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 offloads majority stake in Russian operations

6th June 2022

The Allianz Group has agreed to sell a majority stake in its Russian operations to LLC, the owner of Russian property and casualty (P&C) insurer Zetta Insurance. The move, which follows Allianz’s decision to scale back its operations in Russia, is aimed at “ensuring continuity for clients and employees,” the company ... Read the full article

Allianz (AGCS) names Regional Head of Strategy & Portfolio Steering, North America

25th May 2022

Allianz Global Corporate & Specialty (AGCS) has announced that Anthony “Sandy” Codding, Jr. will join the AGCS Financial Lines team as Regional Head of Strategy & Portfolio Steering, North America. Codding will be based in Boston and will report to Joe Caruso, North America Regional Head of Financial Lines. He takes over ... Read the full article

S&P affirms strength ratings of ‘AA’ for Allianz

25th May 2022

S&P Global Ratings has affirmed its ‘AA’ long-term issuer credit and insurer financial strength ratings on the core operating entities of Allianz. S&P said it was affirming the ratings because the governance deficits related to the Structured Alpha investigations do not change its overall view on the Allianz group's capital and ... Read the full article

“Ukraine war dashes hopes of bumper year for insurance” – Allianz

24th May 2022

Russia’s invasion of Ukraine has ‘dashed’ hopes for a bumper year for the insurance industry, says a new report from Allianz. The Allianz Global Insurance Report 2022 says that this year was expected to be ‘another bumper year’ for the insurance industry, but this was lain to waste by Russia’s invasion ... Read the full article

Allianz Commercial names Nick Kelsall as head of motor claims

20th May 2022

Allianz Commercial has made Nick Kelsall its new head of motor claims. The firm said that Kelsall is replacing Ian Kershaw, who is leaving Allianz to pursue other opportunities, after a brief handover period. In his new role, Kelsall will report to Lee Watts, head of technical claims. Watts said in a statement: ... Read the full article

Allianz finished acquiring majority stake in Tanzanian business of Jubilee

20th May 2022

Allianz has finished acquiring its majority stake in Jubilee General Insurance Company of Tanzania. A joint statement from the insurer, along with Jubilee General Insurance, said that the former had acquired a 51% stake, following the signing of an agreement in September 2020. Under the deal, Allianz was to become the ... Read the full article

Allianz (AGCS) announces key leadership changes

12th May 2022

Allianz Global Corporate & Specialty (AGCS) has announced that Mike Martin has been appointed as Global Head of Property, effective May 16, 2022. Within his new role, Martin will report directly to Chief Underwriting Officer Corporate, Shanil Williams. He will also succeed Maria Grace who left AGCS in late 2021, and ... Read the full article

Allianz sees revenues rise 6.2% in Q1 2022

12th May 2022

Allianz has said that it saw total revenues of €44bn in Q1 2022, which the insurer said reflected a rise of 6.2%. However, it said it had seen a slight decline in operating profit of 2.9% due to the quadrupling of claims resulting from natural catastrophes. In releasing these results, the ... Read the full article

Are there clouds on the horizon for a buoyant international shipping industry?

11th May 2022

A growing number of issues may stymie a healthy and growing international shipping industry, writes Allianz in its Safety and Shipping Review 2022. The insurer cited several factors in the report, including the impact from Russia’s invasion of Ukraine, the growing number of costly issues involving larger vessels, crew and port congestion ... Read the full article

Allianz books additional provision of €1.9bn for Structured Alpha funds

11th May 2022

Allianz SE has booked an additional provision for its Structured Alpha Funds of €1.9bn in Q1 2022 before tax. The company said that the provision will ‘negatively impact’ the Q1 group net income by €1.6bn after tax. This will result, said Allianz, in a net income attributable to shareholders of €0.6bn. ... Read the full article

Allianz and Sanlam announce joint venture

9th May 2022

Allianz has announced a joint venture with African financial services firm Sanlam. According to the two firms, the joint venture will create the largest financial services company on the African continent. The joint venture will house the business units of both Sanlam and Allianz in 29 African countries where one or ... Read the full article

Allianz reinforces commitment to net zero

29th April 2022

Allianz Group has shifted its goal to reach net zero from 2050 to 2030 and committed to no longer investing or underwriting in oil and certain gas risks. The firm also said that it will require a robust ‘net zero by 2050’ commitment from the largest hydrocarbon producers before granting coverage ... Read the full article

Allianz adds two non-exec directors to its management board

27th April 2022

Global insurer Allianz has announced the appointments of Teresa Robson-Capps and José Vazquez, who will join the company’s management board as independent non-executive directors (NED). The appointments, which are both subject to regulatory approval, are part of a planned transition strategy, as current board member Rosanne Murison is due to reach ... Read the full article

Allianz will have €150m of losses from Russia exposures: Berenberg

20th April 2022

Ahead of Q1 2022 reporting season, Berenberg has said that it estimates that global insurer Allianz will have €150 million of total losses from its various Russia exposures. The firm said that it believes that Allianz will impair its €1.5bn cross-border investments in Russia in Q1 2022E, and also take a ... Read the full article

Allianz shows resilience in extraordinary circumstances: Jefferies

13th April 2022

Ahead of Allianz’s 1Q22 results, analysts at Jefferies have weighed up the possible impacts from natural catastrophes, financial market volatility and the ongoing Russia – Ukraine crisis. Analysts stated that non-life exposure to natural catastrophes remains manageable. In 1Q22, the largest insured natural catastrophe events worldwide included European storms ($3bn-$6bn,), Australian floods ... Read the full article