Germany News

ACE Offers New D&O Products in Germany; Dünkeloh Named Financial Lines Mgr.

ACE Group has launched two new D&O insurance products and has appointed a new financial lines manager in Germany, as it continues to respond to the rapidly evolving management liability cover needs of companies in Europe’s biggest economy. ACE D&O …

UPDATE: Allianz 2nd Quarter Profit Rises 15% on Fewer Nat Cat Claims

Allianz SE, Europe’s biggest insurer, said second-quarter profit rose 15 percent as lower claims from natural catastrophes offset a drop in earnings at Pacific Investment Management Co. Net income increased to 2.02 billion euros ($2.2 billion) from 1.76 billion euros …

Allianz to Shrink German Branch Network; Hit by Low Interest Rates

Allianz SE, Europe’s biggest insurer, said it will shrink its administrative branch network in Germany as low interest rates and regulatory demands hurt industry profitability. About 360 jobs, or about 1 percent of employees in Germany, will be affected, mainly …

Talanx Q4 Profit Rose 17% on Measures to Restructure German Retail Division

Talanx AG, Germany’s third-biggest insurer, said fourth-quarter profit rose 17 percent helped by investment gains as it sought to restructure its German retail division. Net income increased to 239 million euros ($259 million) from 203 million euros a year earlier, the …

Chicago-Based Alper Services Partners with Germany’s unisonBrokers

Alper Services LLC, an independent insurance brokerage in Chicago, Ill., announced it recently signed an agreement with unisonBrokers, a global broker network with multinational insurance and risk management services, who partners with select growth-oriented regional brokers. The agreement allows Alper …

XL Expands German Professional Indemnity Offering With Heienbrok Appointment

XL Group has expanded its professional indemnity offering in the German market with the appointment of Jens Heienbrok as professional indemnity manager. XL Group said it made this strategic appointment because the market for professional indemnity insurance cover in Germany …

Swiss Re Estimates Europe Flood Claims at $300 Mn; Overall Losses $3.5-$4.5 Bn

Swiss Re has estimated that its claims burden from recent flooding in central and Eastern Europe is approximately $300 million, net of retrocession and before tax. Industry-wide insured losses are estimated to be between $3.5 and $4.5 billion. The flooding …

Hannover Re Sees Little Sandy Impact; Raises Profit Forecasts

Hannover Re does not expect to be blown off course by damage from Hurricane Sandy in the United States, the German reinsurer said on Tuesday, as it beat quarterly profit forecasts and lifted expectations for this year and next. Shares …

U.S. ‘Fiscal Cliff,’ Europe’s Debt Woes Worry G20

Leading world economies pressed the United States on Sunday to act decisively to avert a rush of spending cuts and tax hikes, warning that the so-called fiscal cliff is the biggest short-term threat to global growth. Unless a fractious Congress …

Best Revises HDI V.a.G., Talanx ICR Outlook to Positive; Affirms Ratings

 A.M. Best Europe – Rating Services Limited has revised the outlook of the issuer credit rating (ICR) to positive from stable and affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the ICR of “a” of HDI Haftpflichtverband der …