The rush is on to replace people with software in Europe’s insurance industry as cost cutting and automation become increasingly crucial to bolstering earnings. Zurich Insurance Group AG is accelerating its cost reduction program, targeting savings of at least $1 …
Anbang Insurance Group Co., which walked away from a bid to acquire Starwood Hotels & Resorts Worldwide Inc. last week, has agreed to buy Allianz SE’s operations in South Korea. The Chinese insurer will purchase Allianz Life Insurance Korea and …
Pacific Investment Management Co. said former bond manager Bill Gross’ abusive conduct and effort to sabotage colleagues he deemed disloyal gave it “good cause” to oust him, and not pay any of the more than $200 million of damages he …
Munich Re, the world’s second-biggest reinsurer, named Joachim Wenning to succeed Chief Executive Officer Nikolaus von Bomhard as the industry struggles to maintain earnings amid low interest rates and falling prices. Wenning, 51, will take over the top post on …
Bond manager Bill Gross will be able to pursue his lawsuit to recoup at least $200 million he claims that Pacific Investment Management Co. owes him in the wake of his 2014 ouster from the firm he co-founded. California Superior …
German insurer Allianz plans to sue Volkswagen over the sharp drop in its shares as a result of the carmaker’s diesel emissions scandal, a source familiar with the situation told Reuters. If successful, the lawsuit would add to financial pressures …
Bond fund manager Bill Gross on Tuesday accused Pacific Investment Management Co. of falsely claiming he suddenly decided to abandon the firm he co-founded in an effort to win dismissal of his $200 million breach-of-contract lawsuit. In papers filed in …
Europe’s largest insurer Allianz has put its South Korean life insurance business on the block as part of a global overhaul in a tough low-interest rate environment, sources with direct knowledge of the matter said. The South Korean asset is …
Allianz SE, AXA SA and Sompo Japan Nipponkoa Holdings Inc. made final bids for the rights to distribute their general insurance products through CIMB Group Holdings Bhd.’s branches across Asia, people with knowledge of the matter said. CIMB could fetch …
Reinsurers are running out of claims reserves that they can release to boost profits as pricing continues to fall, according to the head of Allianz SE’s reinsurance unit. “I don’t think there are too many loss reserves left and the …
