The COVID-19 crisis reduced overall global macro resilience – or the ability of societies to absorb shocks – by 18% in 2020 from 2019, according to a sigma report published by Swiss Re Institute. At the same time, the report …
Intact Financial Corp. and Tryg A/S have entered into an agreement to sell Codan Forsikring A/S’s Danish business to Alm. Brand A/S Group for about 12.6 billion Danish kroner (approximately $2.52 billion) in cash. The agreement has been made with …
French mutual insurer Covéa and reinsurer SCOR finally laid down their legal swords this week – opting instead for “peaceful relations” by signing a binding settlement agreement. The agreement, which “implies no admission of liability on either side,” is designed …
AXA has offered a settlement to 15,000 French restaurant owners that purchased non-damage business interruption insurance after previously denying coverage during the 2020 COVID-19 lockdowns. AXA estimates the cost of these settlements will be approximately €300 million (US$365.5 million) before …
Lloyd’s insurer Argo Group has decided to stop insuring Canada’s Trans Mountain tar sands pipeline when its current insurance policy expires on Aug. 31, 2021, following similar moves by other companies such as Zurich Insurance, Talanx and Munich Re. “This …
Most of the world’s largest insurers are failing to adequately address systemic risks such as climate change and biodiversity loss, but a group of five U.S. insurers are some of those that rank the lowest, according to report published by …
Climate change protesters continued their focus on Lloyd’s as a major insurer of the fossil fuel industry by setting off a stink bomb in front of the market’s London headquarters. The activist group, Insurance Rebellion, is demanding the UK government …
Intact Financial Corp. announced that, together with Tryg A/S, it has completed the acquisition of RSA Insurance Group plc., after receiving all required approvals. Toronto-based Intact retains RSA’s Canadian, UK and International entities, while Tryg, which is heaquartered in Ballerup, …
France’s financial markets regulator dismissed market abuse charges, which had been filed against SCOR’s Chairman and CEO Denis Kessler by the reinsurer’s largest shareholder, Covéa. The investigation “does not support allegations of market abuse,” said a statement issued by “Autorité …
The COVID-19 crisis cost 16 global multiline insurers about $8 billion in 2020, although they still reported substantial net profit of $36 billion, according to a report published by S&P Global Ratings. This net profit figure was down from $56 …
