June 26, 2017

Looking West

Looking West
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AXA to list US life operations

AXA chief executive Thomas Buberl plans to overhaul the group’s US operations, proposing to float its American life insurance and asset management businesses in 2018 in order to free up capital and pursue takeover targets elsewhere. In the past investors have questioned whether AXA needs to retain two separate asset...

Generali to push into asset management

Generali has unveiled an ambitious push into asset management, with a new plan to more than triple the profits it makes from the business. The move comes despite tough conditions in the asset management world. Generali, which earlier this year saw off takeover interest from Intesa Sanpaolo, plans to increase...

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Report: London losing reinsurance share

London is at risk of losing its global share and importance in reinsurance to places like Bermuda, a new report has warned. London Matters — The Competitive Position of the London Insurance Market, commissioned by the London Market Group, said that the City of London’s share or reinsurance had dropped...

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Markel to establish German unit

Markel Corporation has announced that following discussions with BaFin, the German federal financial supervisory authority, it plans to apply for regulatory approval to establish an insurance company in Germany in the aftermath of Brexit discussions. Subject to approval from the regulator, Markel will incorporate and capitalise the new insurance company...

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Zurich to use robots in personal injury claims

Zurich Insurance is deploying artificial intelligence in deciding personal injury claims after trials cut the processing time from an hour to just seconds, its chairman said. “We recently introduced AI claims handling … and saved 40,000 work hours, while speeding up the claim processing time to five seconds,” Tom de...

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Lemonade gets California licence

Lemonade Inc, a tech-driven insurance start-up, has won approval from California regulators to sell policies in the state, the company said. The insurer’s foray into California comes amid the company’s push to become licensed nationwide, less than a year after launching in New York. Last month, Lemonade, which sells policies...

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CCR results hit by flood losses

Reinsurer Caisse Centrale de Réassurance (CCR) saw its 2016 net income decline to EUR141 million (USD154 million) and its combined ratio weaken to 89.9 percent, as flooding in May-June saw its natural catastrophe France claims expenses increase by over EUR400 million (USD436 million). “The 2016 results, marked by a high level of...

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MetLife to invest USD1bn in tech

MetLife Inc plans to invest USD1 billion in an efficiency program through 2019 that will eventually reduce annual operating costs by around USD800 million, the insurer has said. The investments will go toward technology improvements, chief executive Steven Kandarian wrote in his annual letter to shareholders, but did not provide...

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23% M&A deals over USD1bn end in a claim: AIG

The frequency of M&A insurance claims is rising as large deals prove risky and the average payout on the most severe category of claims tops USD20 million, according to an American International Group, Inc. (AIG) study of its representation and warranty (R&W) claims. The M&A claims study, now in its...

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Compliance still not a priority: Control Risks

Companies across the world are not backing up their rhetoric on compliance with the appropriate level of resources and prioritisation, says a research report from Control Risks. The annual report of international business attitudes to compliance risk is based on a survey of senior executives responsible for compliance at 1,000...

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