Reinsurance News
Italy
AM Best revises Italy’s non-life insurance segment to stable
11th June 2024
Global credit ratings agency AM Best has revised its outlook on Italy’s non-life insurance segment from negative to stable, citing growth momentum supported by tariff adjustments and stabilisation of the economic environment. In a report, the agency explained that it expects non-life insurance gross written premium (GWP) to continue to grow ... Read the full article
Ardonagh will acquire Mansutti S.r.l to expand European presence
2nd May 2024
The Ardonagh Group, an independent insurance broker, has announced that it will acquire Mansutti S.r.l, the commercial lines division of Italian insurance broker Mansutti S.p.A. Founded in 1925, Mansutti S.p.A has established a reputation for serving personal customers through the biggest brands and enterprises in Italy. The brokerage has most recently ... Read the full article
Italian life insurance sector sees negative inflows in 2023: Fitch
16th April 2024
Fitch Ratings' analysis of the 2023 Italian Insurance Dashboard reveals a significant downturn in net inflows for the Italian life insurance sector for both traditional savings and unit-linked products. According to analysts at Fitch, this decline occurred due to “the rise in interest rates, making alternative investments, such as Italian government ... Read the full article
Italian non-life outlook improving, life remains neutral: Fitch
12th December 2023
According to Fitch Ratings, the outlook for Italian insurance is improving for non-life compared with 2023 actuals, while life remains neutral. Fitch's non-life sector is improving due to the expectation that widespread tariff increases to more than offset persistent high inflation-related claims costs, with motor claims frequency also expected to remain ... Read the full article
PERILS increases industry loss estimate for Emilia-Romagna floods to €509m
22nd November 2023
Zurich-based catastrophe insurance data provider PERILS AG has disclosed its third industry loss estimate for the floods in the Emilia-Romagna region of Italy during May 2023, upping the figure to €509 million. This compares to the previous loss estimates of €377 million and €488 million issued by PERILS six ... Read the full article
European life insurers face potential losses from bond portfolio lapses: Moody’s
21st April 2023
A new report by Moody's highlights that European life insurers are at risk of significant unrealised losses on their bond portfolios due to higher interest rates. The risk of mass savings policy lapses, if customers switch to higher-yielding bank products, could force insurers to sell bonds at a loss, Moody's said ... Read the full article
Italian retail insurance broker Double S rebrands to Acrisure
21st April 2023
Italian retail insurance broker Double S Insurance Broker S.p.a. (Double S) rebranded to Acrisure, effective immediately. Acrisure, global insurance broker and fintech leader, entered the Italian market in 2021 through a partnership with Double S. In the future, the team of Double S will operate under the name of Acrisure and serve ... Read the full article
Global business insolvencies expected to rise in 2023, 2024: Allianz Trade
17th April 2023
Global business insolvencies are expected to rise +21% in 2023 and +4% in 2024, after a small rebound by +2% in 2022 after two years of decline due to the pandemic, according to Allianz Trade. The trade credit insurer noted global business insolvencies might stay -5% below their pre-pandemic levels ... Read the full article
MAPFRE’s assistance division partners to provide services in Italy
30th March 2023
Global insurance company MAPFRE’s assistance division, MAWDY, has partnered with Italian insurer VITTORIA ASSICURAZIONI to provide assistance services to the Italian market. Under the agreement, both companies will hold 50% of the shares in a newly-formed entity. Both MAPFRE and VITTORIA ASSICURAZIONI have been working together since 2011. The partnership will target B2B2C ... Read the full article
Crédit Agricole signs non-life partnership with Banco BPM in Italy
29th December 2022
Crédit Agricole S.A. has announced that Banco BPM (BBPM) and Crédit Agricole Assurances (CAA), a subsidiary of Crédit Agricole S.A., have signed a binding Term Sheet for the establishment of a long-term bancassurance partnership in Italy to provide non-life insurance products and related services through BBPM distribution networks. Under the partnership, ... Read the full article
Italian non-life insurance outlook deteriorating, life neutral: Fitch
1st December 2022
According to Fitch Ratings, the outlook for Italian insurance in 2023 is deteriorating for the non-life sector, while life remains neutral. Fitch's non-life sector outlook is deteriorating due to the expectation of an inflation-related increase in claims cost to hitting non-life insurers’ profitability, notably in motor insurance. Alberto Messina, Director of EMEA ... Read the full article
Moody’s assesses Italian insurers after downgrading government outlook
11th August 2022
Following Moody’s change in outlook on the government of Italy (Baa3) to negative from stable, the agency has taken a number of rating actions on three Italian insurers and related subsidiaries. Generali’s A3 insurance financial strength rating (IFSR) was affirmed with a stable outlook; and a similar action was taken on ... Read the full article
Aon appoints Toffanello as Reinsurance Solutions’ Head of Italy
24th June 2022
Global professional services firm, Aon plc has named Pietro Toffanello as Reinsurance Solutions’ Head of Italy. The move will be effective in the second half of 2022, and subject to regulatory approvals, Toffanello will replace the current long-standing Italy Chief Executive Officer (CEO) for Reinsurance Solutions - Gianluca Venturini, who will ... Read the full article
Howden names Head of Employee Benefits & Wellbeing in Italy
15th June 2022
International insurance broker, Howden has appointed Cesare Lai as Head of Employee Benefits and Wellbeing for Howden in Italy. Within his new role, Lai brings a wealth of experience, having worked for over 20 years within the industry. Most recently, he served as Chief Executive Officer at Generali Welion. Prior to that ... Read the full article
Italian and UK non-life sector outlooks differ from rest of Europe: Fitch
28th January 2022
According to Fitch Ratings, the insurance sector outlooks for major European non-life insurance markets in 2022 are mostly neutral, with Italy and the UK being the only exceptions. The rating agency also noted that in most of the markets, the positives, such as better pricing conditions for commercial business lines, are ... Read the full article
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