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Updated: 47 min 33 sec ago

Allianz creates China’s first wholly foreign-owned insurer

26 November, 2018 - 10:21
German insurance giant Allianz has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) for the preparatory establishment of an insurance holding company in China.

Allianz extends CEO Bäte's contract to 2024

23 November, 2018 - 09:38
The supervisory board of Germany-based insurance giant Allianz has extended CEO Oliver Bäte’s contract as chairman of the board of management until September 2024.

California Woolsey fire contained, Camp fire to 95%

23 November, 2018 - 09:18
The Camp fire in Northern California, officially deemed the most destructive and deadliest wildfire on record in the state, is contained to 95 percent while the Woolsey fire in Southern California is now fully extinguished, according to the California Department of Forestry and Fire Protection (Cal Fire).

British insurers hope for ‘equivalence’ in Brexit deal

23 November, 2018 - 09:17
The Association of British Insurers (ABI) is welcoming the prospect of a Brexit deal that includes a regulatory equivalence regime for financial services with the EU enabling mutual market access.

B3i raises funding, targets commercial blockchain market

23 November, 2018 - 09:16
The blockchain insurance industry initiative B3i is finalising a funding round as it plans to target the commercial insurance market.

Hiscox claims director Pinchin retires; successor revealed

22 November, 2018 - 15:00
Jeremy Pinchin, group claims director of Bermuda-based specialist insurer Hiscox, is retiring at the end of February 2019.

Markel CATCo reserves for hurricane Michael, typhoon Jebi, warns over 2017 loss creep

22 November, 2018 - 15:00
Markel CATCo Investment Management has implemented a specific loss reserve to cover the 2018 events hurricane Michael and typhoon Jebi and has warned over potential California wildfire losses and a loss creep from 2017 nat cat events.

AM Best downgrades Citadel Reinsurance Company

22 November, 2018 - 14:56
AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “a-” of Bermuda-based Citadel Reinsurance Company.

Gibraltar insurers to lose passporting rights

22 November, 2018 - 13:12
The UK’s decision to leave the EU creates some uncertainty for Gibraltar-domiciled insurers, AM Best has warned in a report.

A way to reduce the protection gap: CCR

22 November, 2018 - 10:50
The risk transfer industry understands that more could be done to close the protection gap, and more risk pools linked to governments could help solve this problem, argues Laurent Montador of French reinsurer CCR, which is backed by the French government.

SCOR gets green light for new P&C specialty firm

22 November, 2018 - 10:16
Reinsurer SCOR has received the French supervisory authority's approval for SCOR Europe SE, the new Paris-based P&C specialty insurance company it is creating to ensure business continuity post Brexit.

Commercial insurance rates climb further

22 November, 2018 - 10:12
Commercial insurance pricing increased for the fourth consecutive quarter in the third quarter of 2018 by more than 1 percent, driven by property and financial and professional lines, according to the most recent Global Insurance Market Index compiled by Marsh.

Aviva takes majority stake in Munich Re-backed insurtech Neos

22 November, 2018 - 10:12
UK insurer Aviva is acquiring a majority stake in connected home insurer Neos Ventures, a London-based insurtech startup backed by Munich Re.

Re-launching Folgate Insurance assigned B rating by AM Best

22 November, 2018 - 10:11
AM Best has assigned a Financial Strength Rating (FSR) of B (Fair) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “bb+” to UK-based Folgate Insurance Company. The outlook assigned to these Credit Ratings (ratings) is stable.

AXA receives $1.8bn from US life unit stake sale

21 November, 2018 - 15:10
AXA has completed a secondary common stock offering of its US life and asset management business Equitable Holdings (EQH) for net proceeds of $1.8 billion.

Liberty Mutual shakes up excess casualty unit

21 November, 2018 - 15:10
Property/casualty insurer Liberty Mutual is realigning its excess casualty operations and increasing its capacity to $100 million.

Tokio Marine taps AXIS marine head for London Market unit

21 November, 2018 - 15:10
Speciality insurer Tokio Marine HCC has hired AXIS Capital's head of marine as part of its growth strategy in the marine insurance market.

Mapfre invests €25m in insurtech venture fund

21 November, 2018 - 15:00
Spanish re/insurer Mapfre is investing €25 million in Alma Mundi Insurtech Fund that focusses on startups in the insurance sector.

Record high cat losses hit Japan’s P&C insurers

21 November, 2018 - 15:00
The costs from the extensive casualty and property damage caused by these catastrophes such as typhoons Jebi and Trami are likely to result in record high gross domestic wind/flood catastrophe losses to the Japanese property and casualty (P&C) insurance industry in fiscal year 2018, according to Moody’s.

Lloyd's COO Khoury-Haq resigns

21 November, 2018 - 12:26
Shirine Khoury-Haq, chief operating officer (COO) of specialist insurance and reinsurance market Lloyd's of London, is leaving the corporation after five years.

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