Latest Europe Headlines
All the headlines from our Europe Topic Page, ordered by recency.
Ratings Recap: Emirates, BMO Re, United, Oman Insurance, China Taiping (NZ)
Sep 18 2013 // A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of “a-” of United Arab Emirates-based Emirates Insurance Company...
Former Zurich Chair Ackermann Quits Siemens, Refutes Influence in CFO Suicide
Sep 12 2013 // Josef Ackermann will step down from Siemens AG’s supervisory board, two weeks after he resigned as chairman of Zurich Insurance Group AG following his naming in the suicide note of finance chief Pierre Wauthier. The...
G20 Vows to Coordinate Financial Services Regulations
Sep 9 2013 // World leaders renewed their determination on Friday to work more closely and regulate across the financial system to avoid conflicting rules that would crimp economic growth. The Group of 20 nations (G20) ended a summit in...
EU Insurers Spent $6.5 Billion on Regulation in 2012: Deloitte Estimate
Sep 5 2013 // Europe’s 40 largest insurers spent as much as €4.9 billion ($6.5 billion) last year complying with new regulations, according to estimates by Deloitte LLP. The cost is equivalent to a one percentage point reduction...
Wal-Mart Says It Could Loan $50M to Bangladesh Factories for Workplace Safety
Aug 30 2013 // Wal-Mart Stores Inc. told investors on Thursday that it could provide up to $50 million in low-interest loans or other types of payments to Bangladesh factory owners for building improvements. The money is part of the more...
Zurich Insurance CFO Named Ackermann in Suicide Note
Aug 29 2013 // The finance chief of Zurich Insurance, Pierre Wauthier, named chairman Josef Ackermann in his suicide note, the company confirmed on Friday as it pledged to investigate whether he had been put under undue strain before his...
$56 Bn Economic Loss; $17 Bn Insured: Swiss Re’s 1st HY Disaster Report
Aug 21 2013 // According to preliminary sigma estimates from Swiss Re, “total economic losses from natural catastrophes and man-made disasters were $56 billion in the first half of 2013. The global insurance industry covered $20...
Ratings Recap: Electrical Contractors, Al-Sagr, Alliance (UAE)
Aug 16 2013 // A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of “a-” of UK-based Electrical Contractors’ Insurance...
Global Economic Outlook Dims as U.S. Recovery Continues: ICC-Ifo Survey
Aug 15 2013 // According to a World Economic Survey (WES) carried out by the Paris-based International Chamber of Commerce (ICC) and the Munich-based economic research institute Ifo, “the world economy has weakened slightly this...
Zurich Insurance Profit Drops After Natural Disaster Losses
Aug 15 2013 // Zurich Insurance Group AG, the biggest Swiss insurer, said the target for its general insurance business was “challenging” after natural catastrophe losses cut second-quarter profit by 27 percent. Net income...
Allied World Europe in Strategic Agreement with UK’s Gravity Underwriting
Aug 14 2013 // Allied World Assurance Company Holdings, AG, which is based in Switzerland, announced that its subsidiary, Allied World Assurance Holdings (Ireland) Ltd, has entered into an agreement with Gravity Underwriting Limited for...
India’s MRPL to Receive Iranian Oil Cargo after 4-Month Gap
Aug 13 2013 // India’s Mangalore Refinery and Petrochemicals Ltd said on Monday it expects to receive an Iranian oil cargo by the end of this week, the firm’s first purchase from the sanctions-hit nation since April. The...
Ratings Recap: Eni Insurance, Gulf Re
Aug 13 2013 // A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of Eni Insurance Limited (EIL), which is based in Dublin,...
ACE Promotes Salmon, Germano for European Casualty
Aug 12 2013 // The ACE Group today announced the promotion of Jerome Salmon to the position of Regional Casualty Manager, Continental Europe. He will have profit center responsibility for ACE’s casualty portfolio across the region,...
Best Affirms Generali, Main Subs Ratings; Outlook Remains Negative
Aug 12 2013 // A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Assicurazioni Generali S.p.A. and its main...
ING Eyes More Cost Cuts as Profits Top Forecast; Insurance Divestment Planned
Aug 8 2013 // Dutch financial group ING beat second-quarter profit forecasts at its banking business and said it could announce more cost savings later this year as it continues to slim down in a drive to recover from the financial...
Hannover Re Q2 Net Rises 29% on Investment Income
Aug 7 2013 // Hannover Re, the world’s fourth biggest reinsurer, said second-quarter profit rose 29 percent, beating analysts’ estimates, helped by higher investment income. Net income advanced to €186.3 million ($247.9...
Insurers Help Drive European Share Prices to New 2-month high
Aug 5 2013 // Robust insurer earnings helped drive European shares to a two-month high on Friday, while mixed U.S. jobs data supported the view the Federal Reserve may be more cautious about cutting back on its economic stimulus. The...
ABI Calls On UK Government to Enact ‘Whiplash’ Reforms
Aug 5 2013 // The Association of British Insurers has long targeted the epidemic of automobile accidents that result in claims for “whiplash” injuries for reform. In April it highlighted the fact that the UK was the...
Best Affirms Catlin Group and Subs Ratings; Outlook Stable
Jul 26 2013 // A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Catlin Insurance Company Limited (CICL),...
