investor Relations team during the transition period.
The Supervisory Board of Allianz SE today announced that Oliver Bate’s mandate as Chairman of the Board of Management of Allianz SE has been renewed and extended through the Annual Shareholders Meeting in 2028.
Italian insurer Generali announced that Giulio Terzariol will join the Company as CEO Insurance, a newly created role with responsibility for all the insurance Business Units, with effect from January 2024. Terzariol will report directly to the Group CEO, Philippe Donnet, and will join the Group Management Committee of Assicurazioni Generali.
Allianz Group announced that it entered into a binding transaction regarding the transfer of its 51% stake in Allianz Saudi Fransi in Saudi Arabia to ADNIC, a multiline regional insurance provider based in the United Arab Emirates and listed on the Abu Dhabi Stock Exchange, as the Munich-based group streamlines its primary insurance operations in the Middle East.
Dutch insurer Aegon informed that at its Extraordinary General Meeting of shareholders approved the first step in the company’s redomiciliation to Bermuda.
Allianz Commercial has announced changes to the Board of Management of Allianz Global Corporate & Specialty SE “that reflect its strategy of integrating the Allianz Mid Corporate business alongside its Large Corporate and Specialty portfolios to create one face to market across its eleven trading regions”.
American International Group informed that Edward L. Dandridge has joined the company as Executive Vice President and Chief Marketing & Communications Officer, effective October 16, 2023. He will report to Peter Zaffino, Chairman & Chief Executive Officer, and serve on AIG’s Executive Leadership Team.
Fitch Ratings have upgraded Generali’s Insurer Financial Strength (IFS) rating to “A+” from “A” with a stable outlook.
Following this year's regular revision, S&P Global Ratings reaffirmed the "A" Financial Strength Rating with a stable medium-term outlook of the Triglav Group and thereby of its parent company Zavarovalnica Triglav and the Group member Pozavarovalnica Triglav Re.
Zurich Insurance Group has appointed Dirk De Nil, currently CEO Zurich Benelux and Nordics, to the role of Global Head of Zurich Resilience Solutions, effective October 1, 2023.
Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services providers announced that they have received regulatory approvals for the joint venture that will create the leading Pan-African non-banking financial services company with a presence in 27 countries in Africa. The joint venture will operate as SanlamAllianz. Heinie Werth, the current CEO of Sanlam Emerging Markets, has been appointed as the CEO of SanlamAllianz.
Generali Group CEO Philippe Donnet was named "Best CEO" for the second consecutive year in the insurance sector in the 2023 edition of the All-Europe Executive Team annual ranking by Institutional Investor, the specialist magazine and independent research company in the field of international finance.
Lloyd’s re/insurance marketplace reported H1 2023 underwriting profit of GBP 2.5 billion vs GBP 1.2 billion a year before, an investment return of GBP 1.8 billion (vs. GBP 3.1 billion loss) and a profit before tax of GBP 3.9 billion compared with loss of GBP 1.8 billion in H1 2022.
AIG announced that Lucy Fato will transition from her current role as Executive Vice President, General Counsel & Global Head of Communications and Government Affairs to Vice Chair at AIG, effective October 1, 2023.
Reinsurance broker Guy Carpenter part of Marsh McLennan announced the appointment of Julian Enoizi as CEO of Guy Carpenter Europe effective immediately. Julian Enoizi will be based in Europe and report to Laurent Rousseau, CEO of Guy Carpenter Europe, Middle East and Africa, and Global Capital Solutions. In this role Julian Enoizi will be responsible for leading Guy Carpenter’s broking operations across its European offices.
Chubb announced the appointment of George N. Nikolaou as head of Chubb Business Services EMEA in Thessaloniki, Greece. “In this role, Nikolaou will be responsible for the Chubb technology center launched in late 2022, which will support the development of innovative technologies that enhance the customer experience, increase efficiency, and accelerate the company's digital transformation”.
In H1 2023, the Triglav Group's total business volume rose to EUR 955.4 million and its tax before profit amounted to EUR 10.5 million. This year's unexpected price cap on supplemental health insurance in Slovenia resulted in a high loss of EUR 30.9 million in the health insurance segment in the first half of 2023, which had a significant impact on the Group's half-year result.
Sava Re expects the costs of the unprecedented storms and floods that hit Slovenia and the Balkans in July and August to reach EUR 100 million. The negative impact on the 2023 result is estimated at EUR 30 million to EUR 35 million. For 1H 2023 business volume up by 11.7% to EUR 495.1 million, while net profit was of EUR 40.0 million.
Following its regular annual rating review, the rating agency S&P Global Ratings (the Agency) affirmed the “A” (strong) insurer financial strength rating on Sava Re and Zavarovalnica Sava. The outlook is stable.