Latest Europe Headlines
All the headlines from our Europe Topic Page, ordered by recency.
U.S. Treasury Readies Systemic Risk Financial Regulation Blueprint
Mar 17 2009 // The U.S. Treasury is expected to propose within days the creation of a “systemic risk regulator,” probably the Federal Reserve, to oversee banking and market problems that could threaten the economy. On both...
AIG’s European Bank Payments, Bonuses Spark Political Outrage
Mar 16 2009 // Goldman Sachs Group and a parade of European banks were the major beneficiaries of $93 billion in payments from American International Group — more than half of the U.S. taxpayer money spent to rescue the massive...
UK Insurance Association Supports Regulatory Reform Principles
Mar 16 2009 // The Association of British Insurers has published five key principles to “help ensure that regulatory reform brings real benefits for consumers, ahead of next week’s Turner review into regulation and the G20...
EU Financial Supervision Plans May Be Replicated Globally
Mar 10 2009 // European Union plans to beef up financial supervision may be replicated globally, though much will hinge on how the United States responds, a top official from the bloc’s executive arm said on Monday. A high-level...
U.S. Lawmaker Says AIG Failure Would ‘Bring Down Europe’
Mar 6 2009 // The U.S. government rescued giant insurer American International Group in part because its collapse would dramatically hurt European banks, a senior Democratic lawmaker said Thursday. The U.S. government has bailed out AIG...
U.S. Federal Reserve Won’t Name Firms Helped By AIG Bailout
Mar 6 2009 // The U.S. Federal Reserve refused to identify trading partners benefiting from a $180-billion taxpayer bailout of American International Group as one lawmaker said Europe’s financial stability was at stake in the...
Ace Europe Names Edwards for Major Client Risks
Mar 6 2009 // ACE European Group has announced the appointment of Shaun Edwards as a Client Relationship Manager for its Major Risks business, in a move, which, ACE said, “further enhances ACE’s profile and broker...
Ratings Recap: Munich Re, Partner Re, IPC Re [S&P, Best], Vienna, Emirates
Mar 5 2009 // Standard & Poor’s Ratings Services has said that its “ratings and outlook on Germany-based global reinsurer Munich Reinsurance Co. (AA-/Stable/–) and core related entities (collectively Munich Re)...
Ace Europe Launches New Program for Sprinkler Protected Property
Mar 3 2009 // ACE Europe has launched ACE Protect, a new property coverage aimed at companies which have installed sprinkler fire extinguishing systems in their premises. ACE said the new coverage “offers training and risk...
Report Urges Phased Reform of EU Financial Oversight
Feb 25 2009 // The European Union should set up two bodies to coordinate oversight of financial institutions across Europe, according to a report on Wednesday which disappointed those seeking simpler structures with more teeth. Part of...
Aegon, L&G See More Defaults, Insurer Woes Continue
Feb 18 2009 // Writedown woes hit European insurers again on Tuesday as life insurers Legal & General Plc and Aegon NV predicted more companies would default on loans, sending insurance shares down. Legal & General more than...
Best’s Solvency II Analysis Concludes Financial Crisis Impacts Insurers
Feb 2 2009 // A report from A.M. Best examines the latest twists and turns of the European Union’s much discussed (and long delayed) implementation of the Solvency II regulations. Best notes that the “current turmoil in the...
Marine Insurance Group Sees ‘Tough Times’ for Insurers
Feb 2 2009 // According to Deirdre Littlefield, president of the International Union of Marine Insurance (IUMI), “While the insurance industry may be more insulated from failure than others in the financial sector, it will not...
ACE Europe Launches Insurance, Risk Management for Mid-size Firms
Jan 27 2009 // ACE Europe has announced the launch of “ACE Evolve,” which it describes as a “coordinated insurance and risk management solution for mid-sized companies with overseas subsidiaries or assets. ACE Evolve...
Ratings: Hannover Re, Scottish Re, NTI, Korean Re, Southern Rock, Ecclesiastical/Ansvar
Jan 26 2009 // A.M. Best Co. has commented that the financial strength rating of ‘A’ (Excellent) and the issuer credit rating (ICR) of “a+” of German reinsurer Hannover Rueckversicherung AG (Hannover Re) remain...
Xl Insurance Hires 8 Engineers for Global Property Loss Prevention
Jan 22 2009 // XL Insurance announced from its office in Hartford that the Company has hired eight new field engineers for its worldwide property loss prevention services business, XL Global Asset Protection Services (XL...
Arch Receives Approval for New Lloyd’s Syndicate
Jan 22 2009 // The Bermuda-based Arch Capital Group announced that the Company has received approval in principle from the Lloyd’s Franchise Board and the Financial Services Authority (FSA) to establish a new managing agent and...
S&P Assigns ‘AA-‘ Ratings to RenRe Europe; Outlook Stable
Jan 22 2009 // Standard & Poor’s Ratings Services has assigned its ‘AA-‘ counterparty credit and financial strength ratings on Renaissance Reinsurance of Europe (RenRe Europe) with a stable outlook. “RenRe...
UK launches 2nd Bank Rescue Plan, RBS Losses Near $30 Billion
Jan 20 2009 // The UK launched a second bank rescue plan on Monday. One of the recipients, Royal Bank of Scotland, said it lost over £20 billion ($29.3 billion) last year and Japan said bad loans worldwide had further to climb. The...
Obama Inauguration is a Global Event
Jan 20 2009 // For the past 100 years or so the election of a new American President has been more than just a local event. But the inauguration of Barack Obama as the nation’s 44th president has taken on a special importance. It...
