Latest Europe Headlines
All the headlines from our Europe Topic Page, ordered by recency.
More European Insurers Hit by Market Writedowns
May 14 2009 // More European insurers unveiled writedowns on their investments in a second wave of first-quarter results on Thursday, although some said sales were proving relatively resilient. Analysts said investors were left with...
U.S. Chamber Questions Lack of Due Process in EU Antitrust Decisions
May 14 2009 // The U.S. Chamber of Commerce has issued a bulletin which raises its “concerns that the European Commission’s levy of a record setting antitrust fine against Intel is part of a larger, troubling...
CII Study Finds Growing Need for European Migrant Financial Services
May 11 2009 // “More insurance and other financial policies that apply across Europe’s national boundaries must be developed over the next five decades, as large migrant groups join the over fifties as a major market for...
Ratings Recap: Munich Re, Island Capital, Orkney Re, SCR, AEGIS
May 7 2009 // Standard & Poor’s Ratings Services has said that its ratings and outlook on German global reinsurer Munich Reinsurance Co. (‘AA-‘/Stable/–) and core related entities) are unaffected by the...
Argo Names Enoizi as Heritage CEO
May 1 2009 // Argo Group International Holdings announced that Julian Enoizi has been appointed as CEO of Heritage Managing Agency Ltd., the Lloyd’s business Argo Group acquired in May 2008. Enoizi will join Heritage from CNA...
Marsh Reports Captives Maintain Position Despite Economic Crisis
Apr 28 2009 // A study, published by Marsh, finds businesses continue the trend to self-insure through captives. “Despite the global economic recession and continued soft commercial insurance market, businesses in all parts of the...
AIG a Lesson for European Watchdogs
Apr 28 2009 // AIG’s near collapse is a credit-crunch case study in how Europe can improve supervision of big cross-border insurers, a top EU market regulator said on Monday. The American insurer has received nearly $180 billion in...
EU to Launch Canada Trade Pact Talks
Apr 27 2009 // European Union foreign ministers agreed on Monday to launch talks on a trade pact with Canada worth over $27 billion per year, EU diplomats said. “The ministers gave the green light,” one diplomat told Reuters....
FERMA Approves EU Parliament’s Solvency II Adoption-With Reservations
Apr 27 2009 // The Federation of European Risk Management Associations (FERMA) has issued a bulletin welcoming the vote of the European Parliament approving the Solvency II Directive, the new supervisory regime for EU insurance companies...
RMS’ Paradex Model Plays Key Role in Munich Re, Tokio Marine Cat Swap
Apr 27 2009 // Risk Management Solutions announced that Munich Re and Tokio Marine Nisshin Fire have closed a private catastrophe swap based on its industry loss index, Paradex-Europe Windstorm. “This transaction now brings the...
S&P Reports ‘Pressure Builds on Europe’s Insurers,’ Despite Strength
Apr 27 2009 // Standard & Poor’s Ratings Services has issued a new report, – “Europe’s Insurers Feel The Strain, But The Sector Retains Its Strength” – which indicates that for many insurers,...
Europe Votes to Adopt New Solvency Rules for Insurance by 2012
Apr 23 2009 // The European Parliament voted this week for new regulation of insurers that aims to cut costs by giving one national regulator the lead role in monitoring insurance companies operating across several EU nations. EU...
Somali Pirates Step up Attacks; Exemption Renewal for Europe’s Insurers
Apr 20 2009 // Pirates have stepped up their attacks on shipping in the Gulf of Aden and the Indian Ocean. In three days (April 6-8) the marine marauders, based in Somalia, seized four cargo ships and a French yacht (See IJ Web site...
ING to Divest up to $10.6 Billion in Assets; Focus on Europe
Apr 9 2009 // The Netherlands ING Group said on Thursday that it plans to divest operations worth up to €8 billion ($10.6 billion) to reduce risk and will focus its banking activities on Europe. ING, which was loss-making in 2008...
FERMA Welcomes EC Report Favoring Extension of Insurers Block Exemption
Apr 7 2009 // The 16-member Federation of European Risk Management Associations (FERMA) issued a statement that it “welcomes the European Commission (EC) Report in favor of renewal of the Insurance Block Exemption Regulation...
Business Moves
Apr 6 2009 // AIG American International Group (AIG) has taken down the most prominent sign at its downtown Manhattan offices. According to a Reuters report, the company replaced the large AIG sign — outside the entrance to its...
Business Moves
Apr 6 2009 // AIG American International Group (AIG) has taken down the most prominent sign at its downtown Manhattan offices. According to a Reuters report, the company replaced the large AIG sign — outside the entrance to its...
G20 Seals $1.1 Trillion Deal
Apr 3 2009 // World leaders clinched a $1.1 trillion deal on Thursday to combat the worst economic crisis since the Great Depression and said financial rules would be tightened to stop it happening again. U.S. President Barack Obama...
EU Contributes $17 Million to Caribbean Cat Risk Insurance Facility
Mar 26 2009 // The European Union has joined the Caribbean Catastrophe Risk Insurance Facility’s (CCRIF) 16 member governments – Canada, the World Bank, the United Kingdom, Bermuda, Ireland, France and the Caribbean...
XL Insurance Launches Solutions for German Upper Middle Market
Mar 25 2009 // XL Insurance, the global insurance operations of XL Capital Ltd., announced that it will offer insurance solutions to Upper Middle Market companies in Germany with an annual turnover ranging from approximately €30...
