BRIEFLY NOTED:
AXA Has No Plans to Raise Additional Capital France’s Axa Group issued a statement that its financial structure was very strong, and that it has no plans to raise additional capital. “In spite of the drop in equity prices, the …
An Exact Science: Insuring Biotech Takes Know-How
As far as commercial property and casualty coverages are concerned, it goes without saying that individual companies require specific types of policies to most effectively address risks inherent to their industries. The biotechnology industry is no exception—on the contrary, it …
Eastern European Floods Cause Widespread Damage
The floods that devastated Eastern Europe throughout August may have been caused by global warming, or by one of the 100-200 year storms probability theory predicts, or maybe just bad luck. They were in any case, the most ruinous in …
£150 Million Preliminary Estimate of Insured Losses in French Floods
The cost to France’s insurance industry from the severe flooding in three southeastern departments (See Insurance Journal Website Sept.10) will be around £150 million ($147 million) according to preliminary estimates. According to a report in Les Echos, the French Financial …
16 Dead, 18 Missing as Storms Hit Southern France
Thunderstorms of unprecedented intensity struck Southern France Sunday night and Monday, causing widespread flooding and knocking out road and rail transportation throughout the region. 16 people were killed as a direct result of the deluge, and another 18 are reported …
AXA Receives Approval to Issue New Shares to Employees
AXA announced that French Regulatory Authorities (the “COB”) had given the company the green light to issue up to 35 million new shares to more than 100,000 employees in 29 countries. The shares will be priced at 80 percent of …
S&P Lowers Gerling Global Re’s Ratings to ‘BBB’
Standard & Poor’s announced that it has lowered its long-term counterparty credit and insurer financial strength ratings on Germany’s Gerling-Konzern Globale Ruckversicherungs-AG (GKG), the reinsurance arm of the Gerling Group, and its long-term insurer financial strength rating on related entities …
AGF 1st Half Net Up Slightly, Despite Fall in Equity Values
Assurances Generales de France (AGF), the French subsidiary of Germany’s Allianz, announced 1st half net income of €364 million*, a 1.4 percent increase over the same period last year, despite taking a €333 million* charge for the decline in equity …
German Insurers Set Up Terror Risk Vehicle
16 leading insurance companies, including Munich Re, Swiss Re and Allianz, announced the foundation of “Extremus,” a jointly owned insurance vehicle which will provide excess coverage for losses caused by terrorism. With headquarters in Cologne Extremus will insure German companies …
SCOR 1st Half Net Profit Down 58% to €21 Million – In Talks with Gerling
SCOR, France’s largest reinsurer, reported that its 1st half net income had dropped 58 percent to € 21 million* from € 50 million* in the same period last year, due to the now familiar problem of declining equity values. The …
