Reinsurance News
Italy
Zurich frees $1.2bn of capital with sale of $9.5bn Italian life & pensions back book
3rd January 2022
Global insurer Zurich Insurance Group announced this morning that it is freeing up roughly US $1.2 billion of capital through the sale of its legacy Italian life and pensions book of policies. Zurich said that its subsidiary Zurich Investments Life S.p.A. is selling its life and pension back book, which includes ... Read the full article
DARAG sells active Italian business to NOBIS
16th October 2020
Legacy acquirer DARAG Group has revealed plans to sell the Going Concern business from its Italian arm, DARAG Italia, to NOBIS Compagnia di Assicurazioni (NOBIS). DARAG is looking to streamline its operations, and says the sale of this non-legacy business will help it to focus exclusively on providing better legacy solutions. Following ... Read the full article
Italy adjusts Solvency II rules to help insurers endure coronavirus
19th March 2020
In response to the outbreak of coronavirus (COVID-19), the Italian Government has reduced the requirements for applying a country-specific volatility adjustment to strengthen Italian insurers’ regulatory Solvency II ratios. The measure is part of a decree aimed at mitigating coronavirus pandemic-related effects, including economic contraction, materially slowing business activity, falling equity ... Read the full article
Italian insurance industry outlook held at stable by Moody’s
3rd December 2019
Moody’s Investors Service has maintained its stable outlook for the Italian insurance industry amid a moderate premium growth in property and casualty and a favourable shift in the business mix for life insurers. Underwriting profitability for P&C remains strong, notes Moody’s, driven in part by a recovery in premium growth and ... Read the full article
France & Italy brace for hundreds of millions in flood losses: Aon
29th November 2019
Flooding this week in parts of southeastern France and northwestern Italy along the Mediterranean coast is likely to drive economic losses in the hundreds of millions of euros range, if not higher, according to re/insurance broker Aon. Parts of France and Italy were hit with torrential rains between November 21 and ... Read the full article
Beazley announces cyber & financial lines policies for Italy
1st October 2019
Specialist insurer Beazley has announced the launch of cyber cover and a suite of financial lines products for its organisations in Italy. The company’s flagship cyber solutions provide insurance cover and risk management services that help clients prepare for and manage data breaches and cyber attacks. Beazley Breach Response (BBR) and Beazley ... Read the full article
Sompo International’s Italian agriculture unit transitions to insurance agency
14th February 2019
Sompo International Holdings, the Bermuda-based specialty provider of property and casualty insurance and reinsurance, has announced that its wholly owned subsidiary, A&A S.r.l, is now able to operate as a multi-mandate insurance agency. A&A, which was acquired by Sompo in March 2018, has operated as a broker in the Italian agriculture ... Read the full article
Liberty Specialty Markets hires casualty leader for Italy
12th February 2019
Liberty Specialty Markets (LSM), part of the Liberty Mutual Insurance Group, has entered the casualty market in Italy for the first time, appointing Paolo Pitton to lead the initiative. Pitton will join LSM’s existing Milan office, arriving from Chubb Europe, where he most recently served as Deputy Casualty Manager. LSM has been ... Read the full article
Outlook of Italian life, P&C remains stable on robust earnings: Moody’s
4th January 2019
Moody's Investors Service has kept the outlook on Italy's life and property and casualty (P&C) insurance sectors at stable. Meanwhile, sustained sales of unit-linked products support profitability for the life insurance sector and while earnings for the P&C sector will decline moderately they will remain robust. Moody’s says that, for life insurance ... Read the full article
Italy storms caused over €3bn in economic losses, says Minister
8th November 2018
The storms that battered Italy with flooding and windspeeds of up to 190km/h (118mph) towards the end of October 2018 are expected to cause economic losses in excess of €3 billion (US $3.44 billion), according to the country's Transport and Infrastructure Minister, Danilo Toninelli. "I think that the total bill of ... Read the full article
Swiss Insurtech start-up wefox expands into Italy
7th August 2018
Switzerland-based Insurtech start-up wefox has revealed plans to continue its European expansion into Italy via a new partnership with Italian insurance brokerage Mansutti S.p.A, in addition to new products and a new company, to be incorporated next year. The expansion comes just three years after wefox launched in Switzerland and Germany, ... Read the full article
Cattolica in national nat cat scheme for religious buildings in Italy
18th July 2018
Cattolica Assicurazioni, Italy’s sixth largest insurer, has finalised an agreement with the Episcopal Conference of Italy (CEI) to provide a re/insurance policy that will protect religious buildings from natural catastrophe risks in all 25,796 parishes of the 225 Italian dioceses. The policy is believed to be the first national scheme of ... Read the full article
Rebranded Liberty reinsurance division launches Italian operation
3rd July 2018
Liberty Specialty Markets (LSM), the London headquartered unit of Liberty Mutual Insurance Group, has rebranded its reinsurance division as Liberty Mutual Re and launched a reinsurance operation in Italy for the first time. The rebrand applies to all aspects of LSM’s reinsurance division, which comprises 180 people in 14 locations. Liberty Mutual ... Read the full article
Italy’s rising sovereign risks threaten major insurer ratings: Moody’s
6th June 2018
Moody’s Investors Service has placed Italian insurers Allianz S.p.A (Allianz Italy) and Unipol Gruppo S.p.A. (UG) on review for downgrade as the country faces a financial crisis following the election of a Eurosceptic coalition government. The announcement follows Moody's decision to place the Italian government's Baa2 debt rating under review for ... Read the full article
New system promises flexibility for Italian life re/insurers: Fitch Ratings
8th March 2018
Fitch Ratings has predicted that closed-fund consolidation will become prominent in the Italian life re/insurance market following the implementation of a new profit-sharing system set to be launched by the Italian regulator later this year. The new system is expected to gradually reduce Italian life insurers and reinsurers sensitivity to interest ... Read the full article
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