Insurance Journal » Germany

Hannover Re Sees Little Sandy Impact; Raises Profit Forecasts

Tue, 06 Nov 2012 11:57:49 +0000

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 …

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

Mon, 05 Nov 2012 11:06:00 +0000

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 …

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

Fri, 05 Oct 2012 10:37:48 +0000

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 …

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Willis Germany to Present Photovoltaic Cover at Solar Energy Conference

Tue, 18 Sep 2012 10:43:24 +0000

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 …

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Moody’s Changes EU Rating Outlook to Negative

Tue, 04 Sep 2012 09:59:02 +0000

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 …

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Europe Drawn Back to its First Problem – Greece

Mon, 27 Aug 2012 10:42:44 +0000

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 …

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

Mon, 16 Jul 2012 09:51:26 +0000

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 …

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

Thu, 28 Jun 2012 10:13:58 +0000

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’ …

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Europe’s Tower of Babel Hampers Solution to Euro Crisis

Tue, 26 Jun 2012 10:39:54 +0000

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 …

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Euro Zone’s Big Four Agree on $163 Billion Growth Boost; Split on Euro Bonds

Fri, 22 Jun 2012 15:52:54 +0000

The leaders of Germany, France, Italy and Spain agreed on Friday on a €130 billion ($163 billion) package to try to revive economic growth in Europe but differed over whether and how to launch joint bonds to combat the euro …

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World Economies Prepare for Panic after Greek Elections

Fri, 15 Jun 2012 10:15:25 +0000

Authorities in the world’s major economies are preparing for a possible market storm or public panic after cliffhanger Greek elections this weekend, officials said on Thursday, should radical leftists win and cast doubt on the nation’s future in the euro …

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German Chancellor Merkel Rejects ‘Miracle Solutions;’ Spain’s Debt Costs Soar

Thu, 14 Jun 2012 10:16:18 +0000

Chancellor Angela Merkel rebuffed pressure on Thursday for Germany, Europe’s most powerful economy, to underwrite debt or guarantee bank deposits in the euro zone, as Spain’s soaring borrowing costs raised new alarm. Spain’s 10-year bond yield hit a euro lifetime …

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HDI-Gerling to Enter UK Auto Fleet Market

Tue, 12 Jun 2012 13:31:11 +0000

Industrial Insurance Company HDI-Gerling has announced it is expanding its product range in the UK to include Motor [Auto] fleet coverage. The company said it has appointed John Shepherd to the position of Director of Motor to head the new …

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Will There Ever Be a United States of Europe?

Charles E. Boyle — Wed, 06 Jun 2012 09:54:36 +0000

From recent news you will have learned that the euro zone crisis continues to be the 700 pound gorilla in the room of the global economy. It’s become increasingly clear that, whatever happens in Greece on June 17, the euro …

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Allianz Confirms $1.78 Billion Q1 2012 Net Profit

Wed, 16 May 2012 10:16:16 +0000

As previously announced, Germany’s Allianz SE has had a successful start in 2012 with increases in overall revenues, operating profit and net income for the first quarter well above first-quarter 2011 levels. Allianz Group also further improved its already strong …

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Court Bans Microsoft’s Xbox 360, Windows 7 from German Market

Thu, 03 May 2012 10:52:16 +0000

A court in Mannheim, Germany ruled on Wednesday that Microsoft infringed Motorola Mobility’s patents and ordered Microsoft to remove its Xbox 360 gaming consoles and Windows 7 operating system software from the German market. Judge Holger Kircher said Microsoft breached …

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Allianz Seeking ‘Takeover Gems’ in Post-crisis Financial Wreckage

Wed, 04 Apr 2012 09:14:32 +0000

Allianz SE, Europe’s biggest insurer, will proceed with caution as it searches for takeover gems among the jetsam washed up by the financial market storm. The German group has said it is ready to come out of its shell to …

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Hannover Re Board Approves Legal Change to Societas Europaea

Wed, 14 Mar 2012 11:06:59 +0000

The Supervisory Board of Hannover Rückversicherung AG (Hannover Re) has approved a resolution of the Executive Board to transform the company into a European public limited company (Societas Europaea, or SE). The proposed change in legal form will be presented …

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Best Affirms Ratings of HDI Hftp. der Deutschen Industrie, Talanx AG

Fri, 17 Feb 2012 18:38:30 +0000

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit rating (ICR) of “a” of Germany’s HDI Haftpflichtverband der Deutschen Industrie V.a.G. (HDI V.a.G.), the ultimate mutual parent company …

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Best Affirms HDI-Gerling Industrie Versicherung AG, and Subs Ratings

Fri, 17 Feb 2012 18:27:17 +0000

A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a” of Germany’s HDI-Gerling Industrie Versicherung AG (HGI) and its rated subsidiary, HDI-Gerling Welt Service AG …

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Markel Enters Germany Through Joint Venture with Anglo Underwriting

Mon, 23 Jan 2012 16:58:14 +0000

Markel International has made a move to start writing business in Germany through a joint venture with Anglo Underwriting. With Markel’s support, Anglo’s primary focus will be to increase opportunities in specialty and private lines. As part of the focus on …

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Allianz Ready to Convert Commerzbank Non-voting Stake Say Sources

Wed, 11 Jan 2012 16:17:22 +0000

German insurer Allianz is ready to adjust its €750 million [$952 million] non-voting capital stake in Commerzbank to help the German lender strengthen its balance sheet, two sources familiar with the talks between the two parties said. Allianz inherited the …

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Windstorm Andrea, First of 2012, Causes Damage in Europe: AIR Report

Mon, 09 Jan 2012 11:24:53 +0000

According to catastrophe modeling firm AIR Worldwide, Windstorm Andrea passed through the U.K. earlier this week, fast on the heels of Windstorm Ulli, which brought widespread travel and power disruptions to Scotland. The storm is the first in 2012. It …

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Windstorm Ulli is Latest to Batter Northwest Europe; AIR Analysis

Thu, 05 Jan 2012 11:36:52 +0000

Catastrophe modeling firm AIR Worldwide’s report on Windstorm Ulli notes that it is “passing through Scandinavia and is expected to dissipate as it moves over the Baltic Sea today. “A class 2 weather warning from the Swedish Meteorological and Hydrological …

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Breaking up the Euro? Try Unscrambling an Omelet – an Analysis

Thu, 17 Nov 2011 11:49:17 +0000

Can you unscramble an omelet? That, in essence, is what euro zone leaders and the global monetary policy elite will have to do if the euro zone is to be reshaped in any semblance of an orderly manner, be it …

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Torus Strengthens European P&C Platforms with New Appointments

Thu, 17 Nov 2011 11:31:30 +0000

Torus Insurance announced that it has “enhanced its offering in Europe with the appointment of Brian Byrnes as Senior Underwriter for General Property and Marco Sonntag as Senior Underwriter for Casualty.” They are based primarily in Torus’ Cologne office, and …

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AIR Worldwide Launches Inland Flood Model for Germany

Tue, 08 Nov 2011 11:36:46 +0000

Catastrophe risk modeling firm AIR Worldwide has released an inland flood model for Germany, which it said “offers a fully probabilistic approach for determining the likelihood of flood losses from all types of storms. The model provides insurers and reinsurers …

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France, Germany Give Greece Ultimatum on Euro

Thu, 03 Nov 2011 11:12:00 +0000

The leaders of Germany and France told Greece on Wednesday it would not receive another cent in European aid until it decides whether it wants to stay in the euro zone. They also made clear that saving the euro was …

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Liberty International Opens New Office in Hamburg

Tue, 01 Nov 2011 11:45:58 +0000

The London-based Liberty International Underwriters in Europe (LIU Europe), a member of Liberty Mutual Group, has opened a new office in Hamburg, Germany, aimed at to strengthening “its position as a competitive, niche player in the region. “LIU Europe has …

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U.S. SEC to Limit Charges Against Allianz

Mon, 17 Oct 2011 10:15:10 +0000

The U.S. Securities and Exchange Commission does not plan to charge Allianz SE for illegal activity at its private equity investments, according to two people familiar with the matter, in a case that could have tested the agency’s reach. Europe’s …

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