Germany News

Allianz Teams with Volkswagen, Bayer and BASF in Anti-Hacking Venture

The German car giant that gave the world the Beetle may soon help you fend off cyber criminals. Volkswagen AG teamed with insurer Allianz SE, medical company Bayer AG and chemicals producer BASF SE to sell information-technology security services to firms in …

Germany’s Talanx Invests in Renewable Energy to Counter Low Interest Rates

Talanx AG, the German insurance company buying into its first offshore wind farm, said it’s likely to purchase more renewable-energy assets. The insurer sees renewables as offering “long-term, bigger yields than from assets such as state bonds,” Chief Financial Officer Immo Querner …

XL Catlin Forms New Leadership Team for Germany

XL Catlin has announced a new insurance leadership team for Germany. The integration process is now well underway across XL Catlin, with the company maintaining a strong focus on bringing together and retaining its top talent throughout its global operations, …

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 …