Latest Europe Headlines

EC’s Barroso Says Crisis Needs Heightened Coordination

Oct 23 2008 // The current financial crisis will require unprecedented levels of global coordination to resolve it because no country is immune to its effects, European Commission President Jose Manuel Barroso said on Thursday. Speaking...

European Commission to Crack Down on Derivatives Risk

Oct 21 2008 // The European Commission said on Friday that it intends to make proposals to control risks in the $60 trillion credit derivatives market, which is seen as one of the causes of the worst financial crisis in 80...

Global Crisis Dominates A.M. Best’s London Conference

Oct 20 2008 // The by now all too familiar litany of the world’s financial woes took pride of place at A.M. Best’s well-attended conference (over 240 attendees) in London on October 15. Roger Sellek, the rating agency’s...

The Era of Re-Regulation is Upon Us

Oct 20 2008 // Although the nation’s attention is focused on the financial crisis it is worth thinking about how this mess will affect attitudes toward government intervention. The July issue of The Atlantic magazine, published...

Oct 20 2008 // Darleen Madden has been elected president of the Independent Insurance Agents of Dallas (IIAD) for a term beginning Sept.1, 2008, through August 2009. Madden is co-owner of Glenn-Madden & Associates located in Dallas,...

Financial Crisis Dominates European Risk Manager Debates, Conference

Oct 20 2008 // One of Pat Oliphant’s more recent editorial cartoons shows presidential candidate John McCain held in the trunk of an enraged elephant labeled “The Economy.” “My friends,” says McCain to a...

FERMA Lauds EU Action on Captives

Oct 10 2008 // The Federation of European Risk Management Associations (FERMA) has issued a bulletin welcoming the vote by the European Parliament on October 7, which endorsed a “vast majority of the special amendments regarding...

Best Upgrades/Affirms Arch Re, Arch Europe Ratings

Oct 9 2008 // A.M. Best Co. has upgraded the issuer credit ratings (ICR) to “a+” from “a” and affirmed the financial strength rating (FSR) of ‘A’ (Excellent) of Bermuda-based Arch Reinsurance Ltd. and...

Aegon, Aviva Bolster Risk Hedges, EU Insurers’ Shares Rise

Oct 9 2008 // European insurance shares rose sharply on Thursday, as Dutch insurer Aegon announced steps to boost capital and reduce risk, while British peer Aviva Plc bolstered its hedges against slumping stock markets. Aegon, which...

Europe Strives to Combat Financial Crisis in Unison

Oct 7 2008 // European governments struggled on Monday to shelter banks and bank depositors from a global financial crisis that is eroding confidence, endangering the economy and challenging their ability to respond as one. Germany...

Best Reports on Europe’s Insurers

Oct 7 2008 // “Non-life insurance premiums are flat or declining while claims costs are escalating in Western Europe’s major markets,” said a bulletin from A.M. Best. “Meanwhile, life insurers’ growth is...

Swiss Re Partners with CelsiusPro for Weather Derivatives

Oct 3 2008 // Swiss Re announced a partnership with Zurich-based CelsiusPro to offer weather risk transfer solutions to European companies. Swiss Re said it would “provide the risk capacity and expertise to support...

Wall Street Looks to House After Senate Approves Rescue Measure

Oct 2 2008 // Shockwaves from the global credit crisis spread on Thursday, threatening industry and jobs worldwide and putting pressure on the U.S. Congress to finish up a $700 billion bailout of the U.S. financial sector. The fate of...

Fortis ‘in Play’ as Trichet Joins Emergency Talks

Sep 29 2008 // Fortis, the Belgian-Dutch banking and insurance giant, faced a takeover or break-up as European Central Bank President Jean-Claude Trichet held emergency talks with Dutch and Belgian lawmakers to restore faith in the...

Three New Surety Team Executives Join Marsh from Aon

Sep 29 2008 // Marsh announced that three new executives – Steve Powney, Steven Lewis and Tricia Burgess – have all joined its International Surety Practice from Aon’s Surety and Guarantee team. Powney will lead the...

House Rejects Wall Street Bailout in Surprise 228-205 Vote

Sep 29 2008 // U.S. lawmakers rejected a $700 billion bailout plan for the financial industry in a shock vote that sent global markets sliding as the world credit crisis claimed more banks. By a vote of 228-to-205 the House rejected a...

Hennessy Joins Navigators UK

Sep 26 2008 // The New York-based Navigators Group announced the hiring of Paul Hennessy as President, Navigators Holdings (UK), Ltd. He will be responsible for Navigators’ operations in Europe, the Middle East and Asia, and will...

Zurich Makes Group Risk Management Appointments in Europe, U.S.

Sep 25 2008 // Zurich Financial Services has announced the following appointments within its Risk Management Group. Adrian Zweig (50, Swiss citizen), currently Head of Strategic Asset Allocation and Asset and Liability Management (ALM),...

Aon Comments on EU Court Decision Limiting Age Discrimination Claims

Sep 24 2008 // In a bulletin from its London Office, Aon Consulting notes that an “Advocate-General at the European Court of Justice today rejected Age Concern’s claim that forcing people to retire at or after 65 without...

ACE Europe Launches IT Security Policy

Sep 23 2008 // ACE Europe announced that it has launched “ComputerGuard Plus,” its comprehensive IT hardware and network security policy, on the Safeonline broking system. “Brokers using the Safeonline system can now...