Reinsurance News
Allianz news
News about Allianz, one of the largest global insurance and reinsurance groups.
Also news about Allianz Global Corporate & Specialty, the Allianz specialist unit that underwrites commercial insurance exposures and alternative risk transfer.
Allianz to acquire Westpac’s GI business for AUD 725m
2nd December 2020
Global insurer Allianz has reached an agreement to acquire the general insurance (GI) business of Australian bank and financial services provider, Westpac, for AUD 725 million (approx. USD 535 million). As part of the arrangement, Allianz and Westpac have entered into a new 20-year exclusive agreement for the distribution of general ... Read the full article
Allianz sees net income rise 6% in Q3
6th November 2020
Global insurer Allianz has reported a net income of €2.1 billion for the third quarter, up an impressive 5.9% from the prior year period. This elevated net income was due to a higher non-operating investment result and was partly offset by higher restructuring and integration expenses. Total revenues decreased 6.1% to €31.4 ... Read the full article
SCOR & Allianz back health startup Human API
2nd November 2020
Human API has raised over $20 million in a Series C funding round that saw participation from SCOR Life and Health Ventures, Allianz Life Ventures, Samsung Ventures and CNO Financial Group. Human API is a health data network that has established a reputation helping Fortune 500 financial services companies such as Prudential ... Read the full article
AGCS appoints Luke Baker regional head of liability for London, Nordics
29th October 2020
Allianz Global Corporate & Specialty, Allianz’s specialist carrier for corporate insurance business, has added Luke Baker as its new regional head of liability for regional unit London and Nordics. Baker will join AGCS in the new year to lead its liability business across the UK, Ireland, Nordics and the Middle East ... Read the full article
Macif, Generali & CVC to join bidding war for Aviva’s French business
26th October 2020
Reports suggest that mutual insurer Macif and a consortium consisting of Generali and investment firm CVC Capital Partners are readying their bids for an acquisition of Aviva’s business in France. Last month, sources at Reuters said a consortium of Allianz and life re/insurer Athora Holding were in talks to takeover ... Read the full article
Allianz enters strategic partnership with Jubilee Holdings
26th October 2020
Jubilee Holdings Limited and Allianz have signed an agreement to establish a strategic partnership in the five African countries where Jubilee Insurance currently operates. The partnership aims to cover the property & casualty insurance segment in Kenya, Tanzania and Uganda as well as the short-term insurance segment in Burundi and Mauritius. JHL ... Read the full article
COVID-19 changing term claims trends, risk exposures long-term: AGCS
9th October 2020
The COVID-19 pandemic will likely cause claims trends and risk exposures to evolve in the mid-and long-term, according to a report from Allianz Global Corporate & Specialty (AGCS). The report notes how, with the reduction in economic activity during lockdown phases, traditional property and liability claims have been subdued, most notably ... Read the full article
Allianz Insurance hires new Head of Claims Operations
9th October 2020
General insurer, Allianz Insurance has announced that Graham Stait will be the new Head of Claims Operations. In his new role, Stait will be responsible for leading the development and delivery of Allianz’s claims operational strategy, leveraging enhanced people, data and digital capabilities to drive continuous improvement and positive customer outcomes. In ... Read the full article
Allianz to acquire five East African P&C insurers in $100mn deal
29th September 2020
Global insurer Allianz has announced a partnership that will see it acquire controlling stakes in five East African general insurance companies, all of which belong to Jubilee Holdings Limited, the region's largest insurance group. The partnership, which has been finalised but still requires regulatory approval, covers the property & casualty segment in Kenya, ... Read the full article
Allianz announces key changes to board
25th September 2020
Global insurer Allianz has announced a series of key changes to its board of directors, including the addition of Allianz Technology SE Chief Executive Officer (CEO), Barbara Karuth-Zelle. She has been appointed to the board of Allianz in charge of Operations and IT. Effective 1 January 2021, she succeeds Christof Mascher, who ... Read the full article
Allianz & Athora reportedly eyeing Aviva takeover in France
25th September 2020
A consortium of Allianz and life re/insurer Athora Holding is considering a takeover of Aviva’s French business in a deal valued at €2 billion to €3 billion, according to reports from Reuters. Reuters sources said that Aviva has engaged JP Morgan and Rothschild to help offload its life and P&C operations ... Read the full article
R&Q in Loss Portfolio Transfer & Insurance Business Transfer with Allianz
24th September 2020
Randall & Quilter Investment Holdings Ltd. (R&Q) has transacted a Loss Portfolio Transfer (LPT) with Allianz SE, Germany, with the close assistance of Black Forest Reinsurance Consulting (BFRC). With this reinsurance transaction, the reinsurance is being provided by Accredited Insurance (Europe) limited, R&Q's rated carrier based in Malta. The transaction provides Allianz ... Read the full article
Law firm considering action against twelve insurers after High Court BI win
21st September 2020
Mishcon de Reya, the law firm that represented the Hiscox Action Group, could persue legal action against twelve new insurers following its Business Interruption insurance victory in the UK High Court. Based on the sample of policy wordings presented by the FCA, the court decided that most, but not ... Read the full article
AGCS highlights key trends putting pressure on liability insurers
16th September 2020
While pricing in the liability insurance market may have turned in recent months, Allianz Global Corporate & Specialty (AGCS) has highlighted a number of market trends that continue to apply pressure on the sector's insurers. Social inflation, a phenomenon especially prevalent in the US, has been driven in recent years by a ... Read the full article
Allianz Benelux, Monument Re agree book portfolio transaction
18th August 2020
The Belgium arm of global insurer Allianz, and Monument Re, have agreed to transfer a closed book of classical life retail insurances together with 4.500 mortgage loans to Monument Assurance Belgium (MAB). The transaction, which will transfer the related operations within 18 months after regulatory approvals, includes a portfolio of 95.000 ... Read the full article
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