December 14, 2017

Looking West

Looking West

German regulator seeks Brexit plans

BaFin, the German financial regulator, has written to UK-based insurers to demand details of how they plan to deal with a hard Brexit. The letter asks for information about “emergency plans developed to take into account all conceivable exit scenarios,” although it places particular emphasis on a hard Brexit, according to...

Resolution, Swiss Re eye life run-off policies

Britain’s Resolution Group, Swiss Re and private equity firm Cinven have expressed an interest in acquiring two large German life insurance portfolios owned by Ergo and Generali according to sources. Munich Re’s primary insurance affiliate Ergo and the German subsidiary of Italy’s Generali are considering the sale of their respective...

premium-november-looking-west-3

ADI to move London subsidiary

Japanese insurer Aioi Nissay Dowa Insurance (ADI) has announced it will move one of its subsidiaries from London to Luxembourg following the Brexit vote. ADI, which is part of MS&AD Insurance Group, announced in a statement that it would restructure its European business organisation to “provide insurance products and services...

premium-november-2107-looking-west

Baden Baden: Dealing with disruption

Leading industry practitioners explored an expansive range of topics under the overarching theme of disruption at the Reinsurance Symposium in Baden Baden this year. The main theme of the event was ‘Profiting from Disruption’ with tangents including the primary disruptive drivers impacting the insurance market, how the industry must transform...

premium-november-looking-west-2

Lloyds buys Zurich UK’s pensions, savings unit

Lloyds Banking Group has agreed to buy Zurich Insurance’s UK workplace pensions and savings business as it expands its retirement business, the bank said recently. Life insurers and asset managers in Britain have been refocusing their businesses to capitalise on rule changes giving pensioners more freedom on how to spend...

Premium-looking-west-hyperloop

Munich Re looks to insure hyperloop

Munich Re is working on ways to insure the new high-speed capsule transportation system called Hyperloop. The reinsurer and California-based Hyperloop Transportation Technologies (HTT) have entered into a partnership to develop the insurance, which would allow HTT to manage risk. Munich Re said recently that hyperloop technology developed by HTT...

Swiss health premiums to rise 4% in 2018

Compulsory health insurance premiums are set to rise again in 2018, the government has announced in Switzerland. The average four percent increase applies to what is known as the basic or standard premium, the compulsory health care premium for adults aged over 18, communicated the government recently. The basic premium entitles...

Chubb moves to Paris post-Brexit

Chubb has said Paris was a “clear choice” for its new EU headquarters after Brexit, owing to a significantly large operation in the city. “We have a significant investment there in both financial and human resources, as well as a large portfolio of commercial and consumer insurance business throughout France,”...

premium-october-2017-looking-west

Generali may scrap German life book to fund expansion

Generali is open to selling its EUR40 billion (USD47 billion) German life insurance portfolio to free up capital to accelerate growth in its second-biggest market, the company said. Generali has stated that it would be gradually winding down its Generali Leben life business from the first quarter next year in...

premium-october-2017-looking-west-mexico-earthquake

Risk modellers put Mexico quake loss at USD4.8bn

The magnitude 7.1 earthquake that hit Mexico in September 2017 is estimated to have caused as much as USD4.8 billion of losses to insurance and reinsurance interests. Risk modellers estimate diverge considerably though, with AIR Worldwide putting the industry loss at up to USD2.1 billion, RMS saying the re/insurance industry...

Previous Issue