The world’s biggest trade credit insurer, Euler Hermes, has suspended cover for exporters shipping to Greece because of the mounting risk of them not being paid in the event the debt-laden nation is forced out of the euro. “Euler Hermes …
Allianz SE, Europe’s biggest insurer, will proceed with caution as it searches for takeover gems among the jetsam washed up by the financial market storm. The German group has said it is ready to come out of its shell to …
German insurer Allianz is ready to adjust its €750 million [$952 million] non-voting capital stake in Commerzbank to help the German lender strengthen its balance sheet, two sources familiar with the talks between the two parties said. Allianz inherited the …
Allianz and Generali followed rivals in aggressively writing down holdings of Greek government bonds on Friday, fuelling investor concerns about the possible impact on insurers of a worsening sovereign debt crisis. Analysts say major European insurers have moderate exposure to …
Banks and policymakers moved closer to a deal on Friday to help Athens secure funds ahead of a parliamentary vote on austerity next week that Greek Prime Minister George Papandreou must win to avert default. Despite a refusal by the …
Insurer shares largely shrugged off the industry’s first round of damage estimates from this month’s earthquake in Japan, which may prove to be the world’s costliest disaster. Munich Re and Hannover Re, the world’s No.1 and No.3 reinsurers, penciled in …
A bumper equity issue from Aegon and a disappointing dividend from Allianz stirred fresh fears about European insurers’ capital strength on Thursday, weighing on their shares. The capital-boosting measures by Allianz and Aegon suggest the industry is worried Europe’s Solvency …
The insurance industry faces damage claims of between $3.5 billion and $8 billion from Tuesday’s devastating earthquake around Christchurch, New Zealand, catastrophe modeling firm Air Worldwide said. “The quake caused extensive damage in the city center and was the second …
Installing sharpshooters on oil tankers to fight off pirates as some shippers have suggested risks provoking more aggressive attacks, a senior executive at reinsurer Munich Re warned. Shipping firms are debating adding snipers and other armed teams costing up to …
The world’s top three insurance brokers have joined reinsurer Munich Re to promote a major expansion in risk coverage for deepwater drilling in the wake of BP’s disastrous Gulf of Mexico spill last April. Their goal is to expand liability …
