Germany News

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 …

Willis Germany to Present Photovoltaic Cover at Solar Energy Conference

Willis Germany, part of Willis Group Holdings, announced that it will be demonstrating the special features of “Willis Electronic Plus,” at the 27th European Photovoltaic Solar Energy Conference and Exhibition in Frankfurt on September 25-28. Willis described it as “an …

Moody’s Changes EU Rating Outlook to Negative

Moody’s Investors Service has changed its outlook on the ‘Aaa’ rating of the European Union to negative, warning it might downgrade the bloc if it decides to cut the ratings on the EU’s four biggest budget backers: Germany, France, UK …

Europe Drawn Back to its First Problem – Greece

The euro zone debt crisis was born in Greece. Nearly three years and two bailouts on Europe must decide whether to give the country yet more help or cut it loose. For all its complexities, Greece’s problems essentially come down …

Best Affirms SCHWARZMEER UND OSTSEE (SOVAG) Ratings; Outlook Stable

A.M. Best Europe Rating Services Limited has affirmed the financial strength rating (FSR) of ‘B++’ (Good) and the issuer credit rating (ICR) of “bbb” of SCHWARZMEER UND OSTSEE Versicherungs-Aktiengesellschaft SOVAG, which is based in Germany, both with stable outlooks.. SOVAG’s …

Germans Say “Nein! No! Non!” Ahead of Euro Summit

EU leaders go into a Brussels meeting today, Thursday June 28, more openly divided than at any time since the euro crisis began, with Germany’s Chancellor Angela Merkel showing no sign of relenting in her refusal to back other countries’ …

Europe’s Tower of Babel Hampers Solution to Euro Crisis

As Europe considers a leap towards closer integration to try to save the euro single currency, it resembles the biblical Tower of Babel – unable to complete an ambitious project because the residents don’t speak the same political and economic …